Global Geothermal Heat Pump Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Geothermal Heat Pump Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Geothermal heat pumps use constant underground temperatures to efficiently exchange temperatures, heating a home in the winter and cooling it in the summer. Geothermal heat pump systems include underground collectors, heat pumps, and heat distribution subsystems. The EPA considers geothermal heat pumps the most energy-efficient, environmentally friendly, and cost-effective system for heating and cooling buildings. All types of buildings, including homes, offices, schools, and hospitals, can use geothermal heat pumps.

Market Overview:

The latest research study on the global Geothermal Heat Pump market finds that the global Geothermal Heat Pump market reached a value of USD 4161.85 million in 2023. It’s expected that the market will achieve USD 8213.76 million by 2029, exhibiting a CAGR of 12.0% during the forecast period.

Advantages of geothermal heat pump

Because heat pumps simply transfer heat and do not rely on combustion like a gas furnace or water heater, they can reduce energy costs by up to 50% and produce zero direct emissions that contribute to air pollution and climate change. Geothermal heat pump is a clean, renewable technology. It uses the constant temperature below the earth's surface to provide heating and cooling. Because geothermal heat is an abundant renewable resource, geothermal heat pumps are considered one of the most efficient, cost-effective, and environmentally friendly HVAC and hot water systems. Compared to air source systems, geothermal systems have been proven to be quieter, last longer, require less maintenance, and are not dependent on the temperature of the outside air. Geothermal heat pumps are almost completely unaffected by cold or warm climates. Geothermal systems are generally more expensive than air source systems, but the additional cost is often paid for itself in energy savings. Geothermal systems have fewer moving parts and are not affected by outdoor elements, so they require minimal maintenance. Geothermal heat pump systems offer design flexibility and can be installed in both new construction and retrofit situations. Additionally, the hardware may require less space than a traditional HVAC system, potentially freeing up space for other uses. Hybrid systems using several different geothermal resources, or a combination of geothermal resources and outdoor air, are another technology option. A hybrid approach is particularly effective when cooling needs are significantly greater than heating needs. Geothermal heat pumps are therefore a good solution to ensure that modern buildings are on a healthy, economical, and decarbonized path. As its advantages are recognized by more people, the market size of geothermal heat pumps continues to expand.

The construction industry is shifting towards energy saving and canonicalization

In recent years, with the continuous increase in construction activities, the building heating market has continued to expand, providing a broad market space for the rapid development of the geothermal heat pump industry. As urbanization accelerates and government infrastructure projects continue to advance, more and more commercial buildings such as hospitals and clinics, office buildings, department stores, educational institutions, utility areas, industrial parks, etc. need to be repaired and redesigned, to improve the overall appearance of the office building. As the increase in household income in the United States promotes consumption upgrades, people pay more attention to improving their quality of life and have higher requirements for the aesthetics, comfort, and personalization of their home environment. Ordinary residents have an increasingly strong demand for high-end products that improve their home environment. Dynamic architectural trends are driving new home designs as well as renovations and extensions of older homes. The global construction industry is expected to grow due to population growth, urbanization, immigration rates, and increasing government investment in light commercial construction. The growing number of service-providing companies is expected to spur demand for office space, thereby driving light commercial construction. Continued investment in the development of commercial organizations will further create favorable business scenarios for the deployment of these systems. Generally speaking, the trend of energy conservation and standardization in the construction industry has promoted the continuous development of the geothermal heat pump industry.

Region Overview:

In 2022, the share of the Geothermal Heat Pump market in North America stood at 56.69%.

Company Overview:

The major players operating in the Geothermal Heat Pump market include Bosch Thermotechnology, Trane, NIBE, Carrier Corporation, Mitsubishi Electric, etc. Among which, Bosch Thermotechnology ranked top in terms of sales and revenue in 2023.

Bosch is one of the world's leading manufacturers of heating products. In the UK, Bosch industrial heating is part of Bosch Thermotechnology Ltd., a company that specializes in providing complete system solutions for the commercial and industrial heating sectors with individual outputs from 50kW to 38,000kW. With more than 100,000 boiler systems installed in over 140 countries, you will find our systems in practically every type of industry.

Bosch Industriekessel has developed and manufactured customer-specific system solutions for thermal and process heat. Pioneering innovations, such as the digital efficiency assistant and consistent optimisation of the products form the basis for outstanding efficiency and sustainability. To date, more than 120,000 steam, hot water and heating boiler systems have been commissioned in over 140 countries. Industrial and commercial companies in particular, but also energy suppliers and operators of complex buildings and public facilities rely on Bosch industrial boilers from Germany and Austria.

The Bosch Group is active in the fields of automotive technology, industrial technology, consumer goods, and energy and building technology. The Bosch Group comprises of Robert Bosch GmbH and has more than 350 subsidiaries and regional companies in some 60 countries. When sales and service partners are included, Bosch is represented in 150 countries worldwide.

Segmentation Overview:

By type, Closed Loop Systems segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Commercial segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Geothermal Heat Pump market covered in Chapter 3:

Mitsubishi Electric
CIAT
Vaillant
Viessmann
Danfoss
Hitachi Appliances
Modine Manufacturing Company
NIBE
Green Planet Supply Technologies
Carrier Corporation
Bosch Thermotechnology
Stiebel Eltron
Wolf
Trane
Ochsner
BDR Thermea

In Chapter 4 and Chapter 14.2, on the basis of types, the Geothermal Heat Pump market from 2019 to 2030 is primarily split into:

Open Loop Systems
Closed Loop Systems
Hybrid Circulatory System
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Geothermal Heat Pump market from 2019 to 2030 covers:

Residential
Commercial
Industrial

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)