Evaporator Coils & Condenser Coils Market Size - By Type (Evaporators Coils, Condenser Coils), By Coil Type (Tubed, Finned/Plated, Combined), By Application (Residential, Commercial, Industrial), By Distribution Channel, Regional Outlook & Forecast, 2024 -2032

Evaporator Coils & Condenser Coils Market Size

Evaporator Coils & Condenser Coils Market was valued at USD 3.11 billion in 2023 and is anticipated to register a CAGR of over 4.9% between 2024 and 2032. Urbanization and industrialization are driving the demand for HVAC systems, which in turn boosts the market for evaporator and condenser coils. The growth of residential, commercial, and industrial buildings increases the need for efficient HVAC solutions. These solutions rely on advanced evaporator and condenser coils to maintain optimal indoor climate conditions. Additionally, the focus on better indoor air quality and energy efficiency further drives the demand for high-performance coils, contributing to market growth.
 

In addition, energy efficiency regulations are further driving the growth of the evaporator and condenser coils market. Governments worldwide are enforcing stricter standards to reduce energy use and environmental impact. These regulations often require HVAC systems to meet higher energy efficiency levels, increasing the demand for advanced coil technologies.
 

Manufacturers are developing coils that improve heat exchange efficiency and reduce energy loss, making them more appealing to consumers and commercial buyers. As regulatory standards become more stringent, the need for energy-efficient evaporators and condenser coils is expected to grow, boosting the market further.
 

Manufacturers are developing coils that improve heat exchange efficiency and reduce energy loss, making them more appealing to consumers and commercial buyers. As regulatory standards become more stringent, the need for energy-efficient evaporators and condenser coils is expected to grow, boosting the market further.
 

The evaporator and condenser coils market face a major challenge due to high initial costs. Advanced coil technologies are expensive because they use high-quality materials and complex manufacturing processes. These upfront costs can be a barrier for customers, especially in price-sensitive markets or smaller projects. High costs may prevent potential buyers from adopting newer, more efficient coil systems, affecting overall market growth. Manufacturers need to find ways to reduce production costs and offer more affordable solutions to attract a broader customer base.
 

Evaporator Coils & Condenser Coils Market Trends

As regulations tighten and environmental awareness heightens, the evaporator and condenser coils market are undergoing a transformation. Key regulations are driving the momentum to replace high-GWP refrigerants with sustainable alternatives. According to the Environmental Protection Agency (EPA), the transition to low-GWP refrigerants is expected to reduce greenhouse gas emissions by up to 90% by 2030. Due to technological advancements, new refrigerants are emerging that not only perform better but also have a reduced environmental footprint.
 

The evaporator coils & condenser coils market is focusing on microchannel coils which are increasingly utilized due to their ability to enhance heat exchange efficiency and reduce refrigerant charges. These coils feature a design with numerous small channels that improve thermal performance while decreasing the overall size and weight, which helps in minimizing refrigerant usage and its environmental impact.
 

Evaporator Coils & Condenser Coils Market Analysis

Based on type, the condenser coils segment was reached  USD 1.79 billion in 2023 and is expected to reach USD 2.76 billion by 2032. Condenser coils are leading the evaporator and condenser coils market, playing a pivotal role in heating, ventilation, air conditioning (HVAC), and refrigeration systems. These coils, vital for heat dissipation, find their place in residential, commercial, and industrial settings. The surge in demand for condenser coils is largely fueled by the widespread adoption of HVAC systems, which are essential for indoor climate control.
 

Moreover, condenser coils play a crucial role in refrigeration systems, particularly in commercial and industrial sectors that demand large-scale cooling, such as supermarkets and cold storage facilities. This extensive application range, coupled with their indispensable function, solidifies the market dominance of condenser coils overall boosting the market growth.
 

Based on application, the commercial held around 43% share of the market in 2023 and is anticipated to grow at a CAGR of 4.8% during 2024 to 2032. The commercial facilities, such as office buildings, shopping malls, hotels, supermarkets, and hospitals, heavily rely on large-scale HVAC and refrigeration systems to maintain optimal temperatures. These systems are necessary for operations, underscoring the high demand for both evaporator and condenser coils. Compared to residential applications, commercial entities often need larger and more intricate HVAC and refrigeration setups. This heightened requirement is further improved by the expanding retail, hospitality, and healthcare sectors, solidifying the commercial segment's dominance in the market.
 

Asia-Pacific evaporator coils & condenser coils market was crossed USD 1.06 billion in 2023 and is projected to hit USD 1.66 billion by 2032. Rapid urbanization in the region, marked by expanding cities and infrastructure projects, significantly drives the demand for HVAC systems in residential and commercial sectors. As urban areas grow, the need for effective cooling and heating solutions becomes critical, boosting the demand for evaporator and condenser coils. Urbanization also demands upgrading and replacing outdated equipment, further driving market growth.
 

Climate change, with hotter summers and unpredictable temperature swings, increases the demand for reliable cooling systems. This has led to a focus on advanced HVAC technologies that offer improved energy efficiency and performance. Consequently, the region prioritizes energy-efficient and environmentally friendly evaporators and condenser coils to manage energy consumption and operational costs.
 

Country Level Analysis

North America: The U.S. dominated the evaporator coils & condenser coils market with a market share of about 73.7% in 2023 and is anticipated to grow at a CAGR of 4.9% during 2024 to 2032 period In the U.S, increasing awareness about indoor air quality is driving the demand for efficient HVAC systems, particularly high-quality evaporator and condenser coils. As consumers become more aware of the health risks associated with poor indoor air quality, such as respiratory issues and allergies, they are seeking HVAC systems with superior air filtration and climate control. This trend is leading to a higher demand for advanced evaporators and condenser coils that enhance HVAC efficiency and improve indoor air quality.
 

Europe: Germany evaporator coils & condenser coils market accounted for a market share of nearby 27% in 2023 and is anticipated to grow at CAGR of 5.3% through 2032. Germany's strict energy efficiency and environmental regulations are fueling substantial growth in the HVAC market. These regulations not only mandate high performance but also emphasize eco-friendliness. As a result, businesses and homeowners are increasingly turning to advanced evaporator and condenser coils. The nation's stringent standards, coupled with incentives, further bolster the adoption of energy-efficient technologies. This, in turn, drives a heightened demand for innovative coil solutions that not only comply with but often surpass regulatory benchmarks.
 

Asia pacific: China accounted for a market share of about 31.9% in 2023 and is anticipated to grow at a CAGR of 5.2% up to 2032, due to its strong manufacturing capabilities. The country’s extensive production capacity meets both domestic and regional demand, making China a key supplier of advanced HVAC components. This manufacturing strength, along with rapid infrastructure development and economic growth, supports China’s dominance in the market for evaporator and condenser coils in the region.
 

Evaporator Coils & Condenser Coils Market Share

In 2023, dominant market players, including Carrier Corporation, Daikin Industries, Ltd., Lennox International Inc., Johnson Controls and Emerson Electric Co. The top companies collectively hold a substantial 10-15% market share. These industry leaders are actively engaged in strategic initiatives such as mergers & acquisitions, facility expansions, and partnerships to broaden their product portfolios, reach a wider customer base, and strengthen their market presence. These companies continuously invest in research and development to improve evaporator coils & condenser coils market and incorporate new technologies, allowing them to stay ahead of the competition.
 

Evaporator Coils & Condenser Coils Market Companies

Major players operating in the evaporator coils & condenser coils industry include:

• Aerofin Corporation
• Bosch Thermotechnology Corp.
• Carrier Corporation
• Coilmaster Corporation
• Colmac Coil Manufacturing, Inc.
• Daikin Industries, Ltd.
• Emerson Electric Co.
• Johnson Controls
• Kelvion Holding GmbH
• Lennox International Inc.
• Mitsubishi Electric Corporation
• Modine Manufacturing Company
• Mortex Products, Inc.
• Rheem Manufacturing Company
• Trane Technologies
   

Evaporator Coils & Condenser Coils Industry News

• In July 2024, Trane Technologies unveiled its latest offering: the Climate Changer Magicube (CLCM) air handling unit. This strategic move by Trane aims to tackle the challenges of installing and maintaining air conditioning systems in contemporary buildings.
   
• In April 2024, Johnson Controls unveiled a fresh suite of redesigned and eco-friendly residential products. These products are specifically optimized for the low-GWP refrigerant R-454B and are set for delivery this quarter.
   
• In February 2022, Carrier, a frontrunner in home comfort solutions, unveiled its latest evaporator coil featuring Vertex™ technology, designed specifically for residential air-conditioning systems. "Vertex™ technology introduces a lighter, cutting-edge evaporator coil that matches the efficiency and durability of its predecessors.
   

This evaporator coils & condenser coils market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (Million Units) from 2018 to 2032, for the following segments:

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Market, By Type

• Evaporators coils
• Condenser coils

Market, By Coil Type

• Tubed
• Finned/Plated
• Combined

Market, By Application

• Residential
• Commercial
• Industrial

Market, By Distribution Channel

• Direct sales
• Indirect sales

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • ANZ 
• Latin America
  • Brazil
  • Mexico 
• MEA
  • Saudi Arabia
  • UAE
  • South Africa