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

North America Heat Pump Coils Market Size

North America Heat Pump Coils Market was valued at USD 1 billion in 2023 and is set to grow at CAGR of 8.9% between 2024 to 2032. Rising demand for energy-efficient HVAC systems along with businesses that are increasingly seeking heat pump coils to ensure effective heating and cooling while minimizing energy consumption is driving the industry growth. Global environmental concerns are pushing for the adoption of low-global warming potential refrigerants units, aligning with regulatory measures to phase out high emission units, complementing a favorable business landscape.
 

Government initiatives and increased investments in modern buildings equipped with advanced HVAC technologies are further enhancing the business outlook. For instance, in February 2024, the U.S. Department of Energy (DOE) has allocated an additional USD 63 million to enhance domestic production of heat pump water heaters, domestic heat pumps, and related systems. This initiative is backed by the announcement in November 2023 allocating USD 169 million for nine projects to boost heat pump production.
 

North America Heat Pump Coils Market Trends

The North America heat pump coils market is anticipated to witness significant growth, driven by a shift towards clean energy technologies and rising demand for advanced heating & cooling systems. Increased focus toward energy efficiency and clean energy projects along with favorable rebates and incentive programs from various governments across the region is favoring the industry outlook.
 

For instance, in August 2024, the Department of Energy (DOE) announced around USD 85 million in funding to propel the manufacturing of heat pump in the U.S. Through the grant, four manufacturers, A.O. Smith, Daikin, Modine Manufacturing, and Bitzer will receive the funding to enhance their production of heat pumps and related products.
 

North America Heat Pump Coils Market Analysis

Based on heat pump type, the air source segment is set to grow over USD 1.9 billion in 2032. Rising consumer incomes, increasing demand for heating, cooling and hot water solutions and paradigm shift towards greater comfort will complement the industry outlook. Supportive government policies including incentive schemes, grants, tax rebates and subsidies for the adoption of heat pump systems will further accelerate the air source heat pump industry outlook.
 

Ground source heat pump or geothermal heat pump segment is set for significant growth on account of rising environmental concerns, government favorable schemes and ongoing research initiatives aim to reduce emissions will accelerate product adoption. For instance, a January 2024 joint analysis by ORNL and the NREL found that integrating geothermal heat pumps into about 70% of U.S. buildings, and building envelope enhancements, could save 593 terawatt-hours of electricity annually and prevent approximately seven gigatons of carbon-equivalent emissions by 2050.
 

U.S. heat pump coils market is likely to exceed USD 2 billion by 2032. Stringent mandates to enhance building energy efficiency and favorable financial incentives are positively influencing business dynamics. For instance, in February 2024, nine states in the U.S. have inked a memorandum of understanding, committing to ensure that by 2030, heat pumps will account for a minimum of 65% of shipments for residential heating, air conditioning, and water heating. Furthermore, focus on reducing carbon emissions, adoption of advanced technologies and components for heat pump systems that helps reducing carbon emissions, augmenting the U.S. heat pump industry landscape.
 

North America Heat Pump Coils Market Share

Manufacturers are focusing their research and development efforts to enhance and diversify their product offerings. Major companies including Carrier, Modine Manufacturing, DAIKIN, Bosch Thermotechnology Corp., Lennox, and Rheem Manufacturing Company dominate and hold majority of the market share of North America heat pump coils industry.
 

North America Heat Pump Coils Market Companies

Key industry players operating across industry include:

• AAON
• Advanced Distributor Products
• Aspen Manufacturing
• Bryant Heating & Cooling Systems
• Bosch Thermotechnology Corp.
• Carrier
• Coilmaster
• Daikin Comfort Technologies North America, Inc.
• EVAPCO, Inc.
• Jaga
• Lennox International Inc.
• NATIONWIDE COILS, INC.
• Nortek Global HVAC
• MODINE MANUFACTURING COMPANY
• Packless Metal Hose, Inc.
• Rheem Manufacturing Company
• Super Radiator Coils
   

North America Heat Pump Coils Industry News

• In March 2024, Carrier has launched its latest single-stage heat pump, making it the first in the field to be compatible with R-454B, ahead of the 2025 regulatory shift. R-454B, commercially branded as Puron Advance, is Carrier's preferred refrigerant for both ducted and ductless residential and light commercial applications. Beyond heat pumps, the company has also introduced R-454B compatible fan coils and evaporator coils which is set to arrive at warehouses across the U.S. starting early April.
   
• In October 2023, Panasonic has unveiled INTERIOS, designed to enhance indoor air quality. This versatile central heat pump system caters to both heating and cooling needs in residential spaces, reduces carbon emissions and energy consumption, benefiting homeowners. The low-carbon hybrid unit features an outdoor heat pump unit paired with an indoor Cased A-Coil. The All-Electric system boasts an outdoor heat pump unit coupled with an all-electric air handler, delivering consistent electric heating and cooling throughout the year.
   

This North America 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:

• U.S.
• Canada