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North America Heat Pump Coils Market Size

Report ID: GMI11405
Published Date: Sep 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
North America Heat Pump Coils Market Size in 2023:	USD 1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.9%
2032 Value Projection:	USD 2.2 Billion
Historical Data for:	2021 - 2023
No. of Pages:	70
Tables, Charts & Figures:	12
Segments covered:	Heat pump type & Country
Growth Drivers:	Favorable regulatory landscape and supportive financial policies toward adoption of heat pump systems Ongoing expansion of energy-efficient infrastructure and focus on reducing carbon emissions
Pitfalls & Challenges:	Growing inclination toward available alternatives for heat pumps

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Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

The market size of North America Heat Pump Coils was worth over USD 1 billion in 2023 and is projected to grow at a CAGR of 8.9% from 2024 to 2032, driven by the demand for energy-efficient HVAC systems, coupled with regulatory measures to reduce high-emission units.

The air source heat pump segment is expected to reach over USD 1.9 billion by 2032, driven by rising consumer incomes, increased demand for heating, cooling, and hot water solutions, and favorable government policies like incentive schemes, tax rebates, and subsidies.

The U.S. heat pump coils industry is expected to cross over USD 2 billion by 2032, driven by stringent mandates for building energy efficiency, financial incentives, and the adoption of advanced heat pump technologies.

Key industry players in the North America Heat Pump Coils Market include AAON, Advanced Distributor Products, Aspen Manufacturing, Bryant Heating & Cooling Systems, Bosch Thermotechnology Corp., Carrier, Daikin Comfort Technologies North America, Lennox International Inc., and Rheem Manufacturing Company, among others.