North America Heat Pump Coils Market Size & Share 2024 to 2032
Market Size by Heat Pump Type (Air Source, Ground Source, Water Source), Country Outlook & Forecast.
Report ID: GMI11405
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Published Date: September 2024
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Report Format: PDF
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Authors:
Ankit Gupta, Manish Dhiman
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.
North America Heat Pump Coils Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
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:
North America Heat Pump Coils Industry News
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
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
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Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
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Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
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Company reports
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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 →