Water Source Heat Pump Market Size- By Product (Water to Air, Water to Water), By Technology (Open Loop, Closed Loop, Hybrid), By Application (Residential, Commercial), Regional Outlook & Growth Forecast, 2024 – 2032

Water Source Heat Pump Market Size

Water Source Heat Pump Market was valued at USD 1.01 billion in 2023 and is projected to grow at a CAGR of 3.8 % from 2024 to 2032. Increasing awareness and demand for sustainable heating solutions along with favourable government support will increase the deployment of the product over the forecast timeline. For instance, in February 2024, the U.S. government unveiled a USD 63 million initiative to boost electric heat pump manufacturing across the country, as part of its Investing in America Agenda, which in turn will benefit the industry landscape.
 

The demand for green buildings and eco-friendly construction practices is rising, and WSHPs are increasingly being integrated into new building projects as a key component of sustainable design. This trend is fueled by a desire to reduce operational costs and environmental impact, making WSHPs a preferred choice for heating and cooling needs. In addition, WSHPs are particularly suited for densely populated areas where land availability is limited, as they can utilize water sources without requiring extensive land use.
 

Water Source Heat Pump Market Trends

Continuous advancements in heat pump technology enhance the performance, reliability, and integration capabilities of WSHPs. Innovations such as improved heat exchangers, advanced control systems, and integration with smart home technologies make WSHPs more efficient and user-friendly. The development of hybrid systems that combine WSHPs with other renewable energy sources, such as solar panels, further boosts their appeal. As these technologies become more sophisticated and affordable, the market for WSHPs is likely to expand.
 

Additionally, regulations mandating the reduction of carbon emissions and the phase-out of fossil fuel-based heating systems drive the market growth for WSHPs. Such supportive measures from governments create a favorable environment for the adoption of these systems.
 

Water Source Heat Pump Market Analysis

Based on product, the water to air heat pump industry will surpass USD 1.01 billion by 2032. Longer equipment lifespan, simplified maintenance, and low operational costs are crucial factors that will enhance product penetration. The product facilitates heat transfer through a heat exchanger into a water-carrying pipe, resulting in quiet and effortless operations.
 

Based on application, the commercial water source heat pump market will grow at a CAGR of over 3.5% through 2032. The product surpasses combustion-based heating systems in longevity, while providing efficient heating and cooling for buildings at lower operational costs. This advantage will boost its adoption over other preferred alternatives, such as air source heat pumps.
 

North America water source heat pump market is projected to cross over USD 548 million by 2032. The growing demand for heating and cooling, coupled with the product’s low operating costs, will drive its adoption. Additionally, technologies like hybrid water source heat pumps are becoming increasingly popular due to their versatility and quiet operation, as they integrate both hydronic heating and refrigerant air conditioning systems. The product’s features, combined with supportive guidelines for achieving net zero-emission buildings, will bolster the adoption of water source heat pumps in various countries, including the U.S.
 

Water Source Heat Pump Market Share

Bosch Thermotechnology Corp., Carrier, Daikin, Danfoss, Glen Dimplex Group are the leading WSHP manufacturers, leveraging their global reach, diverse product offerings, and a focus on innovation and sustainability. Partnerships, investments, & contracts are further fostering innovation, enhancing the quality, and boosting the performance of water source heat pumps.
 

Water Source Heat Pump Market Companies

Major key players operating across the water source heat pump industry are:

• Aermec S.p.A.
• Bard HVAC
• Bosch Thermotechnology Corp.
• Carrier
• Daikin
• Danfoss
• Glen Dimplex Group
• Johnson Controls
• Mitsubishi Materials Techno Co.
• Modine Manufacturing Company
• OCHSNER
• Rheem Manufacturing Company
• STIEBEL ELTRON GmbH & Co. KG
• Star Refrigeration
• Swegon Group AB
• Trane
• Vaillant Group
• Viessmann
• Weishaupt Group
• WOLF GmbH
   

Water Source Heat Pump Industry News

• In March 2024, Star Refrigeration Ltd decided to supply over USD 2.5 million worth water source heat pump to the Mersey Heat Energy Centre, which is currently being built at Peel Water’s Liverpool Waters at Princes Dock in Liverpool. Scheduled to become operational by winter 2024, the Mersey Heat Energy Centre aims to offer an easy, affordable, and convenient solution for decarbonizing heating. It has the potential to deliver enough low-carbon heat to power more than one-fifth of the homes in Liverpool.
   
• In March 2024, Daikin has announced the launch of a new series of water-to-water heat pumps: the EW*T-Q-X-A1 range, equipped with Daikin-designed scroll compressors. Available starting April 2024, the new EW*T-Q-X-A1 series features a modular system design, offering increased flexibility in configuration.
   

This water source heat pump market research report includes an in–depth coverage of the industry with estimates & forecast in terms of volume ‘000 Units’ and revenue in USD Million from 2021 to 2032, for the following segments:

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Market, By Product

• Water to Air
• Water to Water

Market, By Technology

• Open Loop
• Closed Loop
• Hybrid

Market, By Application

• Residential
• Commercial

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

• North America
  • U.S.
  • Canada 
• Europe
  • Austria
  • Norway
  • Finland
  • France
  • Germany
  • Italy
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • Turkey
  • South Africa
• Latin America
  • Brazil
  • Mexico
  • Argentina