Europe Heat Pump Coils Market Size & Share 2024 to 2032
Market Size by Heat Pump Type (Air Source, Ground Source, Water Source), & Forecast.
Report ID: GMI8965
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Published Date: April 2024
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Report Format: PDF
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Authors:
Ankit Gupta, Manish Dhiman
Europe Heat Pump Coils Market Size
Europe Heat Pump Coils Market was valued at USD 1.1 billion in 2023 and the industry is set to grow at CAGR of 18.9% by 2032. Rising demand for energy efficient technologies, adoption of sustainable systems, along with rising investments in modern building construction, will positively impact the business landscape.
Europe Heat Pump Coils Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Favorable government regulations, along with the introduction of grants and incentives aimed at promoting the use of energy-efficient technologies, will expedite the adoption of these products. For instance, In January 2023, the German government updated its incentive program to encourage the adoption of heat pumps employing natural refrigerants, offering base subsidy of 25%, potential to cover up to 40% of the costs related to installation of heat pumps.
Europe Heat Pump Coils Market Trends
Europe heat pump coils industry is set to grow owing to adoption of advanced technologies, growing environmental concerns and introduction of stringent energy efficiency standards. Integration of smart technologies for enhanced operational efficiency and energy management has led to increased deployment of heat pump coils. Favorable schemes including incentives and rebates further encourage investment in modern and environmentally friendly heating and cooling solutions among residential and commercial applications. For instance, in April 2023, the EU set a target to install 60 million additional heat pumps by 2030, which aims to reduce the EU's gas demand for buildings by 40% by 2030, resulting in a projected decrease of over USD 65 billion in the EU's energy import expenditure.
Europe Heat Pump Coils Market Analysis
The air source heat pump market is projected to cross USD 5.2 billion by 2032 and will gain momentum owing to the increasing adoption of these units in various establishments is driven by their temperature control features, zonal heating capabilities, and the growing emphasis on product aesthetics. Moreover, changing climatic conditions, shifting consumers preference for reliable and efficient heating & cooling systems and a positive outlook towards enhanced indoor comfort will further bolster the industry landscape.
France heat pump coils market is set to surpass USD 0.6 billion by 2032, driven by the development of residential and commercial infrastructure, favorable economic conditions, and stringent regulations promoting energy efficiency, that accelerated the heat pump deployment. Government support, demonstrated through the implementation of supportive policies and financial incentives such as grants, subsidies, and tax benefits, has also played a significant role in driving the adoption of heat pump technologies. For instance, in September 2023, the French Government announced plans to accelerate green energy adoption, focusing on heat pumps and electricity price control. The government aims to triple domestic heat pump production by 2027, as an alternative to gas boilers, and renovate social housing for climate neutrality.
Europe Heat Pump Coils Market Share
Key companies actively participating across the industry are engaging in new strategic collaborations, mergers & acquisitions, and partnerships, as they are emphasizing to gain a competitive edge. Carrier, DAIKIN APPLIED, Bosch Thermotechnology Corp., MODINE MANUFACTURING COMPANY, and EVAPCO, Inc. holds the majority of market share across the Europe heat pump coils industry.
Europe Heat Pump Coils Market Companies
Key industry players operating across industry include:
Europe Heat Pump Coils Industry News
Europe 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 2019 to 2032 for the following segments:
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Market, By Heat Pump Type
The above information has been provided for the following countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
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Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →