North America Heat Pump Coils Market Analysis

North America Heat Pump Coils Market Analysis

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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.