Heat Pump Coil Market By Type (Evaporator Coils, Condenser Coils, Reversing Coils); By Material (Copper, Aluminum, Stainless Steel, Others [e.g., alloys, composites]); By Application (Residential Buildings, Commercial Buildings, Industrial Buildings); By Technology (Air Source Heat Pumps, Ground Source Heat Pumps, Water Source Heat Pumps, Hybrid Heat Pumps); By Geography, Segment revenue estimation, Forecast, 2024-2032.

The heat pump coil market was worth USD 5.8 billion in 2023 and will be worth USD 8.2 billion by 2030, growing at a CAGR of 5.0% during the forecast period.

 

Heat Pump Coil market is majorly driven due to rising demand for energy-efficient heat pump systems in residential and commercial applications. Governments worldwide are increasingly advocating for lower carbon emissions through heat pumps that consume up to 60% less energy than more conventional heating and cooling systems. For instance, Europe has put pressure on energy efficiency targets, and heating pump adoption has been rising by 10-15% per year in Germany and Sweden. A recent development includes the introduction of advanced heat pump coils with corrosion-resistant materials, improving the durability and lifespan of heat pumps, particularly in harsh environments. Companies are also integrating smart technologies into these systems, allowing optimized energy use and improved performance through IoT-enabled devices, further fueling market growth.

 

A significant opportunity in the Heat Pump Coil market lies in the growing focus on renewable energy and government incentives for energy-efficient heating systems. Heat pump installations are expected to have grown by 15% in Europe alone by 2023, resulting from policies and measures that encourage cutting carbon emissions and enhancing energy efficiency. The market is also observing opportunities in retrofit heat pump systems at older buildings, above all low temperature systems, which need innovative coil technology for optimum efficiency. One of the recent innovations includes increasing the use of improved materials such as aluminum alloys in the construction of the heat pump coils since they are the conductor of heat, light in weight, and have less tendency to rust. This has led to enhanced usage of heat pumps in the colder areas, especially in Northern Europe and North America.

 

Market Segmentation

By Type:

• Evaporator Coils

• Condenser Coils

• Reversing Coils

 

By Material:

• Copper

• Aluminum

• Stainless Steel

• Others (e.g., alloys, composites)

 

By Application:

• Residential Buildings

• Commercial Buildings

• Industrial Buildings

 

By Technology:

• Air Source Heat Pumps

• Ground Source Heat Pumps

• Water Source Heat Pumps

• Hybrid Heat Pumps

 

By Region

North America

• US

• Mexico

• Canada

• Rest of North America

 

Europe

• Switzerland

• Russia

• France

• Germany

• U.K

• Finland

• Turkey

• Netherlands

• Belgium

• Spain

• Italy

• Rest of Europe

 

 

Asia Pacific

• India

• China

• South Korea

• Japan

• Singapore

• Thailand

• Indonesia

• Malaysia

• Philippines

• Australia

• Rest of Asia-Pacific

 

LAMEA

• Brazil

• Argentina

• Uruguay

• Saudi Arabia

• Rest of LAMEA

 

Segment Analysis for the Heat Pump Coil Market

By Type:

Leading Segment: Evaporator Coils

Evaporator coils dominate the heat pump coil market, accounting for over 40% of the market share. These coils are important for absorbing heat from the surrounding air or liquid, making them a critical component of heat pumps in all applications. Their high efficiency & widespread use in residential & commercial buildings contribute to their leadership in the market. For example, Trane's heat pumps rely heavily on advanced evaporator coil technology to maximize energy efficiency & reduce operational costs.

Fastest-Growing Segment: Reversing Coils

Reversing coils are growing at a CAGR of 9.5%, driven by the increasing adoption of dual-mode heat pumps, which can switch between heating & cooling. Their integration in hybrid heat pump systems, particularly in North America & Europe, has spurred demand. These coils play a vital role in energy-efficient solutions for both residential & commercial sectors.

 

By Material:

Leading Segment: Copper

Copper coils hold the largest market share, approximately 50%, due to their superior thermal conductivity & durability. They are the preferred material for heat pump systems in industrial & commercial applications, where efficiency and longevity are critical. Leading manufacturers, like Daikin, continue to use copper in their premium heat pump systems, citing its efficiency in heat transfer & corrosion resistance.

Fastest-Growing Segment: Aluminum

Aluminum coils are the fastest-growing segment, with a CAGR of 10.2%. Their lightweight nature & cost-effectiveness compared to copper make them popular in residential and light commercial applications. LG has introduced aluminum microchannel coils in its heat pump systems to improve performance & reduce overall system weight, appealing to price-sensitive markets in APAC.

 

By Application:

Leading Segment: Residential Buildings

The residential sector accounts for over 45% of the market share, driven by the growing adoption of heat pumps for heating & cooling homes, particularly in Europe and North America. Strict government regulations promoting energy efficiency, such as the EU's Energy Performance of Buildings Directive, have boosted demand for heat pumps equipped with advanced coil systems in residential applications.

Fastest-Growing Segment: Industrial Buildings

Industrial buildings are the fastest-growing segment, with a projected CAGR of 11%. The shift towards electrification & the use of energy-efficient heating & cooling solutions in industries like manufacturing & logistics are key drivers. For example, Mitsubishi Electric’s industrial heat pump systems with high-performance reversing coils are increasingly being adopted in the food & beverage sector to meet sustainability goals.

 

By Technology:

Leading Segment: Air Source Heat Pumps

Air source heat pumps lead the market, holding nearly 50% of the share. Their relatively low installation costs, compatibility with existing infrastructure & suitability for residential and commercial applications make them the most widely used technology. Companies like Carrier have capitalized on this demand by developing air source systems with high-efficiency evaporator & condenser coils.

Fastest-Growing Segment: Hybrid Heat Pumps

Hybrid heat pumps are the fastest-growing technology segment, with a CAGR of 12.5%. These systems combine multiple heat sources to optimize efficiency & reduce energy consumption. Their growing adoption in Europe, supported by subsidies & incentives for renewable energy solutions, has driven the demand for advanced coils tailored to hybrid systems.

 

By Region:

Leading Region: Europe

Europe leads the heat pump coil market, accounting for over 35% of the share. The region’s focus on energy efficiency & decarbonization, supported by policies like the European Green Deal, has accelerated the adoption of heat pumps in residential & commercial applications. Germany & France have heavily subsidized the installation of heat pumps equipped with advanced copper & aluminum coils, further driving market growth.

Fastest-Growing Region: Asia Pacific

Asia Pacific is the fastest-growing region, with a CAGR of 11.8%. Rapid urbanization, rising energy costs & increasing awareness about sustainable solutions are key factors. Countries like China & India are witnessing significant growth in the residential & commercial sectors, leading to higher demand for heat pumps. For example, Midea & Panasonic have launched heat pump systems in these markets with advanced aluminum coil technology, catering to the growing middle class.

 

Key Players

• Daikin Industries, Ltd.

• Carrier Corporation

• Mitsubishi Electric Corporation

• Trane Technologies

• Lennox International Inc.

• Johnson Controls International

• Bosch Thermotechnology

• Rheem Manufacturing Company

• Goodman Manufacturing

• Modine Manufacturing Company

 

Heat Pump Coil Market Report Coverage

Report Attribute	Details
Forecast Period	2023 – 2030
Market Size Value in 2023	USD 5.8 billion
Revenue Forecast in 2030	USD 8.2 billion
Overall Growth Rate	CAGR of 5.0%
Base Year for Estimation	2022
Historical Data	2017 – 2021
Unit	USD Billion, CAGR (2023 - 2030)
Segmentation	By Type, By Material, By Application, By Technology, By Region
By Type	Evaporator Coils, Condenser Coils
By Material	Copper, Aluminum
By Application	Residential, Commercial, Industrial
By Technology	Air Source Heat Pumps, Ground Source Heat Pumps
By Region	North America, Europe, Asia-Pacific, LAMEA
Country Scope	US, Canada, UK, Germany, France, China, Japan, India, South Korea, Australia, etc.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.