Water source heat pumps have proven to be more energy-efficient as compared to alternative systems. Notably, given that the operation of water source heat pump (WSHP) is quieter and they emit lesser footprint, WSHP is being highly sought-after among stakeholders.
WSHPs also provide highest efficiencies in the HVAC industry and its popularity has become evident by the fact that WSHP systems have an innate ability to transport energy over long distances and they use refrigerant close to the saturation temperature.
Moreover, as WSHPs have the ability to attain the highly efficient operation and perform heat recovery, they have become popular among residential and commercial consumers. WSHP systems will be highly sought-after in commercial settings where individual zones of control are needed to maintain comfort conditions.
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In the wake of water source heat pump systems having attributes such as ease of design, zoning capability and reliability, commercial buildings will be the major recipient of WSHP system.
Massive popularity of commercial WSHP is attributed to its ability to supply simultaneous heating and cooling, thereby leading to a suitable condition in zones having different requirements. In its latest research report, Global Market Insights, Inc. has projected water source heat pump market size to expand $1.6 bn by 2026.
Stakeholders in residential and commercial settings are counting on water source heat pump as they have a very high efficiency with a coefficient of performance (CoP) of around 5. Moreover, low energy consumption of water source heat pump has augured well for the industry size expansion.
Space heating has become trendy as they are portable, safe, small and can easily keep a smaller portion of the room cozy. Given that space heaters can be placed virtually anywhere in the house and are inexpensive, end-users in both residential and commercial spaces demand the technology.
Hybrid water system technologies are likely to witness an upsurge in investment as they include a reduction in required land area, lower water usage, increased overall cooling and heating capacity and less expensive earth loop.
Meanwhile, it is worth mentioning that open-loop water source systems have been gaining popularity for heating and cooling demands of 100kW or more. As such, demand for open-loop systems is strong in commercial spaces, including large office complexes. Open-loop systems are believed to be more economical vis-à-vis closed-loop systems as they have lower installation costs, thereby underscoring the industry growth in the WSHP industry.
Emerging economies such as India and China have become a happy hunting ground for stakeholders eyeing to expand their penetration. Some of the attributes such as lower installation cost, environmentally friendly have fared well for the APAC water source heat pump industry forecast. Amid the climate change concern, WSHP systems have become an apt choice for APAC consumers.
Rising call to reduce fossil fuel in Europe is likely to work in favor of manufacturers of water source heat pump. It is claimed that water source heat pumps can attain a staggering efficiency of 300% to 600% even on the coldest winter seasons.
Some of the factors such as increased efficiencies and lower energy cost are expected to be instrumental in a steady growth projection of water source heat pump industry.