Europe Heat Pump Coils Market Size
Europe Heat Pump Coils Market was valued at USD 1.1 billion in 2023 and the industry is set to grow at CAGR of 18.9% by 2032. Rising demand for energy efficient technologies, adoption of sustainable systems, along with rising investments in modern building construction, will positively impact the business landscape.
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Favorable government regulations, along with the introduction of grants and incentives aimed at promoting the use of energy-efficient technologies, will expedite the adoption of these products. For instance, In January 2023, the German government updated its incentive program to encourage the adoption of heat pumps employing natural refrigerants, offering base subsidy of 25%, potential to cover up to 40% of the costs related to installation of heat pumps.
Europe Heat Pump Coils Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2023 |
| Europe Heat Pump Coils Market Size in 2023 |
USD 1.1 Billion |
| Forecast Period |
2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR |
18.9% |
| 2032 Value Projection |
USD 5.7 Billion |
| Historical Data for |
2019 to 2023 |
| No. of Pages |
140 |
| Tables, Charts & Figures |
160 |
| Segments covered |
Heat Pump Type and Country |
| Growth Drivers |
- Rising demand for reliable space heating & cooling systems
- Favorable regulatory landscape and supportive financial policies
- Growing adoption of low emission heat pump systems
|
| Pitfalls & Challenges |
- Availability of various heat pumps alternatives
|
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Europe Heat Pump Coils Market Trends
Get ready for a surge in heat pumps in Europe! Thanks to fancy new tech, worries about the environment, and stricter energy rules, heat pump coils are becoming all the rage. Smart tech that helps heat pumps work better and use less energy has made them more popular. Plus, governments are offering carrots like rebates and incentives to encourage people to ditch old, polluting heating systems and switch to these eco-friendly options. For example, the EU has a big goalthey want to put in 60 million more heat pumps by 2030. They're aiming to slash the amount of gas buildings use by 40% in just a few years. And guess what? That's expected to save the EU a whopping $65 billion on energy imports!
Europe Heat Pump Coils Market Analysis
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The air source heat pump market is projected to cross USD 5.2 billion by 2032 and will gain momentum owing to the increasing adoption of these units in various establishments is driven by their temperature control features, zonal heating capabilities, and the growing emphasis on product aesthetics. Moreover, changing climatic conditions, shifting consumers preference for reliable and efficient heating & cooling systems and a positive outlook towards enhanced indoor comfort will further bolster the industry landscape.
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France's market for heat pumps, which warm homes and businesses, is expected to grow significantly over the next decade. This growth is being fueled by several factors, including increased construction of homes and businesses, a strong economy, and government regulations that encourage energy efficiency. The government has been especially supportive of heat pumps, offering grants, subsidies, and tax breaks to encourage people to use them. For example, in 2023, the government announced that it would boost financial support for heat pumps and control electricity prices to make them more affordable. The goal is to triple the number of domestically produced heat pumps by 2027, which would help reduce the country's reliance on gas and make its buildings more environmentally friendly.
Europe Heat Pump Coils Market Share
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Key companies actively participating across the industry are engaging in new strategic collaborations, mergers & acquisitions, and partnerships, as they are emphasizing to gain a competitive edge. Carrier, DAIKIN APPLIED, Bosch Thermotechnology Corp., MODINE MANUFACTURING COMPANY, and EVAPCO, Inc. holds the majority of market share across the Europe heat pump coils industry.
Europe Heat Pump Coils Market Companies
Key industry players operating across industry include
- 4 COILS TECH s.r.o.
- Aspen Manufacturing
- Beehive Coils
- Bosch Thermotechnology Corp.
- Carrier
- DAIKIN APPLIED
- EVAPCO, Inc.
- HC Coils Ltd
- Kaltra
- Kelvion Holding GmbH
- MODINE MANUFACTURING COMPANY
- S & P Coil Products Limited
- Thermal Transfer Technology Ltd
- TTC NORGE AS
- Turnbull & Scott Group
Europe Heat Pump Coils Industry News
- In May 2023, Modine announced the expansion of its factory located in Sremska, Serbia, in response to increasing demand within the European heat pump market. The new facility will specialize in manufacturing coils designed for both commercial and residential heat pump applications. Over the years, the facility has undergone new investments and was expanded in 2019 to accommodate the rising demand in the heat pump market. The upcoming facility will be situated adjacent to the existing manufacturing plant.
- In March 2022, Delphi introduced the Delphi MCHX outdoor heat pump coil designed for air-source heat pump systems. This innovative coil serves as a condenser in cooling mode and an evaporator in heating mode, offering significant advantages such as reduced weight and size, recyclability, and decreased refrigerant usage. The company’s microchannel technology ensures optimal performance and efficient defrost processes, applicable for both indoor and outdoor use.
Europe heat pump coils market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” and “USD Million” from 2019 to 2032 for the following segments
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Market, By Heat Pump Type
- Air Source
- Ground Source
- Water Source
The above information has been provided for the following countries
- Austria
- Norway
- Denmark
- Finland
- France
- Germany
- Italy
- Switzerland
- Spain
- Sweden
- UK
- Netherlands
