Heat Pump Coils Market Size - By Heat Pump Type (Air Source, Ground Source, Water Source), Regional Outlook & Forecast, 2024 - 2032

Heat Pump Coils Market Size - By Heat Pump Type (Air Source, Ground Source, Water Source), Regional Outlook & Forecast, 2024 - 2032

Heat Pump Coils Market Size

Heat Pump Coils Market was valued at USD 4.2 billion in 2023 and is poised to witness around 12.8% CAGR between 2024 and 2032. The implementation of favorable initiatives for integrating sustainable systems coupled with increased investments in the construction of modern buildings will enhance the business outlook.

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For instance, in January 2023, the U.S. government has introduced an initiative worth USD 4.5 billion called High-Efficiency Electric Homes and Rebates Act to bolster home electrification programs, with primary emphasis on assisting low- and moderate-income households to avail rebates of about USD 8,000 for implementing HP systems. Moreover, coils are an integral component of a heat pump system, playing a crucial role in the heat transfer process facilitating the exchange of heat between the indoor and outdoor environments.
 

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COVID- 19 Impact

The COVID-19 pandemic has intermittently impacted the HVAC industry including the heat pump coils market, attributed by the disruptions in global supply chains, limitations in the workforce, and economic uncertainties. However, various manufacturers and governments resilience and adaptability are crucial for industry players to ensure a steady recovery and meet the evolving market needs, counterbalancing the overall heat pump demand.

Heat Pump Coils Market Trends

The growing adoption energy-efficient solutions coupled with shifting consumer preferences towards low carbon alternatives will propel industry growth. The implementation of beneficial heat pump rebates and incentive programs by relevant authorities is anticipated to boost the product deployment potential. Furthermore, ongoing research & development initiatives by key manufacturers aiming for increased efficiency & effectiveness, will boost the product deployment.

Heat Pump Coils Market Analysis

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Based on the heat pump type, the air source heat pump segment is anticipated to witness more than 13% CAGR through 2032, on account of the growing acceptance of these units across various establishments attributed to temperature control features, zonal heating, and the increasing emphasis on product aesthetics. In addition, the increasing income levels among consumers and positive outlook towards heightened indoor comfort will favor the industry landscape.

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The Europe heat pump coils market will surpass USD 5.5 billion by 2032, due to the increasing emphasis on environmental sustainability, aligning with the region's commitment to combat climate change. Respective governments have implemented stringent energy efficiency standards, compelling the adoption of advanced technologies. Additionally, the shift towards adoption of greener HVAC alternatives and advance technologies has propelled the deployment of heat pump coils across the region.

The integration of smart technologies to boost operational efficiency while incorporating home automation and energy management solutions has observed significant traction. The region has witnessed an upsurge in administrative incentives and rebates aimed at promoting the adoption of energy-efficient technologies, including heat pump coils. These financial incentives play a pivotal role in encouraging both residential and commercial consumers to invest in modern and environmentally friendly heating & cooling solutions.

Heat Pump Coils Market Share

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The heat pump coils industry is marked by a growing level of competition among various scale industry participants. Manufacturers are incorporating enhanced technologies and introducing energy efficient units to achieve improved energy optimization and lower electricity bills. Moreover, the synergy between governmental bodies and private enterprises, working collaboratively to provide effective heating systems in cold climate regions.

Heat Pump Coils Market Companies

Some of the prominent players operating across the industry include

• Aspen Manufacturing
• Bosch Thermotechnology Corp.
• Bryant Heating & Cooling Systems
• Carrier
• Changzhou Vrcoolertech Refrigeration Co.,Ltd
• Coilmaster
• Daikin Comfort Technologies North America, Inc.
• EVAPCO, Inc.
• Jaga Canada Climate Systems Inc.
• Lennox International Inc.
• Nortek Global HVAC
• MODINE MANUFACTURING COMPANY
• Packless Metal Hose, Inc.
• Rheem Manufacturing Company
• Super Radiator Coils

Heat Pump Coils Industry News

• In October 2023, Panasonic Corporation launched the 1.5-ton Interios Central Heat Pump, an innovative product line catering to residential space conditioning requirements. The Interios Low-Carbon offerings are integrated with A-Coil featuring an indoor cased design, along with an outdoor HP unit whereas the Interios All-Electric Central HP offering includes an all-electric air handler coupled with an outdoor HP unit.
   
• In May 2023, Modine has undertaken a significant expansion of its operations at the Sremska factory in Serbia, located adjacent to its existing plant, to meet the increasing demand. Upon completion by the end of the year, the newly developed facility will serve as a dedicated manufacturer of coils catering to the domestic and commercial applications.

This market research report on heat pump coils 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 regions and countries

• North America
  • U.S.
  • Canada 
• Europe
  • Austria
  • Norway
  • Denmark
  • Finland
  • France
  • Germany
  • Italy
  • Switzerland
  • Spain
  • Sweden
  • UK
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • Turkiye
  • South Africa
• Latin America
  • Brazil
  • Mexico
  • Argentina