Global Geothermal Heat Pump Market Size 2024, Forecast To 2033
11 Mar, 2024
The geothermal heat pump market size has grown strongly in recent years. It will grow from $4.06 billion in 2023 to $4.44 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to government initiatives to install heat pumps, increased adoption of renewable energy sources, and strong economic growth in emerging markets. The geothermal heat pump market size is expected to see strong growth in the next few years. It will grow to $6.15 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to government initiatives to install heat pumps, increased adoption of renewable energy sources, and strong economic growth in emerging markets. Major trends in the forecast period include focus on expanding their manufacturing operations, turning to pay-as-you-go business model, increasing investments, and undergoing partnerships and collaborations to improve their product offerings and to stay competitive in the market.
Global Geothermal Heat Pump Market Key Driver
The escalating government initiatives to combat carbon emissions are steering the growth of the geothermal heat pumps market. Governments worldwide are rolling out diverse strategies to reduce carbon emissions, with some countries adopting forward-looking plans to achieve net-zero carbon emissions through the utilization of natural resources like geothermal energy and nuclear power. The shift towards natural resources is anticipated to bolster the demand for geothermal heat pumps, replacing carbon-emitting alternatives such as electrically powered air conditioning units and thermal-powered power plants. The International Energy Agency's roadmap for achieving net-zero carbon emissions by 2050 emphasizes the need for governments to strengthen and implement energy and climate policies. As of 2021, around 70% of global CO2 emissions are covered by countries pledging to achieve net-zero emissions. This global commitment, alongside the passage of laws in countries like New Zealand, Japan, Canada, Korea, Fiji, Ireland, Chile, and the UK, positions geothermal heat pumps as a vital solution. The market size values for 2023, 2024, and 2028 capture the impact of increasing government initiatives on the geothermal heat pumps market.
Get A Free Sample Of The Global Geothermal Heat Pump Market ReportGlobal Geothermal Heat Pump Market Segments
The geothermal heat pump market covered in this report is segmented –
1) By Technology: Open Loop System, Closed Loop System
2) By Application: Residential, Commercial, Industrial
By Geography:The regions covered in the geothermal heat pump market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the geothermal heat pump market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the geothermal heat pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Geothermal Heat Pump Industry Players
Carrier Global Corporation, Bosch Thermotechnology, NIBE Group, Viessmann, Trane, Daikin Industries Ltd, Vaillant Group, Stiebel Eltron, Glen Dimplex, Maritime Geothermal Ltd., Guangdong Shunde O.S.B. Environmental Technology Co. Ltd, Shijiazhuang Industrial Pump Factory Co. Ltd, Xiamen Hysen Control Technology Co. Ltd, First Industrial Development Co. Ltd, Shenzhen E-Joy Tech Co. Ltd, Teccon Services Private Limited, Suntec Energy Systems, Mitsubishi Corporation, Nidec Servo, Yanmar Energy System Co, Enopsol ApS, Go Geothermal Ltd, Argoclima SpA, GT Energy, Kensa Heat Pumps, Tecnoclima Spa, HRS Heat Exchangers Ltd, Thermostahl Srl, Thermocold, KENO Pawel Grzegorczyk, Geo Star, Geothermal Products, Water Furnace International Inc, Miami Heat Pump, Climate Master Inc, Energy Smart Alternatives LLC, Alterra Power Corporation, Pfister Energy, Geo-Air Industries Inc, Geo Smart Energy, Hilliard Corporation, Solar Turbines Incorporated, Solartec SA, Capstone Turbine Corporation, ABO Wind Energias Renovables S.A, Ruf Maschinenbau GmbH & Co. KG, Enel Green Power, SAFARIO Cooling Factory LLC, Osso Ltd, Viessmann Werke GmbH & Co. KG, Roots - Sustainable Agricultural Technologies Ltd, Stellae Energy, Yokogawa South Africa (Pty) Ltd, Generac Power Systems, Mitsubishi Heavy Industries, Cummins Inc.
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Geothermal Heat Pump Market Overview
The geothermal heat pump refers to a system with high-efficiency renewable energy technology that uses the earth's constant temperature to heat and cool buildings. Geothermal heat pumps are packaged in a single cabinet, which includes a compressor, loop-to-refrigerant heat exchanger, and controls.
Geothermal Heat Pump Global Market Report 2023 provides data on the global geothermal heat pump market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The geothermal heat pump market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.