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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market S

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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The water source heat pump market is expected to grow tremendously by 2030 due to surging demand for energy-efficient heating systems. In addition, rapid urbanization and commercialization, along with rising consumer preference for space heating, are likely to stimulate market growth over the forecast timespan.

The COVID-19 pandemic posed a threat to business operations due to stringent mandates on movement and social distancing. However, relaxations in lockdowns have enabled manufacturers to resume operations, notably boosting industry growth. Furthermore, growing concerns pertaining to the negative effects of traditional HVAC systems on the environment have prompted the uptake of sustainable water heating systems that have lower carbon emissions, which has bolstered consumer interest in the product in recent years.

Additionally, government policies to lower fossil fuel consumption and promote bio-based productions, coupled with continuous research & development, have fostered water source heat pump market growth. For instance, in a March 2022 study published in Applied Thermal Engineering, researchers from the School of Municipal and Environmental Engineering, China, conducted a series of experiments on the characteristics of sewage water source heat pumps for the recovery of heat from bath waste. The study concluded that the continuous operation of the system for one year saved as much energy as is produced by burning 4.29 × 104 kg standard coal.

In another instance, in October 2021, the UK government officially announced the opening of a first of its kind district heating project in the region designed to make use of water from River Clyde and supply it to nearby homes with two industrial water source heat pumps from Star Renewable Energy, a heating and cooling systems solutions, in Queens Quay, Glasgow.

Moreover, key participants in the water source heat pump market have been engaging in research and development activities to deliver green water source heat pump systems. Prominent business acquisitions and collaborations have also aided business growth.

In July 2021, for instance, Trane Technologies, a manufacturer of heating and cooling systems, redesigned the vertical model from its Axiom water source heat pump line to enhance its energy efficiency, acoustic performance, and serviceability. The novel pump claimed to offer integrated controls, superior maintenance accessibility, ultra-high energy efficiency, and sound attenuation.

The water source heat pump market has been bifurcated based on technology, application, product, and region.

With respect to technology, the market has been categorized into hybrid, closed loop, and open loop. The open loop segment is projected to observe strong growth by 2030. The ability of the technology to supply efficient heating and cooling to buildings at a low running cost and with zero emissions is set to positively influence open loop water source heat pump deployment.

On the regional spectrum, the Asia Pacific water source heat pump market is anticipated to witness a growth rate of over 4% through the review timespan. Meanwhile, the Latin America water source heat pump industry is set to attain a considerable share in the global market by 2030 supported by beneficial product attributes like reduced compressor cycling and quiet operations during the heating mode.