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Asia Pacific Heat Pump Coils Market Size
Asia Pacific Heat Pump Coils Market was valued at USD 1.8 billion in 2023 and is set to grow at a CAGR of 10.5% from 2024 to 2032. Growing investments in development of residential and commercial establishments, coupled with an increasing demand for energy-efficient technologies and sustainable systems, will complement the business landscape.
Supportive government regulations and newly introduced grants and incentives will further accelerate the adoption of energy-efficient technologies. For instance, In June 2023, In July 2024, the Energy Efficiency Council launched the roadmap for heat pump hot water systems in Australia. This initiative helps Australians save money and reduce greenhouse gas emissions with high-quality HPHWS products under a modernized regulatory framework.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 1.8 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 10.5% |
| 2032 Value Projection: | USD 4.4 Billion |
| Historical Data for: | 2021 to 2023 |
| No. of Pages: | 70 |
| Tables, Charts & Figures: | 12 |
| Segments covered: | Heat Pump Type and Country |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Asia Pacific Heat Pump Coils Market Trends
Asia Pacific heat pump coils industry is set to grow owing to the increasing demand for energy-efficient technologies, the adoption of sustainable systems, and increased investments in modern building construction will positively impact the business landscape. Stringent government regulations, along with introduction of grants and incentives aimed at promoting the use of energy-efficient technologies, will accelerate the product adoption. Moreover, shifting focus toward limiting carbon emissions and ongoing replacement of traditional heating & cooling systems with heat pumps will further augment the industry outlook.
Asia Pacific Heat Pump Coils Market Analysis
The air source segment is anticipated to reach over of 4 billion by 2032 and will gain momentum owing to the surging demand for energy-efficient space heating, cooling, and hot water solutions. Growing environmental awareness and the ongoing transition from traditional heating and cooling systems. Government mandates emphasizing energy efficiency, and a reduced carbon footprint amplify this trend. Technological advancements enhancing system efficiency and providing operational flexibility across various applications including residential and commercial is set to play a pivotal role in shaping the air source heat pump business dynamics.
Ground source heat pump is set to grow owing to increasing demand for advanced heat pump units, known for their precise temperature control and zoning capabilities. Additionally, increasing focus on energy efficiency, growing adoption of renewable technologies, couple with significant efforts to curb energy consumption and operational costs are propelling the product deployment.
Water source heat pump segment is set to grow owing to rising demand for energy efficiency heating & cooling systems along with shifting focus toward limiting emissions. Favorable regulatory initiatives toward accelerating the heat pump technologies across emerging nations will further augment the product deployment.
China heat pump coils market is set to cross over USD 2.5 billion by 2032, driven by the development of residential and commercial infrastructure, favorable economic conditions, and stringent regulations promoting energy efficiency, that accelerated the heat pump deployment. Government support, demonstrated through the implementation of supportive policies and financial incentives such as grants, subsidies, and tax benefits, has also played a significant role in driving the adoption of heat pump technologies.
Asia Pacific Heat Pump Coils Market Share
Asia Pacific Heat Pump Coils Market Companies
Key players operating across Asia Pacific heat pump coils industry include:
- Armstrong International Inc.
- Carrier
- CIG
- Daikin
- EVAPCO, Inc.
- Hangzhou Shenshi Energy Conservation Technology Co., Ltd.
- HPL Technology (Malaysia) Sdn Bhd
- Kelvion Holding GmbH
- MODINE MANUFACTURING COMPANY
- Shanghai Shenglin M&E Technology Co., Ltd
- TRANS ELECTRICAL ENGINEERING SDN BHD
- TTP – Thermal Transfer Products
Asia Pacific Heat Pump Coils Industry News
- In October 2023, Panasonic introduced the Interios 1.5 Ton Central Heat Pump, designed for heating & cooling residential spaces. The product is available in two variants comprising of the Interios hybrid low-carbon heating system, which includes an outdoor heat pump unit paired with an indoor cased A-Coil, and the Interios Central Heat Pump All-Electric System, boasting an outdoor heat pump unit complemented by an all-electric air handler.
- In March 2022, Delphi has unveiled its pioneering product, the Delphi MCHX Outdoor Heat Pump Coil. Designed for outdoor use in air-sourced heat pump systems, this coil serves as a traditional condenser during cooling and transitions to an evaporator in heating mode. It is 50% lighter, 30% more compact, and fully recyclable boasts a 40% reduction in refrigerant usage and employs an innovative defrosting method. Furthermore, the company’s micro channel technology is versatile, functioning effectively both indoors and outdoors.
This Asia Pacific 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 2021 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:
- China
- Japan
- Australia
- South Korea
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