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

Hydronic Heat Pump Market Size

Hydronic Heat Pump Market was valued at USD 30.3 billion in 2023 and is set to grow at CAGR of 16.4% from 204 to 2032. Growing demand for energy-efficient space heating and cooling systems 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 advanced technological systems, is set to enhance the industry outlook.
 

Hydronic Heat Pump Market Trends

Hydronic heat pump market is set to observe significant growth owing to the increasing prevalence of building infrastructure have led to a rising demand for hot water and space heating. Growing adoption of reliable and low energy consuming technologies in residential and commercial establishments, coupled with a shifting inclination to enhance the energy efficiency of building infrastructure will augment the business landscape. Stringent regulations by respective authorities to curb emissions and favorable initiatives toward heat pump deployment will further positively influence the industry outlook.
 

Hydronic Heat Pump Market Analysis

The air to water segment is anticipated to cross over 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. Additionally, increasing environmental concerns & efforts to curb carbon emissions will significantly shape the industry landscape.
 

Moreover, shifting focus on energy efficiency, rising adoption of enhanced technologies, together with efforts to reduce energy consumption and operational costs are driving product deployment.
 

Europe hydronic heat pump market is likely to exceed 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. Moreover, shifting focus to reduce energy consumption and ongoing retrofitting of building infrastructure to enhance efficiency will further shape the Europe heat pump industry dynamics.
 

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, aim 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 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.
   

This 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