Water-based Heating & Cooling Systems Market worth $55.2 billion by 2028, at a CAGR of 7.9%
The report “Water-based Heating & Cooling Systems Market by Heating (Heat Pump, Convector Heater, Radiator, Boiler), Cooling (Chiller, AHU, Cooling Tower, Tank), Cooling Type (Direct, Indirect), Implementation Type, Vertical & Region – Global Forecast to 2028” The global water-based heating & cooling systems market is expected to be valued at USD 37.7 billion in 2023 and is projected to reach USD 55.2 billion by 2028; it is expected to grow at a CAGR of 7.9% from 2023 to 2028.
The global demand for energy is growing rapidly, and this is putting a strain on the environment. Water-based heating and cooling systems are a more sustainable option than traditional systems, as they produce fewer emissions. This is driving demand for water-based systems, as businesses and homeowners look for ways to reduce their environmental impact.
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Key Market Players
The water-based heating & cooling systems companis is dominated by players such as Daikin (Japan), Johnson Controls (US), Carrier Global Corporation (US), Trane Technologies (US), Fujitsu (Japan), and others.
Browse 181 market data Tables and 53 Figures spread through 273 Pages and in-depth TOC on “Water-based Heating & Cooling Systems Market by Heating (Heat Pump, Convector Heater, Radiator, Boiler), Cooling (Chiller, AHU, Cooling Tower, Tank), Cooling Type (Direct, Indirect), Implementation Type, Vertical & Region – Global Forecast to 2028”
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Driver: Increasing constructions activities in residential and industry sectors
The construction sector is a major driving factor behind the growth of the water-based heating and cooling industry. As construction projects continue to surge, there is a growing emphasis on energy-efficient and sustainable solutions. Water-based heating and cooling systems, such as hydronic systems, offer significant advantages in terms of energy efficiency, cost-effectiveness, and environmental friendliness. These systems utilize water as a medium to transfer heat, providing efficient heating during winters and cooling during summers. With a focus on reducing carbon emissions and achieving energy savings, developers, contractors, and building owners are increasingly adopting water-based heating and cooling systems in their projects. These systems not only offer better control over temperature and humidity but also provide opportunities for renewable energy integration, such as utilizing geothermal or solar energy sources.
Restraint: Limited space in commercial and residential buildings for large water-based heating & cooling systems
One of the significant restraints faced by water-based heating & cooling systems is the limited space available in commercial and residential buildings for large water-based heating & cooling systems. In today’s world, people have started to opt for compact and space-saving products, including water-based heating & cooling systems, that can fit in small areas without compromising on their performance. However, this can be challenging for water-based heating & cooling manufacturers and installers, especially in densely populated urban areas where space is at a premium. Due to limited space, water-based heating & cooling systems may need to be smaller, which can affect their efficiency and performance, leading to higher energy consumption and maintenance costs.
Johnson Controls (US)
Johnson Controls is a globally recognized leader in the building technologies and solutions industry, offering a wide array of products and services. With a strong focus on sustainability and energy efficiency, Johnson Controls has become a trusted provider of water-based heating and cooling systems. Their water-based heating and cooling systems are designed to provide efficient and reliable climate control solutions for various applications. Johnson Controls offers a range of innovative products that leverage water as a medium for heat transfer, enabling enhanced energy efficiency and reduced environmental impact. One of their notable offerings is the water-cooled chillers, which are designed to provide efficient cooling for large-scale applications such as commercial buildings, hospitals, and industrial facilities. These chillers utilize water as a cooling medium, ensuring precise temperature control and high performance while reducing energy consumption.
Water-based heating & cooling systems market for China to hold the highest CAGR during the forecast period.
China is one of the largest consumers of HVAC systems and it has a huge demand for water-based heating and cooling systems with the growing industrialization and urbanization. The booming industrial and manufacturing sectors have made China one of the largest energy consumers in the world. Thus, the government is coming up with various initiatives for promoting energy consumption practices. Moreover, the minimum energy performance standard (MEPS) in the country is expected to reduce CO2 emission levels by ~12% from 2019 to 2050, leading to high demand for water-based heating and cooling systems in the country.
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