Home > Industrial Machinery > HVAC > Heat Pumps > Europe Geothermal Heat Pump Market

Europe Geothermal Heat Pump Market Size - By Product (Open Loop, Closed Loop, Pond Loop), By Application (Residential, Commercial {Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}) & Forecast, 2024 - 2032

  • Report ID: GMI5851
  • Published Date: May 2023
  • Report Format: PDF

Europe Geothermal Heat Pump Market Size

Europe Geothermal Heat Pump Market was valued at USD 1.1 billion in 2023 and is anticipated to expand at 5.3% from 2024 to 2032. Ongoing inclination toward adoption of clean energy technologies across residential, and commercial applications is set to enhance product adoption. Expansion towards adoption of low energy consumption devices along with appropriate government policies will influence the industry dynamics.
 

Europe Geothermal Heat Pump Market

Increasing demand for space heating & cooling along with the positive outlook to limit carbon emissions, provides opportunities for the geothermal heat pump market growth. Numerous research efforts are being initiated to develop advanced technologies to accelerate product demand. In addition, stringent energy efficient protocols regulated by the government to minimize the carbon footprint along with rising demand for efficient space heating and cooling will further complementing the business landscape.
 

The availability of alternative heat pump technologies including air source heat pumps and water source heat pumps may act as a restraining factor for the GSHP deployment potential. Additionally, significant installation cost of the complete geothermal heat pump system coupled with requirement of ample space may hinder the Europe geothermal heat pump market outlook. However, rising demand for HVAC systems, the accelerating development and establishment of household structures owing to urbanization along with flourishing investments for technology enhancements is set to favor the industry growth.
 

Increasing research & development initiatives for the product development and introduction of enhanced systems will boost the product demand. The product is featured with coil-protecting guard aiming to strengthen structural integrity combined with stability to grip a plastic mesh in place to safeguard against hail and accidental contact damage. Product innovation along with surging demand for energy efficient GHP systems for residential application is slated to influence the market demand.
 

COVID- 19 Impact

The COVID- 19 outbreak has slightly impacted the geothermal heat pump market expansion in Europe owing to a significant decline in manufacturing processes along with a delay in several projects and limited product deployment. However, increased the energy demand for space heating & cooling across residential and commercial verticals including houses and healthcare facilities along with introduction of stringent energy efficiency mandates is set to recover the industry potential. For instance, in July 2022 the European Commission proposed mandatory energy efficiency standards for residential establishments as per the energy efficiency classification that all residential structures will have to achieve energy class F by 2030 along with class E by 2033. Favorable government framework in line with ongoing renovation of buildings for efficient and smart space heating will accelerate the industry outlook.
 

Europe Geothermal Heat Pump Market Analysis

European geothermal heat pump industry is projected to witness a significant upsurge owing to the accruing energy security concerns along with exponentially rising energy consumption across the regional nations. Rapid investment concerning growth of geothermal systems in line with steep expansion in the renewable energy sector have led to favorable grounds for industry expansion. Several European nations are focusing more on reducing the dependency on energy import and minimizing carbon dioxide emissions by enhancing renewable energy mix.
 

The regional government has introduced various energy-efficiency directives and energy norms to achieve the renewable targets. For example, in October 2021, the European Union, under Climate Action Program has set a target to reduce emissions by 55% by 2030, promoting the utilization of renewable energy. Moreover, energy security concerns coupled with exponentially rising energy consumption across the nations will fuel the Europe geothermal heat pump market dynamics. Rapid investment for the geothermal technological development and steep growth in the renewable energy sector is set to lay favorable grounds for the industry statistics.
 

Europe Geothermal Heat Pump Market Size, By Product,

Closed loop geothermal heat pump market is set to foresee a significant growth due to the surging demand for space heating and cooling along with widespread applicability of these systems across residential and commercial applications. Accelerating research & development initiatives for introduction advanced technological systems along with shifting trends to limit emission concerns is set to boost the product demand. Furthermore, low maintenance, low operating cost, highly efficient, and consumption of less energy are some of the key factors augmenting the product deployment.
 

Europe Geothermal Heat Pump Market Revenue Share, By Application

Rapidly growing urban population and urbanization coupled with stringent mandates from the respective government toward energy conservation is poised to see sudden momentum in the residential applications. Improving living standards, surging demand for compact and efficient space heating technologies, and growing expenditure for the development of buildings and structures are some of the key factors further propelling the Europe geothermal heat pump market trends. In addition, the major growth prospects for commercial structures are attributed by the introduction of innovative units along with the establishment of advanced infrastructures across various verticals including colleges/universities, offices, hospitals, and hotels, among others.
 

Germany Geothermal Heat Pump Market,

The growing measures to limit the harmful GHG emissions have created a significant demand for low-carbon energy systems across Germany. Also, the continuous research & development initiatives, the introduction of new government projects to boost the adoption of sustainable systems, and growing measures to diminish adverse environmental impacts will stimulate the GHP deployment. Stern objectives & policies by the EU have mandated the member states to adopt strategies to minimize the carbon footprint of various establishments.
 

For instance, in June 2021, the German government amended the Federal Climate Action Law stating the aim to achieve carbon neutrality by 2045. Low heat losses, eco-friendly, and humidity control across large commercial buildings & school/colleges are some of the prominent factors augmenting the product deployment. In addition, rising investments in green building infrastructure and implementation of enhanced ground source heat pump systems will further complement the Germany geothermal heat pump market statistics.
 

Europe Geothermal Heat Pump Market Share

The major market players are focusing on strategic partnerships and collaborations, new product launch along with mergers and acquisitions to gain their competitive edge over the others. Leading market players across the Europe geothermal heat pump sector include

  • CeraPhi
  • WOLF
  • Viessmann
  • Weishaupt Group
  • Trane
  • Vaillant Group International GmbH
  • STIEBEL ELTRON GmbH & Co. KG
  • Danfoss
  • MODINE MANUFACTURING COMPANY
  • Mitsubishi Materials Techno Co.
  • Daikin
  • NIBE Group
  • Carrier
  • OCHSNER
  • Bosch Thermotechnology Corp
  • NORTEK GLOBAL HVAC
  • Finn Geotherm UK Limited
  • Kensa Heat Pumps
  • De Dietrich
     

Europe Geothermal Heat Pump Industry News

  • In March 2023, Viessmann introduced new range of geothermal heat pumps, Vitocal 222-G for residential space & water heating applications. The new series of heat pumps will be available in the heating output ranging from 5.8 kW to 10.4 kW with maximum flow temperature of 65°C.This innovative product launch helped the company to increase their product portfolio and enhance their business revenue.
     
  • In February 2022, Kensa Heat Pumps doubled the manufacturing of its ground source heat pumps to increase the company’s capacity by 2023. In addition, the government has announced a target of installing 600,000 heat pump per year by 2028 along with extending its support for the technology by unveiling grants for the installation of heat pumps from April 2022 as part of a million-dollar scheme to upgrade the domestic heating infrastructure in the UK.
     

This Europe geothermal heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘000 Units’ & ‘USD Million’ from 2019 to 2032, for the following segments:

Click here to Buy Section of this Report


Market, By Product

  • Open Loop
  • Closed Loop
  • Vertical
  • Horizontal
  • Pond Loop

Market, By Application

  • Residential
  • Commercial
  • Educational Institutes
  • Healthcare
  • Retail
  • Logistics & Transportation
  • Offices
  • Hospitality

The above information has been provided for the following countries:

Europe

  • Austria
  • Norway
  • Denmark
  • Finland
  • France
  • Germany
  • Italy
  • Switzerland
  • Spain
  • Sweden
  • UK
  • Netherlands

 

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size of geothermal heat pump in Europe was exceeded USD 1.1 billion in 2023 and is anticipated to register 5.3% CAGR during 2024 to 2032, explains GMI report.

Closed loop geothermal heat pump industry size will witness significant growth by 2032 owing to surging demand for space heating & cooling as well as the widespread use of these systems across commercial & residential applications.

What is the size of geothermal heat pump industry in Germany?

CeraPhi, WOLF, Viessmann, Vaillant Group International GmbH, Weishaupt Group, Trane, STIEBEL ELTRON GmbH & Co. KG, Danfoss, Mitsubishi Materials Techno Co., Daikin, NIBE Group, Carrier, OCHSNER, and Bosch Thermotechnology Corp.

Europe Geothermal Heat Pump Market Scope

Buy Now


Premium Report Details

  • Base Year: 2023
  • Companies covered: 14
  • Tables & Figures: 520
  • Countries covered: 12
  • Pages: 320
 Download Free Sample