Chicago, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The 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 water-based heating & cooling systems industry has experienced remarkable growth in recent years, driven by increasing demand for energy-efficient solutions, availability of government subsidies, and growing awareness of the environmental benefits. North America is expected to be the largest market for water-based heating and cooling systems in 2023. This is due to the high awareness of the benefits of these systems among building owners and policymakers in the region. Asia Pacific is the second-largest market for water-based heating and cooling systems and is expected to be the fastest-growing market for these systems. This is due to the rapid growth of the construction industry in the region.
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Water-based Heating & Cooling Systems Market Report Scope :
| Report Matrics | Details |
| Estimated Market Size | USD 37.7 billion in 2023 |
| Projected Market Size | USD 55.2 billion by 2028 |
| Growth Rate | CAGR of 7.9% |
| Market size available for years | 2019-2028 |
| Base year considered | 2022 |
| Forecast period | 2023-2028 |
Key Market Players in Water-based Heating & Cooling Systems Market
- Daikin (Japan),
- Johnson Controls (US),
- Carrier Global Corporation (US),
- Trane Technologies (US),
- Fujitsu (Japan),
“Browse in-depth TOC on "Water-based Heating & Cooling Systems Market Trends, Growth Drivers"
181 – Tables
53 – Figures
273 – Pages
Market Dynamics
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.
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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.
Opportunity: Growing demand for sustainable solutions
One significant opportunity for water-based heating & cooling systems is the increasing demand for sustainable solutions. In recent years, there has been a growing awareness of environmental issues such as climate change, resource depletion, and pollution. This awareness has translated into a shift in consumer preferences towards more sustainable and eco-friendly products and services.
Challenge: Increase in environmental concerns and aging infrastructure
The increasing global environmental concerns, particularly related to climate change and carbon emissions, have highlighted the need for more sustainable heating and cooling solutions. Traditional heating and cooling systems often rely on fossil fuel-based energy sources, such as natural gas or oil, which contribute to greenhouse gas emissions. Additionally, older systems may use refrigerants with high global warming potential (GWP), further exacerbating their environmental impact. Many existing water-based heating & cooling systems suffer from aging infrastructure and outdated equipment. These systems may have been installed several decades ago, and over time, components such as pipes, valves, pumps, and heat exchangers can deteriorate, leading to inefficiencies, leaks, and system failures. Aging infrastructure can result in reduced system performance, increased energy consumption, and higher maintenance costs.
Water-based heating & cooling systems market in Asia Pacific to hold the highest CAGR during the forecast period
China, Japan, and India are among a few major contributors to the water-based heating & cooling systems market in APAC. Growing construction activities and the rising population are a few key factors boosting the growth of the water-based heating and cooling systems market in the region. There is a considerable demand for smart homes in countries such as Japan, South Korea, and China. Rapid urbanization and industrialization are also increasing the demand for water-based heating and cooling systems in the region. Moreover, the enforcement of regulatory programs such as the Commercial Building Disclosure (CBD) Program (Australia), the launch of Energy Conservation Building Codes (India), the introduction of the LEED-India project, and the formation of the Indian Society of Heating, Refrigerating, and Air-Conditioning Engineers (ISHRAE) support the adoption of water-based heating and cooling systems in the region.
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