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North America Heat Pump Coils Market Trends

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

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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.

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.