The global water-based heating & cooling systems market is expected to be valued at USD 37.7 billion in 2023 and is projected to reach USD 55.2 billion by 2028; it is expected to grow at a CAGR of 7.9% from 2023 to 2028.
The global demand for energy is growing rapidly, and this is putting a strain on the environment. Water-based heating and cooling systems are a more sustainable option than traditional systems, as they produce fewer emissions. This is driving demand for water-based systems, as businesses and homeowners look for ways to reduce their environmental impact.
Water-based heating systems market for convector heaters to hold the second-highest market share during the forecast period.
Convector heaters are versatile and efficient heating devices that find various applications in residential, commercial, and industrial settings. One major use case of convector heaters is in providing supplementary heating in homes. They are particularly useful in rooms or areas that are not adequately heated by the central heating system, such as basements, garages, or individual rooms with poor insulation. Convector heaters are also commonly used in offices and workplaces to provide localized heat to employees, especially in larger spaces where maintaining a consistent temperature throughout the entire area may be challenging.
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Water-based heating & cooling systems market for industrial vertical to hold the second highest market share during the forecast period.
The application of water-based heating and cooling systems is more complex in industries compared with residential and commercial buildings. Industrial water-based heating and cooling systems have special requirements and require customized solutions. According to the US Energy Information Administration (EIA), industrial buildings consume more energy than residential and commercial buildings. The implementation and execution of energy-saving programs are complex in these buildings due to the different manufacturing activities involved in various industries. Moreover, large-scale enterprises always look for ways to reduce costs by optimizing their energy usage. Industrial buildings require a lot of energy to operate their processes. The systems used in industrial buildings help to reduce costs related to energy. Industrial owners are installing efficient water-based heating and cooling systems in warehouses, control rooms, distribution centers, and production facilities to increase the optimum use of energy in these areas.
Water-based heating & cooling systems market for China to hold the highest CAGR during the forecast period.
China is one of the largest consumers of HVAC systems and it has a huge demand for water-based heating and cooling systems with the growing industrialization and urbanization. The booming industrial and manufacturing sectors have made China one of the largest energy consumers in the world. Thus, the government is coming up with various initiatives for promoting energy consumption practices. Moreover, the minimum energy performance standard (MEPS) in the country is expected to reduce CO2 emission levels by ~12% from 2019 to 2050, leading to high demand for water-based heating and cooling systems in the country.
The water-based heating & cooling systems Market market includes significant Tier I and II players like Daikin (Japan), Johnson Controls (US), Carrier Global Corporation (US), Trane Technologies (US), Fujitsu (Japan), and others. These players have a strong market presence for water-based heating & cooling systems across various North America, Europe, Asia Pacific, and RoW countries.
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