Selbyville, Delaware,, March 06, 2024 (GLOBE NEWSWIRE) --
The heat pump coils market is expected to hit USD 12.3 billion by 2032, as reported in a research study by Global Market Insights Inc.
The ongoing shift and integration of renewable energy sources is projected to propel the industry growth. Heat pump coils play a pivotal role in harnessing renewable energy, such as solar and geothermal power, for heating and cooling purposes. These coils also facilitate the transfer of heat from the ground and solar panels to provide efficient and sustainable HVAC solutions. Of late, there has been growing government emphasis on reducing carbon footprints and promoting renewable energy adoption. Furthermore, the increasing focus on environmental sustainability is driving consumers and industries to increasingly turn to heat pump coils as key components of their renewable energy systems.
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Based on heat pump type, the ground source heat pump coils market is expected to witness substantial growth from 2024-2032. This is owing to the surging adoption of ground source systems due to the rising energy costs and environmental concerns. Ground source heat pump coils offer efficient and sustainable heating and cooling solutions for residential, commercial, and industrial buildings. By utilizing the stable temperature of the ground, these coils provide reliable performance in various climates. The influx of several government incentives and initiatives for promoting renewable energy will further the propel segment growth.
Asia Pacific heat pump coils market recorded substantial revenue in 2023 and is set to exhibit robust growth from 2024-2032. Rising urbanization and increasing construction activities are driving the demand for energy-efficient heating and cooling solutions. The diverse climate conditions across the region, from tropical to temperate, is creating a significant demand for heat pump coils in residential, commercial, and industrial applications. Countries including China, India, and Japan are investing heavily in green technologies to curb carbon emissions and promote sustainability. The rising favorable government initiatives for renewable energy development will further boost the regional market growth.
Some of the prominent manufacturers operating in the heat pump coils market are Changzhou Vrcoolertech Refrigeration Co.,Ltd., Rheem Manufacturing Company, Bosch Thermotechnology Corp., Daikin Comfort Technologies North America, Inc., Coilmaster, Nortek Global HVAC, EVAPCO, Inc., Packless Metal Hose, Inc. Bryant Heating & Cooling Systems, Jaga Canada Climate Systems Inc., Aspen Manufacturing, MODINE MANUFACTURING COMPANY, and Super Radiator Coils. These market players are placing efforts on innovations, and R&D of advanced coil technologies to gain competitive benefits.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2019 - 2032
Chapter 3 Heat Pump Coils Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 COVID- 19 impact on the industry outlook
3.5 Growth potential analysis
3.6 Porter's analysis
3.6.1 Bargaining power of suppliers
3.6.2 Bargaining power of buyers
3.6.3 Threat of new entrants
3.6.4 Threat of substitutes
3.7 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
