Europe Heat Pump Coils Market
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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.
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.
| 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 2023 - 2032 CAGR: | 18.9 |
| 2023 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: |
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| Pitfalls Challenges: |
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Europe heat pump coils industry is set to grow owing to adoption of advanced technologies, growing environmental concerns and introduction of stringent energy efficiency standards. Integration of smart technologies for enhanced operational efficiency and energy management has led to increased deployment of heat pump coils. Favorable schemes including incentives and rebates further encourage investment in modern and environmentally friendly heating and cooling solutions among residential and commercial applications. For instance, in April 2023, the EU set a target to install 60 million additional heat pumps by 2030, which aims to reduce the EU's gas demand for buildings by 40% by 2030, resulting in a projected decrease of over USD 65 billion in the EU's energy import expenditure.
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.
France heat pump coils market is set to surpass USD 0.6 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. For instance, in September 2023, the French Government announced plans to accelerate green energy adoption, focusing on heat pumps and electricity price control. The government aims to triple domestic heat pump production by 2027, as an alternative to gas boilers, and renovate social housing for climate neutrality.
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.
Key industry players operating across industry include:
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:
Market, By Heat Pump Type
The above information has been provided for the following countries:
4 COILS TECH s.r.o., Aspen Manufacturing, Beehive Coils, Bosch Thermotechnology Corp., Carrier, DAIKIN APPLIE, 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 are some of the major heat pump coils companies operating in Europe.
The air source heat pumps market size will account for USD 5.2 billion by 2032 and is projected to depict substantial growth between 2024 and 2032, owing to the changing climatic conditions and shifting consumers preference for reliable and efficient heating & cooling systems.
Europe heat pump coils industry size recorded USD 1.1 billion in 2023 and is expected to register 18.9% CAGR from 2024 to 2032, due to the rising demand for energy efficient technologies, adoption of sustainable systems, and rising investments in modern building construction.
France heat pump coils industry size is projected to be worth USD 0.6 billion by 2032 and is expected to expand at significant CAGR from 2024 to 2032. This is due to the development of residential and commercial infrastructure, favorable economic conditions, and the implementation of strict regulations in the region.