Hydronic Heat Pump Market
Global Hydronic Heat Pump Market was valued at USD 30.3 billion in 2023 and is projected to grow at a CAGR of 16.4% from 2024 to 2032. The rapid development of sustainable building infrastructure, coupled with a rising population and urbanization, has fueled the demand for energy-efficient heating and cooling systems.
As energy consumption surges to meet the needs for hot water and space heating in both residential and commercial sectors, the deployment of heat pumps has accelerated. Additionally, the growing installation of ambient and low-temperature heating solutions, combined with a focus on advanced technological systems, is poised to bolster the industry outlook.
The hydronic heat pump market is on track for significant growth, driven by the increasing demand for hot water and space heating in expanding building infrastructures. The rising adoption of energy-efficient technologies in both residential and commercial sectors, alongside a push for enhanced energy efficiency in buildings, will further boost the market. Moreover, stringent regulations aimed at curbing emissions and supportive initiatives for heat pump deployment will positively shape the industry's future.
The overall industry is divided into product and region.
The air-to-water segment is projected to surpass USD 115 billion by 2032. The demand for space heating, cooling, and hot water solutions in building infrastructures, combined with advancements in heat pump technology, will drive product deployment. These units are gaining traction due to their high efficiency, minimal environmental impact, and preference in both residential and commercial settings. Innovations in heat pumps, the use of refrigerants with lower global warming potential, and advanced control systems to enhance efficiency and performance will influence the market dynamics.
Europe hydronic heat pump market is set to exceed USD 60 billion by 2032. The demand for ambient space heating and hot water solutions, influenced by climatic variations and a push for energy-efficient technologies, will shape the market. Authorities are offering grants, financial subsidies, and tax benefits to promote heat pump adoption, while stringent regulations aim to reduce carbon emissions. Furthermore, the emphasis on reducing energy consumption and retrofitting buildings for enhanced efficiency will play a pivotal role in shaping Europe's heat pump market dynamics.
- Chapter 1 Research Methodology
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates and calculations
- 1.2.1 Market estimates & forecast parameters
- 1.2.2 Key trends for market estimates
- 1.3 Forecast model
- 1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market Definitions
- Chapter 2 Exclusive Summary
- 2.1 Industry snapshot
- 2.1.1 Business trends
- 2.1.2 Regional trends
- 2.1.3 Product trends
- Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Regulatory Landscape
- 3.2.1 International Organization for Standardization
- 3.2.1.1 IEC Standards
- 3.2.2 North America
- 3.2.2.1 U.S
- 3.2.2.1.1 Inflation Reduction Act (IRA)
- 3.2.2.1.2 New Minimum Efficiency
- 3.2.2.1.3 Upcoming Changes to Efficiency Standards for AC Units and Heat Pumps
- 3.2.2.1.4 Defense Production Act (DPA)
- 3.2.2.1.5 Environmental friendly refrigerants and their applications
- 3.2.2.1.6 Massachusetts Clean Energy Centre Whole-Home Air-Source Heat Pump Pilot
- 3.2.2.1.7 Energy Improvement and Extension Act of 2008 (EIEA2008)
- 3.2.2.1.8 Fannie Mae Green Initiative
- 3.2.2.1.9 Air-Source Heat Pump Program
- 3.2.2.1.10 Residential Air Source Heat Pump Schedules and Product Codes
- 3.2.2.1.11 Cold Climate Air Source Heat Pump (ccASHP) Product List and Specifications
- 3.2.2.1.12 High-Efficiency Electric Home Rebate Act (HEEHRA)
- 3.2.2.2 New York State Utility Rebates for Heat Pumps
- 3.2.2.2.1 DOE Tax Credits and incentives for Geothermal Heat Pumps
- 3.2.2.2.2 Energy Star Geothermal Heat Pump Tax Credit
- 3.2.2.2.3 Energy Efficient Home Improvement Credit
- 3.2.2.2.4 High-Efficiency Electric Home Rebate Program
- 3.2.2.2.5 New Minimum Efficiency
- 3.2.2.3 California Energy Commission: New Building Code, 2021
- 3.2.2.4 International Ground Source Heat Pump Association
- 3.2.2.5 Bipartisan Infrastructure Deal, 2021
- 3.2.2.6 High-Efficiency Electric Home Rebate Act (HEEHRA)
- 3.2.2.7 New York State Utility Rebates for Heat Pumps
- 3.2.2.8 Fannie Mae Green Initiative
- 3.2.2.9 Massachusetts Clean Energy Centre Ground-Source Heat Pump Grants
- 3.2.2.9.1 Renewable Heat Incentives for residential, business, commercial, and industrial segments
- 3.2.2.9.2 Canada
- 3.2.2.9.3 SEER Regulatory Changes
- 3.2.2.9.4 Amendment 16 to the Energy Efficiency Regulations
- 3.2.2.9.5 CAN/CSA-C22.2 No.236-95 (R2004) - Heating and Cooling Equipment
- 3.2.2.9.6 EnerGuide in Canada
- 3.2.2.9.7 ANSI/CSA/IGSHPA C448 Series-16 Bi-National American Canadian Standard (#21036)
- 3.2.2.9.8 Forward Regulatory Plan
- 3.2.2.9.9 ANSI/CSA/IGSHPA C448 Series-16 Bi-National American Canadian Standard (#21036)
- 3.2.2.9.10 CSA-448
- 3.2.2.9.11 AHRI 870 (I-P) and 871 (SI): Performance Rating of Direct Geoexchange Heat Pumps
- 3.2.2.9.12 Energy efficiency standard
- 3.2.3 Europe
- 3.2.3.1 EU Heat pump Action Plan
- 3.2.3.2 EN 15879-1:2011
- 3.2.3.3 Groundwater Directive (GWD) 2006/118/EC
- 3.2.3.4 Critical Raw Materials Act requirements for HVAC products
- 3.2.3.5 Renewable Energy Directive (Revised)
- 3.2.3.6 New Energy Efficiency Directive
- 3.2.3.7 Green Deal Industrial Plan
- 3.2.3.8 Energy Performance of Building´s Directive (EPBD)
- 3.2.3.9 EU Directive 2010/75/EU, 2010
- 3.2.3.10 Energy-related Products Directive
- 3.2.3.11 Energy efficiency directive (2012/27/EU, amended by 2018/2002/EU)
- 3.2.3.12 Heat Pumps and EU targets
- 3.2.3.13 Europe Heat Pump Association (EHPA) Testing Standards
- 3.2.3.13.1 Testing Conditions
- 3.2.3.13.2 Residential heat pump subsidy programmes across key European nations
- 3.2.3.14 F-Gas Regulation
- 3.2.3.15 Fit-for 55 Package
- 3.2.3.16 Key Laws
- 3.2.3.17 Energy Efficiency Plan 2011
- 3.2.3.18 EU Green Deal
- 3.2.4 Germany
- 3.2.4.1 German Energy Saving Ordinance (EnEV)
- 3.2.4.1.1 Price subsidy for heat pumps
- 3.2.4.2 Energy Concept - The Energy Strategy
- 3.2.4.2.1 The Bureaucracy Reduction Act IV (BEG IV)
- 3.2.4.2.2 Buildings Energy Act (GEG)
- 3.2.4.3 UK
- 3.2.4.3.1 The Renewable Heat Incentive Scheme Regulations
- 3.2.4.3.2 The UK’s National Energy Efficiency Action Plan
- 3.2.4.3.3 CRC Energy Efficiency Schemes
- 3.2.4.3.4 Installation standards
- 3.2.4.3.5 REPowerEU Plan and Heat Pump Ready Program
- 3.2.4.4 France
- 3.2.4.4.1 The reduced VAT rate of 5.5% - 1st aid for heat pump 2023
- 3.2.4.4.2 The Zero Rate Eco-Loan, 2023
- 3.2.4.4.3 MaPrimeRénov' de l'Anah
- 3.2.4.4.4 Habiter mieux Sérénité de l'Anah - 4th aid heat pump 2023
- 3.2.4.4.5 The Denormandie tax credit - 6th Aid heat pump installation 2023
- 3.2.4.4.6 The CEE Aid from energy suppliers - 7th aid air/water heat pump 2023
- 3.2.4.4.7 BS EN 15879-1:2011
- 3.2.4.5 Denmark
- 3.2.4.5.1 Incentive round for electric heat pump
- 3.2.4.6 Finland
- 3.2.4.6.1 Tax incentives to boost research & development efforts
- 3.2.4.6.2 Excise duty on electricity used by heat pumps, electric boilers and data centers will decrease
- 3.2.4.7 Ireland
- 3.2.4.7.1 The Heat Pump Association of Ireland
- 3.2.5 Asia Pacific
- 3.2.5.1 China
- 3.2.5.1.1 China Medium and Long-Term Energy Conservation Plan
- 3.2.5.1.2 Minimum allowable values of the energy efficiency and energy efficiency grades for heat pumps
- and water chillers
- 3.2.5.1.3 Heat Pump Subsidies
- 3.2.5.2 Australia and New Zealand
- 3.2.5.2.1 Greenhouse and Energy Minimum Standards (Air Conditioners and Heat Pumps) Determination
- 2013
- 3.2.6 Middle East & Africa
- 3.2.6.1 South African National Standard SANS 941; SANS/EN 54511
- 3.2.6.2 SANS 10400 − New building codes
- 3.3 Industry impact forces
- 3.3.1 Growth drivers
- 3.3.1.1 Increasing deployment of advanced systems with high energy-efficiency ratings
- 3.3.1.2 Growing measures to curb harmful emissions along with rapidly increasing energy demand
- 3.3.1.3 Extreme climatic conditions coupled with growing infrastructure expenditure
- 3.3.2 Industry pitfalls and challenges
- 3.3.2.1 Prevalence of conventional heating technologies with lower initial expenditure
- 3.4 Growth potential analysis
- 3.5 Porter's Analysis
- 3.5.1 Bargaining power of supplier
- 3.5.2 Bargaining power of buyer
- 3.5.3 Threat of new entrant
- 3.5.4 Threat of substitutes
- 3.6 PESTEL Analysis
- Chapter 4 Competitive Landscape, 2024
- 4.1 Introduction
- 4.2 Strategic dashboard
- 4.2.1 Clivet SPA
- 4.2.1.1 Product Launch
- 4.2.1.2 Manufacturing facility
- 4.2.2 DAIKIN INDUSTRIES, Ltd.
- 4.2.2.1 Product Launch
- 4.2.2.2 Acquisition
- 4.2.2.3 Facility expansion
- 4.2.2.4 Research & development facility
- 4.2.2.5 Strategic management plan
- 4.2.3 Carrier
- 4.2.3.1 Acquisition
- 4.2.3.2 Expansion
- 4.2.4 Panasonic Corporation
- 4.2.4.1 Manufacturing facility
- 4.2.4.2 Strategic partnership
- 4.2.4.3 Acquisition
- 4.2.5 SAMSUNG
- 4.2.5.1 Collaboration
- 4.2.5.2 Partnership/Ambassador
- 4.2.5.3 Investment
- 4.2.6 Chiltrix Inc
- 4.2.6.1 Partnership
- 4.2.7 Viessmann
- 4.2.7.1 Manufacturing facility
- 4.2.7.2 Collaboration
- 4.2.8 MESTEK Inc
- 4.2.8.1 Acquisition
- 4.2.9 Other Strategies
- 4.3 Innovation & sustainability landscape
- 4.3.1 Johnson Controls
- 4.3.2 LG Electronics
- 4.3.3 Panasonic Corporation
- 4.3.4 Viessmann
- 4.3.5 DAIKIN INDUSTRIES Ltd.
- 4.3.6 Carrier
- 4.3.7 SAMSUNG
- 4.3.8 SpacePak
- 4.3.9 Other innovations
- Chapter 5 Market, By Product
- 5.1 Key trends
- 5.2 Air-to-water
- 5.3 Ground to water
- Chapter 6 Market, By Region
- 6.1 Key trends
- 6.2 North America
- 6.3 Europe
- 6.4 Asia Pacific
- 6.5 Middle East & Africa
- 6.6 Latin America
- Chapter 7 Company Profiles
- 7.1 Arctic Heat Pumps
- 7.1.1 Global overview
- 7.1.2 Business Overview
- 7.1.3 Financial Data
- 7.1.4 Product Landscape
- 7.1.5 SWOT Analysis
- 7.2 Carrier
- 7.2.1 Global Overview
- 7.2.2 Market/Business Overview
- 7.2.3 Financial Data
- 7.2.4 Product Landscape
- 7.2.5 Strategic Outlook
- 7.2.6 SWOT Analysis
- 7.3 Clivet S.p.A
- 7.3.1 Global Overview
- 7.3.2 Market/Business Overview
- 7.3.3 Financial Data
- 7.3.4 Product Landscape
- 7.3.5 Strategic Outlook
- 7.3.6 SWOT Analysis
- 7.4 Chiltrix Inc.
- 7.4.1 Global Overview
- 7.4.2 Market/Business Overview
- 7.4.3 Financial Data
- 7.4.4 Product Landscape
- 7.4.5 Strategic Outlook
- 7.4.6 SWOT Analysis
- 7.5 DAIKIN INDUSTRIES, Ltd
- 7.5.1 Global Overview
- 7.5.2 Market/Business Overview
- 7.5.3 Financial Data
- 7.5.4 Product Landscape
- 7.5.5 Strategic Outlook
- 7.5.6 SWOT Analysis
- 7.6 Mestek, Inc
- 7.6.1 Global Overview
- 7.6.2 Market/Business Overview
- 7.6.3 Financial Data
- 7.6.4 Product Landscape
- 7.6.5 SWOT Analysis
- 7.7 Nordic Heat Pumps
- 7.7.1 Global Overview
- 7.7.2 Market/Business Overview
- 7.7.3 Financial Data
- 7.7.4 Product Landscape
- 7.7.5 SWOT Analysis
- 7.8 SAMSUNG
- 7.8.1 Global Overview
- 7.8.2 Market/Business Overview
- 7.8.3 Financial Data
- 7.8.4 Product Landscape
- 7.8.5 Strategic Outlook
- 7.8.6 SWOT Analysis
- 7.9 Johnson Controls
- 7.9.1 Global Overview
- 7.9.2 Market/Business Overview
- 7.9.3 Financial Data
- 7.9.4 Product Landscape
- 7.9.5 Strategic Outlook
- 7.9.6 SWOT Analysis
- 7.10 Panasonic Corporation
- 7.10.1 Global Overview
- 7.10.2 Market/Business Overview
- 7.10.3 Financial Data
- 7.10.4 Product Landscape
- 7.10.5 Strategic Outlook
- 7.10.6 SWOT Analysis
- 7.11 LG Electronics
- 7.11.1 Global Overview
- 7.11.2 Market/Business Overview
- 7.11.3 Financial Data
- 7.11.4 Product Landscape
- 7.11.5 Strategic Outlook
- 7.11.6 SWOT Analysis
- 7.12 Viessmann
- 7.12.1 Global Overview
- 7.12.2 Market/Business Overview
- 7.12.3 Financial Data
- 7.12.4 Product Landscape
- 7.12.5 Strategic Outlook
- 7.12.6 SWOT Analysis
- 7.13 SpacePak
- 7.13.1 Global Overview
- 7.13.2 Market/Business Overview
- 7.13.3 Financial Data
- 7.13.4 Product Landscape
- 7.13.5 Strategic Outlook
- 7.13.6 SWOT Analysis
- 7.14 Thermia Heat Pumps
- 7.14.1 Global Overview
- 7.14.2 Market/Business Overview
- 7.14.3 Financial Data
- 7.14.4 Product Landscape
- 7.14.5 SWOT Analysis
- 7.15 WaterFurnace International Inc.
- 7.15.1 Global Overview
- 7.15.2 Market/Business Overview
- 7.15.3 Financial Data
- 7.15.4 Product Landscape
- 7.15.5 SWOT Analysis
- 7.16 Research Practices
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