Geothermal Heat Pump Market By Technology (Open Loop Systems, Closed Loop Systems), By End Use (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2031
The geothermal heat pump market was valued at $6.0 billion in 2021, and is projected to reach $12.5 billion by 2030, growing at a CAGR of 7.6% from 2022 to 2031.
A central heating/cooling system called a geothermal heat pump (GHP) transfers heat to or from the earth. Instead of using the temperature of the outside air as the transfer medium, geothermal heat pump employs the constant temperature of the ground. They are also known as earth-coupled, ground-source, geo exchange, and water-source heat pumps. Since geothermal heat pumps are thought to be a workable technology for sustainable home heating, their use in commercial and residential buildings is increasing. Compared to conventional HVAC systems, this technology has been keeping consumers comfortable for more than 50 years and can save energy costs by up to 65%.
The rising need for affordable and effective air conditioning systems from homes and businesses, together with rising oil and energy prices worldwide, are the main factors propelling the expansion of the global geothermal heat pump market. The market, however, faces some obstacles, including expensive installation and starting costs. During the projected period, favorable government measures to promote the use of renewable energy and technological improvement in GHPs are anticipated to create prospective growth possibilities.
The geothermal heat pump market is segmented on the basis of technology, end-use, and region. Depending on technology, the market is categorized into open loop systems and closed loop systems (vertical loops and horizontal loops). On the basis of end-use, the market is categorized into residential (new building systems and retrofit systems), commercial, and industrial. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in the global geothermal heat pump market include, Bosch Terotechnology Ltd, Bostech Mechanical Ltd., Carrier global Corporation, ClimateMaster Inc.., Daikin Industries, Ltd., Danfoss Technologies, Dandelion Energy, De Dietrich Process Systems, Ecoforest S.A, Energy Smart Alternatives, GeoComfort Geothermal systems, GeoSmart Energy Inc., Maritime Geothermal Ltd., Mitsubishi Electric Corporation, Pfister’s Energy, Viessmann, and Wolf GmbH.
IMPACT OF COVID-19 ON GEOTHERMAL HEAT PUMP MARKET
The outbreak of COVID-19 in China and its spread across numerous countries globally, halted the manufacturing activities of industrial sectors, which correspondingly hampered geothermal heat pump manufacturing as well. The raw material procurement was also challenged owing to the outbreak of COVID-19.
The COVID-19 pandemic's global crises and commercial uncertainties have had a substantial impact on the operations of many firms and their sales. The implementation of lockdown restrictions in various nations along with the closure of heat pump manufacturing operations had a detrimental effect on the expansion of the domestic heat pump market. The supply of raw materials including iron castings, stainless steel components, and aluminum tubing was further impeded by travel restrictions, a closed border, and an import-export prohibition.
Governments in several nations have taken steps to restart the economy and achieve the net zero carbon emission goal in the upcoming years in order to cope with the slowing business growth caused by the COVID-19 epidemic. For example, as per the news published in Electrical Times, an online news publishing platform, in 2020, the UK government issued a 10-point plan in 2020, to meet its net-zero carbon objective by 2050. The government has planned to install nearly 600,000 heat pumps by the end of 2028, along with investment in renewable energy and other low-carbon technology.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the geothermal heat pump market analysis from 2021 to 2031 to identify the prevailing geothermal heat pump market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the geothermal heat pump market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global geothermal heat pump market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Technology
Open Loop Systems
Closed Loop Systems
Design
Vertical Loops
Horizontal Loops
By End Use
Residential
Installation Type
New Building Systems
Retrofit Systems
Commercial
Industrial
By Region
North America
U.S.
Canada
Mexico
Europe
France
Italy
Sweden
Finland
Germany
Norway
Spain
Denmark
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest Of Asia Pacific
LAMEA
Saudi Arabia
South Africa
Rest of LAMEA
Brazil
Key Market Players
Mitsubishi Electric Corporation
Daikin Industries Ltd.
Sauer-Danfoss Inc.
Carrier Corporation
ClimateMaster, Inc.
Bosch Thermotechnology
Wolf GmbH
Dandelion
GeoComfort
EnergySmart Alternatives
Free Energy Innovations
De Dietrich S.A.S.
Pfister Energy
GeoSmart Energy
Bostech Mechanical Ltd
Maritime Geothermal Ltd
Ecoforest S.A.
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