Increasing demand for energy-efficient cooling and heating technologies is likely to fuel global water source heat pump market size over the coming years. Introduction of stern rules and regulations pertaining to reducing carbon emissions would support the adoption of these heat pumps.

The commercial sector is significantly driving the deployment of water source heat pumps as it offers several benefits like environmental compliance, higher energy efficiency, and cleaner operations. These benefits also make the application of these pumps ideal across building spaces like apartment buildings, office buildings, hotels, schools, and others.

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Water source heat pumps (WSHP) have a long life which makes them suitable for installation over other alternatives. In fact, the ASHRAE (The American Society of Heating, Refrigerating, and Air-Conditioning Engineers) estimates that WSHP can have a life expectancy of approximately twenty years.    

According to a research report by Global Market Insights, Inc., that the global water source heat pump market is estimated to observe a yearly installation of more than 220 thousand units by 2026.

Mentioned below are the top three trends that may foster global water source heat pump market size:

• Growing awareness regarding the benefits of WSHP 

Water source heat pumps are gaining recognition owing to their offered benefits like higher sustainability and efficiency, lesser operating costs, and lesser space requirement. These pumps have a simple symmetrical duct layout along with low pressure and low-velocity characteristics that offers them with better coefficient of performance. Surging need for clean energy technologies is expected to push new demand in water to air heat pumps market growth through 2026.

• High deployment of hybrid water source heat pumps 

Increasing heating demands across residential and commercial sectors is anticipated to fuel the deployment of hybrid water source heat pumps over the coming years. These systems have the potential to offer increased heating and cooling capacity, reduced dependency on a water source and higher efficiency, further improving product demand. Increased reliability and higher power output from these systems due to utilization of two independent refrigerant circuits may accelerate product penetration.

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• Increasing installations across Europe

Increased focus towards reducing the dependency on energy import and cutting of carbon emissions through adoption of renewable energy is anticipated to drive water source heat pump market of Europe through 2026.

The regional market is projected to foresee robust growth due to positive regulatory regime, backed by a multitude of financial support policies and schemes to install sustainable heating systems. Incentives such as Low or Zero Interest Loan and Investment Grant would supplement regional market share over time.

On a global scale, companies in the water source heat pump market are putting their efforts towards the creating pumps with new features and abilities to gain an edge over competitors. Citing an instance, in 2018, PHNIX, a Chinese heat pump manufacturer, unveiled a series of heat pump water heaters that were capable of providing cold water pools with 6°C to 8°C cold water and hot water pools with 45° hot water.    

The competitive landscape of the global water source heat pump market is inclusive of players such as STIEBEL ELTRON GmbH & Co. KG, Trane, Bosch Thermotechnology, Johnson Controls, Daikin, and Carrier Corporation among others.       

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