Hydronic Heat Pump Market Size – By Product (Air to Water, Ground to Water), Regional Outlook & Forecast, 2024 - 2032

Hydronic Heat Pump Market Size

The global hydronic heat pump market size was valued at USD 30.3 billion in 2023 and is set to grow at CAGR of 16.4% through 2032, driven by the rapid development of sustainable building infrastructure, increasing population and urbanization have complemented the business landscape.

Rising energy consumption to meet the demands of hot water and space heating across residential and commercial establishments have accelerated the heat pump deployment. Furthermore, the rising installation of ambient and low-temperature heating solutions, coupled with a shifting focus towards advance technological systems, is set to enhance the industry outlook.
 

Hydronic Heat Pump Market Trends

Hydronic heat pump industry is set to grow appreciably due to increasing demand for hot water and space heating and the growing construction of building facilities. The technological advancement in reliable equipment which consume low energy in both residential and commercial installations together with the technological shift that focus on improving energy efficiency of building infrastructure materials will propel the business landscape. Strict regulations from authorities to limit emissions as well as positive measures towards heat pump installation will boost the business expansion.
 

Hydronic Heat Pump Market Analysis

The air to water segment is anticipated to reach USD 115 billion by 2032. Rising demand for space heating, cooling and hot water solutions across building infrastructure along with ongoing advancements in heat pump technology will accelerate the product deployment. Thes units is set to witness increasing installation owing to their high efficiency, minimal environmental impact and preferred choice for residential and commercial applications. Ongoing innovations heat pump, adoption of refrigerants with a lower global warming potential and enhanced control systems to boost the efficiency and performance of heat pumps will shape the air to water heat pump industry dynamics.
 

The hydronic ground to water or ground source heat pump market is set to grow on account of rising demand for advanced heat pump units along with shifting inclination toward adoption of energy efficient heating & cooling systems. Stringent mandates aimed at boosting building energy efficiency, coupled with the introduction of favorable financial incentives, will augment business dynamics. These systems leverage the consistent temperatures of the ground or water to efficiently heat and cool buildings, offering a greener alternative to conventional methods. Furthermore, developments in technology, greater investments in energy efficiency and other factors attempting to lower energy usage and operating costs, stimulate the demand for deployment of the product.
 

Europe hydronic heat pump market is anticipated to surpass USD 60 billion by 2032. Growing demand for ambient space heating and hot water solutions, variations in climatic conditions, and rising adoption of energy-efficient technologies will complement the business landscape. Favorable grants by the authorities including financial subsidies and tax benefits to boost heat pump adoption and stringent regulatory mandates to decrease carbon emissions will positively influence the business outlook.
 

Hydronic Heat Pump Market Share

Major players operating across the hydronic heat pump industry have witnessed intense competition, regulatory compliance, and technological innovations. Key manufacturers, including Carrier, Panasonic Corporation, Daikin, SAMSUNG, LG Electronics and Johnson Controls, aiming to develop cost-effective and energy-efficient solutions. These players also pursue strategic mergers, partnerships, and acquisitions to enhance their competitive edge over the others.
 

Hydronic Heat Pump Market Companies

Key industry players operating across industry include:

• Arctic Heat Pumps
• Carrier
• Chiltrix Inc.
• Clivet S.P.A.
• Daikin
• Johnson Controls
• LG Electronics
• Mestek, Inc.
• Nordic Heat Pumps
• Panasonic Corporation
• SAMSUNG
• SpacePak
• Thermia Heat Pumps
• Viessmann
• WaterFurnace
   

Hydronic Heat Pump Industry News

• In March 2024, LG Electronics Canada introduced its innovative R32 air-to-water heat pump monobloc system. The unit simplifies installation by integrating hydronic components, utilizing water pipes to forgo refrigerant piping and generates hot water for diverse needs, spanning from space heating to domestic hot water. This ATW heat pump is designed for year-round comfort, operating at wide range of leaving water temperatures for heating (15 to 65°C) and cooling (5 to 27°C). The unit retains its full heating capacity while delivering water at 55°C, even when outdoor temperatures drop to -15°C, ensuring peak performance, even in colder climates.
   
• In February 2024, Kensa has introduced its latest offering, the Shoebox NX Ground Source Heat Pump, tailored for residential use. This innovative heat pump comes in two variants, boasting nominal thermal ratings of 3 kW and 6 kW. Priced between GBP 4,450 to 5,970 (USD 5,639), the system showcases an impressive coefficient of performance at 4.36 and can generate hot water temperatures reaching up to 65°C. Additionally, it has an A+++ energy efficiency rating and boasts a remarkable 25-year life expectancy.
   

The hydronic heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” and “USD Million” from 2021 to 2032 for the following segments:

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Market, By Product

• Air to water
• Ground to water

The above information has been provided for the following region and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Austria
  • Norway
  • Denmark
  • Finland
  • France
  • Germany
  • Italy
  • Switzerland
  • Spain
  • Sweden
  • UK
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • Türkiye
  • South Africa
• Latin America
  • Brazil
  • Mexico
  • Argentina