Global Water-based Heating and Cooling Systems Market Size to worth USD 77.5 Billion by 2033: Market Statistics Report

Global Water-based Heating & Cooling Systems Market Size to worth USD 77.5 Billion by 2033

According to a research report published by Spherical Insights & Consulting, the Global Water-based Heating & Cooling Systems Market Size is Expected to Grow from USD 36.5 Billion in 2023 to USD 77.5 Billion by 2033, at a CAGR of 7.82% during the forecast period 2023-2033.  

Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Water-based Heating & Cooling Systems Market Size, Share, and COVID-19 Impact Analysis, By Heating Component (Heat Pump, Convector Heater, Radiator, Boiler, Chiller, AHU, Cooling Tower, and Expansion Tank), By Vertical (Residential, Commercial, and Industrial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.           

Water-based heating & cooling systems are hydronic systems that use water to transfer heat in buildings. They can either heat or cool a building by absorbing heat from inside or outside the building and transferring it to the other side. The market for water-based heating and cooling systems has grown significantly due to rising demand for energy-efficient products, government incentives, and increased environmental consciousness. The surging efforts for developing next-generation low global warming potential refrigerants for water-based heating and cooling systems is providing market growth opportunity. The increasing need for energy-efficient solutions and the trend of smart homes are propelling the water-based heating & cooling systems market. Further, the need for environment-friendly HVAC units due to the reduction of carbon footprint is driving the market. On the contrary, the limited space for large water-based heating & cooling systems in commercial and residential buildings is challenging the market growth.

The heat pump segment is expected to hold the largest revenue share during the forecast period.

Based on the heating component, the global water-based heating & cooling systems market is divided into heat pump, convector heater, radiator, boiler, chiller, AHU, cooling tower, and expansion tank. Among these, the heat pump segment is expected to hold the largest revenue share during the forecast period. The efficiency and environmental friendliness of heat pumps compared to traditional heating systems are driving the market in the heat pump segment.

The commercial segment is anticipated to grow at a rapid pace during the forecast period.

Based on the vertical, the global water-based heating & cooling systems market is divided into residential, commercial, and industrial. Among these, the commercial segment is anticipated to grow at a rapid pace during the forecast period. Effective and efficient heating and cooling systems are necessary for commercial buildings, such as office buildings, shopping malls, hotels, and medical facilities, to provide comfortable surroundings for their occupants.

North America is projected to hold the largest share of the global water-based heating & cooling systems market over the forecast period.

North America is projected to hold the largest share of the global water-based heating & cooling systems market over the forecast period. The increased awareness and benefits of water-based heating & cooling systems among building owners and policymakers in the region are driving the market. Further, the presence of advanced infrastructure and a strong focus on energy efficiency is propelling the market in the region.

Asia Pacific is predicted to grow at the fastest CAGR in the water-based heating & cooling systems market over the forecast period. The increasing construction activities and populations are bolstering the market growth. In nations like China, South Korea, and Japan, there is a significant demand for smart houses. The region's need for water-based heating and cooling systems is also rising as a result of rapid urbanization and industrialization.

Competitive Analysis

Major key players in the water-based heating & cooling systems market include Daikin, Johnson Controls, Carrier Global Corporation, Trane Technologies, Fujitsu, Vasco Group, JAGA N.V., Betherma BV, Purmo Group, and Castrads Ltd., and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In December 2023, Panasonic Corporation announced that its Heating & Ventilation A/C Company has started the operation of a new building, constructed at Panasonic Appliances Air-Conditioning R&D Malaysia Sdn. Bhd. in Malaysia.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global water-based heating & cooling systems market based on the below-mentioned segments:

Global Water-based Heating & Cooling Systems Market, By Heating Component

• Heat Pump
• Convector Heater
• Radiator
• Boiler
• Chiller
• AHU
• Cooling Tower
• Expansion Tank

Global Water-based Heating & Cooling Systems Market, By Vertical

• Residential
• Commercial
• Industrial

Global Water-based Heating & Cooling Systems Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa