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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.
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.
Who are the major heat pump coils industry participants?
Aspen Manufacturing, Bosch Thermotechnology Corp., Bryant Heating & Cooling Systems, Carrier, Changzhou Vrcoolertech Refrigeration Co.,Ltd, Coilmaster, Daikin Comfort Technologies North America, Inc., EVAPCO, Inc., among others
How big is Europe heat pump coils industry?
Europe heat pump coils market will surpass USD 5.5 billion by 2032, on account of the increasing emphasis on environmental sustainability, aligning with the region's commitment to combat climate change.
Why is the demand of air source heat pump coils increasing?
The air source heat pump segment is anticipated to witness over 13% CAGR through 2032 attributed to temperature control features, zonal heating, and the increasing emphasis on product aesthetics.
What is the size of heat pump coils market?
The market size of heat pump coils was reached USD 4.2 billion in 2023 and is set to experience a growth rate of over 12.8% through 2032, driven by the increased investments in the construction of modern buildings.