From GlobeNewswire: 2025-05-09 02:00:00

The Water-based Heating & Cooling Systems Market was valued at USD 37.10 Billion in 2023, expected to reach USD 73.53 Billion by 2032 with a 7.94% CAGR. Demand is driven by the growing need for environmentally friendly and energy-efficient systems, particularly in smart buildings with IoT technology and renewable energy sources.

Key players in the market include Daikin Industries, Trane Technologies, Carrier Global Corporation, and more. The market is segmented by cooling type, implementation, component, and vertical, with heat pumps leading the market in 2023 and chillers expected to have the highest CAGR from 2024 to 2032.

Asia Pacific led the market in 2023 with a 33.7% share, driven by rapid urbanization and sustainable building initiatives. North America is expected to have the fastest growth from 2024 to 2032, driven by electrification and decarbonization efforts. Recent developments include Daikin’s acquisition of Modular Comfort Systems for energy-efficient HVAC solutions and Mitsubishi Electric Europe’s partnership with Soracom for cloud-based HVAC management.

For more insights, connect with our team of analysts at SNS Insider. Check out related reports on Thermal Management Technologies, Semiconductor Cooling Module, Underfloor Heating, and Personal Cooling Device industries for more information on market trends and analysis.



Read more at GlobeNewswire: Water-based Heating & Cooling Systems Market Size to Hit