1	INTRODUCTION	30
1.1	STUDY OBJECTIVES	30
1.2	MARKET DEFINITION	30
1.3	STUDY SCOPE	31
1.3.1	MARKETS COVERED	31
1.3.2	INCLUSIONS AND EXCLUSIONS	31
1.3.3	REGIONAL SCOPE	32
1.3.4	YEARS CONSIDERED	32
1.4	CURRENCY CONSIDERED	32
1.5	STAKEHOLDERS	33
1.6	RECESSION IMPACT	33
2	RESEARCH METHODOLOGY	35
2.1	RESEARCH DATA	35
FIGURE 1	WATER-BASED HEATING & COOLING SYSTEMS MARKET: RESEARCH DESIGN	35
2.1.1	SECONDARY DATA	36
2.1.1.1	List of major secondary sources	36
2.1.1.2	Key data from secondary sources	36
2.1.2	PRIMARY DATA	36
2.1.2.1	Key data from primary sources	37
2.1.2.2	Breakdown of primaries	37
2.1.3	SECONDARY AND PRIMARY RESEARCH	38
2.1.3.1	Key industry insights	39
2.2	MARKET SIZE ESTIMATION	39
FIGURE 2	MARKET SIZE ESTIMATION METHODOLOGY: SUPPLY-SIDE ANALYSIS	40
FIGURE 3	MARKET SIZE ESTIMATION METHODOLOGY: APPROACH (SUPPLY-SIDE)—IDENTIFICATION OF REVENUE GENERATED BY COMPANIES FROM WATER-BASED HEATING & COOLING SYSTEMS MARKET	40
2.2.1	BOTTOM-UP APPROACH	41
2.2.1.1	Approach to derive market size using bottom-up analysis	41
FIGURE 4	MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH	42
2.2.2	TOP-DOWN APPROACH	42
2.2.2.1	Approach to derive at market size using top-down analysis	42
FIGURE 5	MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH	43
2.3	MARKET BREAKDOWN AND DATA TRIANGULATION	43
FIGURE 6	DATA TRIANGULATION	44
2.4	RESEARCH ASSUMPTIONS	45
2.5	RISK ASSESSMENT	45
TABLE 1	LIMITATIONS AND ASSOCIATED RISKS	45
2.6	ASSUMPTIONS CONSIDERED TO ANALYZE IMPACT OF RECESSION	46
TABLE 2	ASSUMPTIONS: RECESSION	46
2.7	RESEARCH LIMITATIONS	46
3	EXECUTIVE SUMMARY	47
FIGURE 7	HEAT PUMPS TO HOLD LARGEST SHARE OF WATER-BASED HEATING SYSTEMS MARKET DURING 2023–2028	47
FIGURE 8	CHILLERS TO RECORD HIGHEST CAGR DURING 2023–2028	48
FIGURE 9	NEW CONSTRUCTION IMPLEMENTATION TYPE TO HOLD HIGHEST MARKET SHARE DURING FORECAST PERIOD	49
FIGURE 10	COMMERCIAL VERTICAL TO DISPLAY HIGHEST CAGR DURING FORECAST PERIOD	49
FIGURE 11	WATER-BASED HEATING & COOLING SYSTEMS MARKET IN ASIA PACIFIC TO EXHIBIT HIGHEST CAGR FROM 2023 TO 2028	50
4	PREMIUM INSIGHTS	51
4.1	ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN WATER-BASED HEATING & COOLING SYSTEMS MARKET	51
FIGURE 12	IMPLEMENTATION OF IOT ACROSS WATER-BASED HEATING & COOLING SYSTEMS TO TRANSFORM COMMERCIAL AND RESIDENTIAL VERTICALS	51
4.2	NORTH AMERICA WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY COUNTRY AND HEATING COMPONENT	52
FIGURE 13	US AND HEAT PUMPS ARE EXPECTED TO HOLD LARGEST SHARE OF NORTH AMERICAN WATER-BASED HEATING & COOLING SYSTEMS MARKET IN 2023	52
4.3	ASIA PACIFIC WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY COOLING COMPONENT	52
FIGURE 14	CHILLERS TO SECURE LARGEST SHARE OF WATER-BASED HEATING & COOLING SYSTEMS MARKET IN ASIA PACIFIC DURING 2023–2028	52
4.4	WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY COUNTRY	53
FIGURE 15	WATER-BASED HEATING & COOLING SYSTEMS MARKET IN CHINA TO DISPLAY HIGHEST CAGR FROM 2023 TO 2028	53
5	MARKET OVERVIEW	54
5.1	INTRODUCTION	54
5.2	MARKET DYNAMICS	54
FIGURE 16	WATER-BASED HEATING & COOLING SYSTEMS MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES	54
5.2.1	DRIVERS	55
FIGURE 17	DRIVERS AND THEIR IMPACT ON WATER-BASED HEATING & COOLING SYSTEMS MARKET	55
5.2.1.1	Increasing demand for energy-efficient water-based heating & cooling systems	55
5.2.1.2	Increasing construction activities in residential and industrial sectors	56
5.2.1.3	Government regulatory policies and incentives to ensure energy saving and conservation of natural resources	56
5.2.1.4	Growing focus on enhancing indoor and outdoor air quality	57
 
5.2.2	RESTRAINTS	58
FIGURE 18	RESTRAINTS AND THEIR IMPACT ON WATER-BASED HEATING & COOLING SYSTEMS MARKET	58
5.2.2.1	High maintenance and installation costs	58
5.2.2.2	Limited space in commercial and residential buildings	59
5.2.2.3	Lack of technical knowledge among owners and shortage of skilled labor	59
5.2.3	OPPORTUNITIES	60
FIGURE 19	OPPORTUNITIES AND THEIR IMPACT ON WATER-BASED HEATING & COOLING SYSTEMS MARKET	60
5.2.3.1	Rapid transformation of IoT within water-based heating & cooling industry	60
5.2.3.2	Growing demand for sustainable solutions	61
5.2.3.3	Efforts to develop next-generation low global warming potential refrigerants for water-based heating & cooling	61
5.2.4	CHALLENGES	62
FIGURE 20	CHALLENGES AND THEIR IMPACT ON WATER-BASED HEATING & COOLING SYSTEMS MARKET	62
5.2.4.1	Lack of awareness about benefits of water-based heating & cooling systems in developing countries	62
5.2.4.2	Environmental concerns and aging infrastructure	62
5.3	VALUE CHAIN ANALYSIS	63
FIGURE 21	WATER-BASED HEATING & COOLING SYSTEMS MARKET: VALUE CHAIN ANALYSIS	63
5.4	ECOSYSTEM ANALYSIS	65
FIGURE 22	KEY PLAYERS IN WATER-BASED HEATING & COOLING SYSTEMS MARKET	65
TABLE 3	ROLE OF WATER-BASED HEATING & COOLING SYSTEM MANUFACTURERS IN ECOSYSTEM	65
5.5	PORTER’S FIVE FORCES ANALYSIS	66
TABLE 4	WATER-BASED HEATING & COOLING SYSTEMS MARKET: PORTER’S FIVE FORCES ANALYSIS	66
FIGURE 23	WATER-BASED HEATING & COOLING SYSTEMS MARKET: PORTER’S FIVE FORCES ANALYSIS	67
5.5.1	INTENSITY OF COMPETITIVE RIVALRY	67
5.5.2	BARGAINING POWER OF SUPPLIERS	67
5.5.3	BARGAINING POWER OF BUYERS	68
5.5.4	THREAT OF SUBSTITUTES	68
5.5.5	THREAT OF NEW ENTRANTS	68
5.6	KEY STAKEHOLDERS AND BUYING CRITERIA	68
5.6.1	KEY STAKEHOLDERS IN BUYING PROCESS	68
FIGURE 24	INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS	68
TABLE 5	INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS	69
5.6.2	BUYING CRITERIA	69
FIGURE 25	KEY BUYING CRITERIA FOR TOP THREE VERTICALS	69
TABLE 6	KEY BUYING CRITERIA FOR TOP THREE VERTICALS	69
5.7	TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES	70
FIGURE 26	REVENUE SHIFT FOR PLAYERS IN WATER-BASED HEATING & COOLING SYSTEMS MARKET	70
5.8	CASE STUDY ANALYSIS	71
5.8.1	TOWER OF LONDON INSTALLS HVAC SYSTEMS FROM AIREDALE	71
5.8.2	THE EBELL OF LOS ANGELES AND WILSHIRE EBELL THEATER HOUSE REPLACES OLD AND INEFFICIENT WATER-BASED HEATING & COOLING SYSTEMS	71
5.8.3	SCHOOL IN GEORGIA UPGRADES WATER-BASED HEATING & COOLING SYSTEMS AND LOWERS ENERGY COSTS	72
5.8.4	VIRGINIA DATA CENTER INSTALLS MODULAR HVAC SYSTEMS	72
5.8.5	LIBRARY IN FLORIDA IMPLEMENTS INNOVATIVE WATER-BASED HEATING & COOLING SYSTEMS FROM ICEBANK ENERGY STORAGE SYSTEM	73
5.9	TECHNOLOGY ANALYSIS	73
5.9.1	KEY TECHNOLOGIES	73
5.9.1.1	Cooling units	73
5.9.1.2	Heating units	73
5.9.2	COMPLEMENTARY TECHNOLOGIES	74
5.9.2.1	Sensors	74
5.9.2.2	Building automation systems	74
5.9.3	ADJACENT TECHNOLOGIES	75
5.9.3.1	Software technologies	75
5.10	AVERAGE SELLING PRICE ANALYSIS	75
FIGURE 27	AVERAGE SELLING PRICE OF WATER-BASED HEATING & COOLING SYSTEM COMPONENTS, BY VERTICAL	75
5.10.1	AVERAGE SELLING PRICES OF WATER-BASED HEATING & COOLING SYSTEMS COMPONENT, BY VERTICAL	76
TABLE 7	AVERAGE SELLING PRICE OF WATER-BASED HEATING & COOLING SYSTEM COMPONENTS, BY VERTICAL	76
5.10.2	AVERAGE SELLING PRICE TRENDS	76
FIGURE 28	AVERAGE SELLING PRICE OF DIFFERENT COOLING COMPONENTS (USD)	76
FIGURE 29	AVERAGE SELLING PRICE OF DIFFERENT HEATING COMPONENTS (USD)	77
5.11	PATENT ANALYSIS	78
FIGURE 30	NUMBER OF PATENTS GRANTED IN WATER-BASED HEATING & COOLING SYSTEMS MARKET, 2012–2023	78
TABLE 8	LIST OF PATENTS IN WATER-BASED HEATING & COOLING SYSTEMS, 2021–2023	79
5.12	TRADE ANALYSIS	82
TABLE 9	IMPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION)	82
FIGURE 31	IMPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION)	83
TABLE 10	EXPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION)	83
FIGURE 32	EXPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION)	84
 
5.13	TARIFF ANALYSIS	84
TABLE 11	MFN TARIFF FOR HS CODE: 8415 EXPORTED BY US (2022)	84
TABLE 12	MFN TARIFF FOR HS CODE: 8415 EXPORTED BY CHINA (2022)	85
TABLE 13	MFN TARIFF FOR HS CODE: 8415 EXPORTED BY INDIA (2022)	85
5.14	STANDARDS AND REGULATORY LANDSCAPE	86
5.14.1	REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS	86
5.14.1.1	North America: List of regulatory bodies, government agencies, and other organizations	86
TABLE 14	NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS	86
5.14.1.2	Europe: List of regulatory bodies, government agencies, and other organizations	87
TABLE 15	EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS	87
5.14.1.3	Asia Pacific: List of regulatory bodies, government agencies, and other organizations	88
TABLE 16	ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS	88
5.14.1.4	RoW: List of regulatory bodies, government agencies, and other organizations	89
TABLE 17	ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS	89
5.14.2	STANDARDS AND REGULATIONS RELATED TO WATER-BASED HEATING & COOLING SYSTEMS MARKET	90
5.14.2.1	Environmental WHBC requirements	90
5.14.2.1.1	Current HCFC regulations	90
5.14.2.1.2	New HFC regulations	90
5.14.2.1.3	US regulations	91
5.14.2.1.4	Canadian regulations	91
5.14.2.2	Water-based heating & cooling system efficiency standards	91
5.14.2.3	Water-based heating & cooling systems tech certifications	91
5.15	KEY CONFERENCES AND EVENTS, 2023–2024	91
TABLE 18	WATER-BASED HEATING & COOLING SYSTEMS MARKET: DETAILED LIST OF CONFERENCES AND EVENTS	91
6	WATER-BASED HEATING SYSTEMS MARKET, BY HEATING COMPONENT	93
6.1	INTRODUCTION	94
FIGURE 33	HEAT PUMPS TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD	94
TABLE 19	WATER-BASED HEATING SYSTEMS MARKET, BY HEATING COMPONENT, 2019–2022 (USD BILLION)	94
TABLE 20	WATER-BASED HEATING SYSTEMS MARKET, BY HEATING COMPONENT, 2023–2028 (USD BILLION)	95
TABLE 21	WATER-BASED HEATING SYSTEMS MARKET, BY HEATING COMPONENT, 2019–2022 (MILLION UNITS)	95
TABLE 22	WATER-BASED HEATING SYSTEMS MARKET, BY HEATING COMPONENT, 2023–2028 (MILLION UNITS)	95
6.2	CONVECTOR HEATERS	96
6.2.1	INNOVATIONS IN CONVECTOR DESIGNING AND MANUFACTURING TO DRIVE MARKET	96
TABLE 23	CONVECTOR HEATERS: WATER-BASED HEATING SYSTEMS MARKET, BY VERTICAL, 2019–2022 (USD BILLION)	97
TABLE 24	CONVECTOR HEATERS: WATER-BASED HEATING SYSTEMS MARKET, BY VERTICAL, 2023–2028 (USD BILLION)	97
TABLE 25	CONVECTOR HEATERS: WATER-BASED HEATING SYSTEMS MARKET, BY REGION, 2019–2022 (USD BILLION)	97
TABLE 26	CONVECTOR HEATERS: WATER-BASED HEATING SYSTEMS MARKET, BY REGION, 2023–2028 (USD BILLION)	98
6.3	RADIATORS	98
6.3.1	RESIDENTIAL, COMMERCIAL, AND INDUSTRIAL BUILDINGS TO GENERATE SIGNIFICANT DEMAND	98
TABLE 27	RADIATORS: WATER-BASED HEATING SYSTEMS MARKET, BY VERTICAL, 2019–2022 (USD BILLION)	99
TABLE 28	RADIATORS: WATER-BASED HEATING SYSTEMS MARKET, BY VERTICAL, 2023–2028 (USD BILLION)	99
TABLE 29	RADIATORS: WATER-BASED HEATING SYSTEMS MARKET, BY REGION, 2019–2022 (USD BILLION)	99
TABLE 30	RADIATORS: WATER-BASED HEATING SYSTEMS MARKET, BY REGION, 2023–2028 (USD BILLION)	100
6.4	HEAT PUMPS	100
6.4.1	COST-EFFECTIVE SOLUTIONS TO DRIVE MARKET	100
6.4.1.1	Air-to-water heat pumps	101
6.4.1.2	Water-to-water heat pumps	101
TABLE 31	HEAT PUMPS: WATER-BASED HEATING SYSTEMS MARKET, BY VERTICAL, 2019–2022 (USD BILLION)	102
TABLE 32	HEAT PUMPS: WATER-BASED HEATING SYSTEMS MARKET, BY VERTICAL, 2023–2028 (USD BILLION)	102
TABLE 33	HEAT PUMPS: WATER-BASED HEATING SYSTEMS MARKET, BY REGION, 2019–2022 (USD BILLION)	102
TABLE 34	HEAT PUMPS: WATER-BASED HEATING SYSTEMS MARKET, BY REGION, 2023–2028 (USD BILLION)	103
6.5	BOILERS	103
6.5.1	GROWING FOCUS ON SUSTAINABILITY TO DRIVE MARKET	103
6.5.1.1	Steam boilers	104
6.5.1.2	Hot water boilers	104
TABLE 35	BOILERS: WATER-BASED HEATING SYSTEMS MARKET, BY VERTICAL, 2019–2022 (USD BILLION)	104
TABLE 36	BOILERS: WATER-BASED HEATING SYSTEMS MARKET, BY VERTICAL, 2023–2028 (USD BILLION)	104
TABLE 37	BOILERS: WATER-BASED HEATING SYSTEMS MARKET, BY REGION, 2019–2022 (USD BILLION)	105
TABLE 38	BOILERS: WATER-BASED HEATING SYSTEMS MARKET, BY REGION, 2023–2028 (USD BILLION)	105
 
7	WATER-BASED COOLING SYSTEMS MARKET, BY COOLING COMPONENT	106
7.1	INTRODUCTION	107
FIGURE 34	CHILLERS TO HOLD LARGEST SHARE OF WATER-BASED HEATING SYSTEMS MARKET FOR COOLING COMPONENTS IN 2028	107
TABLE 39	WATER-BASED COOLING SYSTEMS MARKET, BY COOLING COMPONENT, 2019–2022 (USD BILLION)	107
TABLE 40	WATER-BASED COOLING SYSTEM MARKET, BY COOLING COMPONENT, 2023–2028 (USD BILLION)	108
TABLE 41	WATER-BASED COOLING SYSTEM MARKET, BY COOLING COMPONENT, 2019–2022 (THOUSAND UNITS)	108
TABLE 42	WATER-BASED COOLING SYSTEM MARKET, BY COOLING COMPONENT, 2023–2028 (THOUSAND UNITS)	108
7.2	CHILLERS	109
7.2.1	NEW INFRASTRUCTURE PROJECTS TO BOOST DEMAND	109
7.2.1.1	Scroll chillers	109
7.2.1.2	Screw chillers	110
7.2.1.3	Centrifugal chillers	110
7.2.1.4	Reciprocating chillers	111
7.2.1.5	Absorption chillers	111
TABLE 43	CHILLERS: WATER-BASED COOLING SYSTEMS MARKET, BY VERTICAL, 2019–2022 (USD BILLION)	112
TABLE 44	CHILLERS: WATER-BASED COOLING SYSTEMS MARKET, BY VERTICAL, 2023–2028 (USD BILLION)	112
TABLE 45	CHILLERS: WATER-BASED COOLING SYSTEMS MARKET, BY REGION, 2019–2022 (USD BILLION)	112
TABLE 46	CHILLERS: WATER-BASED COOLING SYSTEMS MARKET, BY REGION, 2023–2028 (USD BILLION)	113
7.3	AIR HANDLING UNITS	113
7.3.1	REDUCED ENERGY COSTS TO STRENGTHEN MARKET	113
TABLE 47	AIR HANDLING UNITS: WATER-BASED COOLING SYSTEMS MARKET, BY VERTICAL, 2019–2022 (USD BILLION)	114
TABLE 48	AIR HANDLING UNITS: WATER-BASED COOLING SYSTEMS MARKET, BY VERTICAL, 2023–2028 (USD BILLION)	114
TABLE 49	AIR HANDLING UNITS: WATER-BASED COOLING SYSTEMS MARKET, BY REGION, 2019–2022 (USD BILLION)	114
TABLE 50	AIR HANDLING UNITS: WATER-BASED COOLING SYSTEMS MARKET, BY REGION, 2023–2028 (USD BILLION)	115
7.4	COOLING TOWERS	115
7.4.1	INCREASING ADOPTION OF RENEWABLE ENERGY SOURCES TO DRIVE DEMAND	115
7.4.1.1	Evaporative cooling towers	115
7.4.1.2	Dry cooling towers	116
7.4.1.3	Hybrid cooling towers	117
TABLE 51	COOLING TOWERS: WATER-BASED COOLING SYSTEMS MARKET, BY VERTICAL, 2019–2022 (USD MILLION)	117
TABLE 52	COOLING TOWERS: WATER-BASED COOLING SYSTEMS MARKET, BY VERTICAL, 2023–2028 (USD MILLION)	118
TABLE 53	COOLING TOWERS: WATER-BASED COOLING SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)	118
TABLE 54	COOLING TOWERS: WATER-BASED COOLING SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)	118
7.5	EXPANSION TANKS	119
7.5.1	USE OF EXPANSION TANKS HELP TO CONTROL PRESSURE IN COOLING SYSTEM TO DRIVE MARKET	119
TABLE 55	EXPANSION TANKS: WATER-BASED COOLING SYSTEMS MARKET, BY VERTICAL, 2019–2022 (USD MILLION)	119
TABLE 56	EXPANSION TANKS: WATER-BASED COOLING SYSTEMS MARKET, BY VERTICAL, 2023–2028 (USD MILLION)	119
TABLE 57	EXPANSION TANKS: WATER-BASED COOLING SYSTEMS MARKET, BY REGION, 2019–2022 (USD MILLION)	120
TABLE 58	EXPANSION TANKS: WATER-BASED COOLING SYSTEMS MARKET, BY REGION, 2023–2028 (USD MILLION)	120
8	WATER-BASED COOLING SYSTEMS MARKET, BY COOLING TYPE	121
8.1	INTRODUCTION	121
8.2	DIRECT COOLING	121
8.2.1	DATA CENTERS AND AIR CONDITIONERS TO OFFER SIGNIFICANT OPPORTUNITIES	121
8.3	INDIRECT COOLING	122
8.3.1	CAPABILITY TO MAINTAIN CLEANER AND HEALTHIER INDOOR ENVIRONMENT TO DRIVE DEMAND	122
9	WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY IMPLEMENTATION TYPE	124
9.1	INTRODUCTION	125
FIGURE 35	NEW CONSTRUCTION SEGMENT TO RECORD HIGHEST CAGR DURING FORECAST PERIOD	125
TABLE 59	WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY IMPLEMENTATION TYPE, 2019–2022 (USD BILLION)	125
TABLE 60	WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY IMPLEMENTATION TYPE, 2023–2028 (USD BILLION)	125
9.2	NEW CONSTRUCTION	126
9.2.1	GOVERNMENT-LED INITIATIVES TO PROMOTE ENERGY-SAVING DEVICES AND CONSUMER AWARENESS TO BOOST MARKET	126
TABLE 61	NEW CONSTRUCTION: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY REGION, 2019–2022 (USD BILLION)	126
TABLE 62	NEW CONSTRUCTION: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY REGION, 2023–2028 (USD BILLION)	126
9.3	RETROFITS	127
9.3.1	GOVERNMENT REGULATIONS FOR GREEN BUILDINGS TO DRIVE MARKET	127
TABLE 63	RETROFITS: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY REGION, 2019–2022 (USD BILLION)	127
TABLE 64	RETROFITS: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY REGION, 2023–2028 (USD BILLION)	127
10	WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY VERTICAL	128
10.1	INTRODUCTION	129
FIGURE 36	COMMERCIAL VERTICAL TO ATTAIN HIGHEST MARKET SHARE DURING 2023–2028	129
TABLE 65	WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY VERTICAL, 2019–2022 (USD BILLION)	129
TABLE 66	WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY VERTICAL, 2023–2028 (USD BILLION)	130
10.2	COMMERCIAL	130
10.2.1	GLOBAL TEMPERATURE RISE AND POLLUTION FROM CONSTRUCTION ACTIVITIES TO BOOST DEMAND	130
TABLE 67	COMMERCIAL: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY HEATING COMPONENT, 2019–2022 (USD BILLION)	130
TABLE 68	COMMERCIAL: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY HEATING COMPONENT, 2023–2028 (USD BILLION)	131
TABLE 69	COMMERCIAL: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY COOLING COMPONENT, 2019–2022 (USD MILLION)	131
TABLE 70	COMMERCIAL: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY COOLING COMPONENT, 2023–2028 (USD MILLION)	131
10.2.1.1	Office	131
10.2.1.2	Government	132
10.2.1.3	Healthcare	133
10.2.1.4	Education	133
10.2.1.5	Retail	134
10.2.1.6	Airport	135
10.3	RESIDENTIAL	135
10.3.1	GOVERNMENT REGULATIONS AND TAX CREDIT PROGRAMS TO PROMOTE BOOST DEMAND IN RESIDENTIAL SECTOR	135
TABLE 71	RESIDENTIAL: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY HEATING COMPONENT, 2019–2022 (USD BILLION)	136
TABLE 72	RESIDENTIAL: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY HEATING COMPONENT, 2023–2028 (USD BILLION)	136
TABLE 73	RESIDENTIAL: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY COOLING COMPONENT, 2019–2022 (USD MILLION)	136
TABLE 74	RESIDENTIAL: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY COOLING COMPONENT, 2023–2028 (USD MILLION)	137
10.4	INDUSTRIAL	137
10.4.1	WAREHOUSES, CONTROL ROOMS, AND PRODUCTION FACILITIES TO OFFER LUCRATIVE GROWTH OPPORTUNITIES	137
TABLE 75	INDUSTRIAL: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY HEATING COMPONENT, 2019–2022 (USD BILLION)	138
TABLE 76	INDUSTRIAL: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY HEATING COMPONENT, 2023–2028 (USD BILLION)	138
TABLE 77	INDUSTRIAL: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY COOLING COMPONENT, 2019–2022 (USD MILLION)	138
TABLE 78	INDUSTRIAL: WATER-BASED COOLING SYSTEM MARKET, BY COOLING COMPONENT, 2023–2028 (USD MILLION)	139
10.4.1.1	Data center	139
10.4.1.2	Manufacturing facility	140
10.4.1.3	Power plant	141
11	WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY REGION	142
11.1	INTRODUCTION	143
FIGURE 37	ASIA PACIFIC REGION TO RECORD HIGHEST CAGR DURING FORECAST PERIOD	143
TABLE 79	WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY REGION, 2019–2022 (USD BILLION)	143
TABLE 80	WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY REGION, 2023–2028 (USD BILLION)	144
11.2	NORTH AMERICA	144
11.2.1	NORTH AMERICA: IMPACT OF RECESSION	144
FIGURE 38	NORTH AMERICA: WATER-BASED HEATING & COOLING SYSTEMS MARKET SNAPSHOT	145
TABLE 81	NORTH AMERICA: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY COUNTRY, 2019–2022 (USD BILLION)	146
TABLE 82	NORTH AMERICA: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY COUNTRY, 2023–2028 (USD BILLION)	146
TABLE 83	NORTH AMERICA: WATER-BASED HEATING SYSTEMS MARKET, BY HEATING COMPONENT, 2019–2022 (USD BILLION)	146
TABLE 84	NORTH AMERICA: WATER-BASED HEATING SYSTEMS MARKET, BY HEATING COMPONENT, 2023–2028 (USD BILLION)	146
TABLE 85	NORTH AMERICA: WATER-BASED COOLING SYSTEMS MARKET, BY COOLING COMPONENT, 2019–2022 (USD MILLION)	147
TABLE 86	NORTH AMERICA: WATER-BASED COOLING SYSTEMS MARKET, BY COOLING COMPONENT, 2023–2028 (USD MILLION)	147
TABLE 87	NORTH AMERICA: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY IMPLEMENTATION TYPE, 2019–2022 (USD BILLION)	147
TABLE 88	NORTH AMERICA: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY IMPLEMENTATION TYPE, 2023–2028 (USD BILLION)	147
11.2.2	US	148
11.2.2.1	Increasing number of construction projects to drive demand	148
11.2.3	CANADA	148
11.2.3.1	Government initiatives for energy saving to boost demand	148
11.2.4	MEXICO	149
11.2.4.1	Increasing focus on promoting use of energy-efficient water-based heating & cooling systems to strengthen market	149
11.3	EUROPE	149
11.3.1	EUROPE: IMPACT OF RECESSION	150
FIGURE 39	EUROPE: WATER-BASED HEATING & COOLING SYSTEMS MARKET SNAPSHOT	151
TABLE 89	EUROPE: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY COUNTRY, 2019–2022 (USD BILLION)	151
TABLE 90	EUROPE: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY COUNTRY, 2023–2028 (USD BILLION)	152
TABLE 91	EUROPE: WATER-BASED HEATING SYSTEM MARKET, BY HEATING COMPONENT, 2019–2022 (USD BILLION)	152
TABLE 92	EUROPE: WATER-BASED HEATING SYSTEM MARKET, BY HEATING COMPONENT, 2023–2028 (USD BILLION)	152
TABLE 93	EUROPE: WATER-BASED COOLING SYSTEM MARKET, BY COOLING COMPONENT, 2019–2022 (USD MILLION)	153
TABLE 94	EUROPE: WATER-BASED COOLING SYSTEM MARKET, BY COOLING COMPONENT, 2023–2028 (USD MILLION)	153
TABLE 95	EUROPE: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY IMPLEMENTATION TYPE, 2019–2022 (USD BILLION)	153
TABLE 96	EUROPE: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY IMPLEMENTATION TYPE, 2023–2028 (USD BILLION)	153
11.3.2	UK	154
11.3.2.1	High demand for energy-efficient devices from commercial and residential users to boost market	154
11.3.3	GERMANY	154
11.3.3.1	Increasing innovations in software solutions for water-based heating & cooling to support market growth	154
11.3.4	FRANCE	155
11.3.4.1	Rising focus on reducing greenhouse gases to spur demand	155
11.3.5	REST OF EUROPE	156
11.4	ASIA PACIFIC	156
11.4.1	ASIA PACIFIC: IMPACT OF RECESSION	157
FIGURE 40	ASIA PACIFIC: WATER-BASED HEATING & COOLING SYSTEMS MARKET SNAPSHOT	158
TABLE 97	ASIA PACIFIC: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY COUNTRY, 2019–2022 (USD BILLION)	158
TABLE 98	ASIA PACIFIC: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY COUNTRY, 2023–2028 (USD BILLION)	159
TABLE 99	ASIA PACIFIC: WATER-BASED HEATING SYSTEM MARKET, BY HEATING COMPONENT, 2019–2022 (USD BILLION)	159
TABLE 100	ASIA PACIFIC: WATER-BASED HEATING SYSTEM MARKET, BY HEATING COMPONENT, 2023–2028 (USD BILLION)	159
TABLE 101	ASIA PACIFIC: WATER-BASED COOLING SYSTEM MARKET, BY COOLING COMPONENT, 2019–2022 (USD BILLION)	160
TABLE 102	ASIA PACIFIC: WATER-BASED COOLING SYSTEM MARKET, BY COOLING COMPONENT, 2023–2028 (USD BILLION)	160
TABLE 103	ASIA PACIFIC: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY IMPLEMENTATION TYPE, 2019–2022 (USD BILLION)	160
TABLE 104	ASIA PACIFIC: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY IMPLEMENTATION TYPE, 2023–2028 (USD BILLION)	160
11.4.2	CHINA	161
11.4.2.1	Growing industrialization and urbanization to fuel market	161
11.4.3	INDIA	161
11.4.3.1	Surging need to save energy to boost demand	161
11.4.4	JAPAN	162
11.4.4.1	Strict regulations for energy conservation to upsurge demand	162
11.4.5	REST OF ASIA PACIFIC	162
11.5	ROW	163
11.5.1	ROW: IMPACT OF RECESSION	163
TABLE 105	ROW: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY COUNTRY, 2019–2022 (USD BILLION)	164
TABLE 106	ROW: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY COUNTRY, 2023–2028 (USD BILLION)	164
TABLE 107	ROW: WATER-BASED HEATING SYSTEM MARKET, BY HEATING COMPONENT, 2019–2022 (USD MILLION)	164
TABLE 108	ROW: WATER-BASED HEATING SYSTEM MARKET, BY HEATING COMPONENT, 2023–2028 (USD MILLION)	164
TABLE 109	ROW: WATER-BASED COOLING SYSTEM MARKET, BY COOLING COMPONENT, 2019–2022 (USD MILLION)	165
TABLE 110	ROW: WATER-BASED COOLING SYSTEM MARKET, BY COOLING COMPONENT, 2023–2028 (USD MILLION)	165
TABLE 111	ROW: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY IMPLEMENTATION TYPE, 2019–2022 (USD BILLION)	165
TABLE 112	ROW: WATER-BASED HEATING & COOLING SYSTEMS MARKET, BY IMPLEMENTATION TYPE, 2023–2028 (USD BILLION)	165
11.5.2	SOUTH AMERICA	166
11.5.2.1	Strong focus on infrastructure development to boost market	166
11.5.3	MIDDLE EAST & AFRICA	166
11.5.3.1	Stringent regulations for enhancing energy performance of buildings to drive market	166
12	COMPETITIVE LANDSCAPE	168
12.1	OVERVIEW	168
12.2	KEY STRATEGIES ADOPTED BY MAJOR PLAYER	168
TABLE 113	OVERVIEW OF STRATEGIES DEPLOYED BY WATER-BASED HEATING & COOLING SYSTEM OEMS	168
12.3	COMPANY REVENUE ANALYSIS, 2020–2022	171
FIGURE 41	THREE-YEAR REVENUE ANALYSIS OF TOP PLAYERS, 2020–2022	171
12.4	MARKET SHARE ANALYSIS, 2022	172
FIGURE 42	SHARE OF MAJOR PLAYERS IN WATER-BASED HEATING & COOLING SYSTEMS MARKET, 2022	172
TABLE 114	WATER-BASED HEATING & COOLING SYSTEMS MARKET: DEGREE OF COMPETITION	172
12.5	COMPANY EVALUATION MATRIX, 2022	175
12.5.1	STARS	175
12.5.2	PERVASIVE PLAYERS	175
12.5.3	EMERGING LEADERS	175
12.5.4	PARTICIPANTS	175
FIGURE 43	COMPANY EVALUATION MATRIX, 2022	176
 
12.6	STARTUPS/SMES EVALUATION MATRIX, 2022	176
12.6.1	PROGRESSIVE COMPANIES	176
12.6.2	RESPONSIVE COMPANIES	176
12.6.3	DYNAMIC COMPANIES	177
12.6.4	STARTING BLOCKS	177
FIGURE 44	STARTUPS/SMES EVALUATION QUADRANT, 2022	177
12.7	WATER-BASED HEATING & COOLING SYSTEMS MARKET: COMPANY FOOTPRINT	178
TABLE 115	COMPANY FOOTPRINT	178
TABLE 116	VERTICAL FOOTPRINT	179
TABLE 117	PRODUCT FOOTPRINT	180
TABLE 118	REGION FOOTPRINT	181
12.8	STARTUPS/SMES EVALUATION MATRIX, 2022	182
TABLE 119	WATER-BASED HEATING & COOLING SYSTEMS MARKET: STARTUPS/SMES	182
12.8.1	DETAILED LIST OF KEY STARTUPS/SMES	183
TABLE 120	WATER-BASED HEATING & COOLING SYSTEMS MARKET: DETAILED LIST OF KEY STARTUPS	183
TABLE 121	WATER-BASED HEATING & COOLING SYSTEMS MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS, BY COMPONENT	184
TABLE 122	WATER-BASED HEATING & COOLING SYSTEMS MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, BY REGION	184
12.9	COMPETITIVE SCENARIOS AND TRENDS	184
12.9.1	DEALS	185
TABLE 123	WATER-BASED HEATING & COOLING SYSTEMS MARKET: DEALS, 2020–2023	185
TABLE 124	WATER-BASED HEATING & COOLING SYSTEMS MARKET: PRODUCT LAUNCHES, 2020–2023	191
TABLE 125	WATER-BASED HEATING & COOLING SYSTEMS MARKET: OTHERS, 2022–2023	199
13	COMPANY PROFILES	200
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
13.1	KEY PLAYERS	200
13.1.1	DAIKIN	200
TABLE 126	DAIKIN: BUSINESS OVERVIEW	200
FIGURE 45	DAIKIN: COMPANY SNAPSHOT	201
TABLE 127	DAIKIN: PRODUCTS/SOLUTIONS/SERVICES OFFERED	201
TABLE 128	DAIKIN: PRODUCT LAUNCHES	202
TABLE 129	DAIKIN: DEALS	203
TABLE 130	DAIKIN: OTHERS	204
13.1.2	JOHNSON CONTROLS	206
TABLE 131	JOHNSON CONTROLS: BUSINESS OVERVIEW	206
FIGURE 46	JOHNSON CONTROLS: COMPANY SNAPSHOT	207
TABLE 132	JOHNSON CONTROLS: PRODUCTS/SOLUTIONS/SERVICES OFFERED	207
TABLE 133	JOHNSON CONTROLS: PRODUCT LAUNCHES	208
TABLE 134	JOHNSON CONTROLS: DEALS	209
13.1.3	CARRIER	212
TABLE 135	CARRIER: BUSINESS OVERVIEW	212
FIGURE 47	CARRIER: COMPANY SNAPSHOT	213
TABLE 136	CARRIER: PRODUCTS/SOLUTIONS/SERVICES OFFERED	213
TABLE 137	CARRIER: PRODUCT LAUNCHES	215
TABLE 138	CARRIER: DEALS	218
13.1.4	TRANE TECHNOLOGIES PLC	220
TABLE 139	TRANE TECHNOLOGIES PLC: BUSINESS OVERVIEW	220
FIGURE 48	TRANE TECHNOLOGIES PLC: COMPANY SNAPSHOT	221
TABLE 140	TRANE TECHNOLOGIES PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED	221
TABLE 141	TRANE TECHNOLOGIES PLC: PRODUCT LAUNCHES	223
TABLE 142	TRANE TECHNOLOGIES PLC: DEALS	224
13.1.5	FUJITSU	226
TABLE 143	FUJITSU: BUSINESS OVERVIEW	226
FIGURE 49	FUJITSU: COMPANY SNAPSHOT	227
TABLE 144	FUJITSU: PRODUCTS/SOLUTIONS/SERVICES OFFERED	227
TABLE 145	FUJITSU: PRODUCT LAUNCHES	228
TABLE 146	FUJITSU: DEALS	228
13.1.6	VASCO GROUP	230
TABLE 147	VASCO GROUP: BUSINESS OVERVIEW	230
TABLE 148	VASCO GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED	231
13.1.7	PURMO GROUP	232
TABLE 149	PURMO GROUP: BUSINESS OVERVIEW	232
FIGURE 50	PURMO GROUP: COMPANY SNAPSHOT	233
TABLE 150	PURMO GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED	233
TABLE 151	PURMO GROUP: PRODUCT LAUNCHES	235
TABLE 152	PURMO GROUP: DEALS	235
13.1.8	VERTIV HOLDINGS	236
TABLE 153	VERTIV HOLDINGS: BUSINESS OVERVIEW	236
FIGURE 51	VERTIV HOLDINGS: COMPANY SNAPSHOT	237
TABLE 154	VERTIV HOLDINGS: PRODUCTS/SOLUTIONS/SERVICES OFFERED	237
13.1.9	SCHNEIDER ELECTRIC	238
TABLE 155	SCHNEIDER ELECTRIC: BUSINESS OVERVIEW	238
FIGURE 52	SCHNEIDER ELECTRIC: COMPANY SNAPSHOT	239
TABLE 156	SCHNEIDER ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED	239
TABLE 157	SCHNEIDER ELECTRIC: DEALS	240
13.1.10	LENNOX INTERNATIONAL INC.	241
TABLE 158	LENNOX INTERNATIONAL INC.: BUSINESS OVERVIEW	241
FIGURE 53	LENNOX INTERNATIONAL INC.: COMPANY SNAPSHOT	242
TABLE 159	LENNOX INTERNATIONAL INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED	242
TABLE 160	LENNOX INTERNATIONAL INC.: PRODUCT LAUNCHES	244
TABLE 161	LENNOX INTERNATIONAL INC.: DEALS	244
TABLE 162	LENNOX INTERNATIONAL INC.: OTHERS	245
13.1.11	JAGA N.V.	246
TABLE 163	JAGA N.V.: BUSINESS OVERVIEW	246
TABLE 164	JAGA N.V.: PRODUCTS/SERVICES/SOLUTIONS OFFERED	246
TABLE 165	JAGA N.V.: PRODUCT LAUNCHES	247
TABLE 166	JAGA N.V.: DEALS	248
13.1.12	BETHERMA B.V.	249
TABLE 167	BETHERMA B.V.: BUSINESS OVERVIEW	249
TABLE 168	BETHERMA B.V.: PRODUCTS/SERVICES/SOLUTIONS OFFERED	249
TABLE 169	BETHERMA B.V.: PRODUCT LAUNCHES	250
TABLE 170	BETHERMA B.V.: DEALS	250
13.1.13	CASTRADS LTD	252
TABLE 171	CASTRADS LTD: BUSINESS OVERVIEW	252
TABLE 172	CASTRADS LTD: PRODUCTS/SERVICES/SOLUTIONS OFFERED	252
TABLE 173	CASTRADS LTD: PRODUCT LAUNCHES	253
TABLE 174	CASTRADS LTD: DEALS	253
13.1.14	MHS RADIATORS	255
TABLE 175	MHS RADIATORS: BUSINESS OVERVIEW	255
TABLE 176	MHS RADIATORS: PRODUCTS/SERVICES/SOLUTIONS OFFERED	255
TABLE 177	MHS RADIATORS: PRODUCT LAUNCHES	256
TABLE 178	MHS RADIATORS: DEALS	256
13.1.15	EUCOTHERM	257
TABLE 179	EUCOTHERM: BUSINESS OVERVIEW	257
TABLE 180	EUCOTHERM: PRODUCTS/SOLUTIONS/SERVICES OFFERED	257
TABLE 181	EUCOTHERM: PRODUCT LAUNCHES	258
13.2	OTHER PLAYERS	259
13.2.1	MIDEA	259
13.2.2	BOSCH THERMOTECHNIK GMBH	259
13.2.3	ELECTROLUX	260
13.2.4	FERROLI S.P.A	260
13.2.5	SIEMENS AG	261
13.2.6	VAILLANT GROUP	262
13.2.7	ALFA LAVAL AB	263
13.2.8	STIEBEL ELTRON	264
13.2.9	GLEN DIMPLEX GROUP	265
13.2.10	SIGMA THERMAL	266
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
 
14	APPENDIX	267
14.1	DISCUSSION GUIDE	267
14.2	KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL	270
14.3	CUSTOMIZATION OPTIONS	272
14.4	RELATED REPORTS	272
14.5	AUTHOR DETAILS	273
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