Geothermal Heat Pump Market Size, By Product (Open Loop, Closed Loop {Vertical, Horizontal}, Pond Loop), By Application (Residential, Commercial {Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028

Industry Trends

Geothermal Heat Pump Market Size valued at over USD 3.5 billion in 2021 and is anticipated to grow at a CAGR of more than 4% from 2022 to 2028. Growing concerns and measures in the construction sector to promote environmental awareness are some of the major factors swaying product demand. In addition, energy efficient protocols regulated by the government to reduce global carbon footprints will further propel the market growth.
 

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Growing concern towards energy security and environmental sustainability along with shifting trends for bioeconomy-based infrastructure will impel the market expansion of geothermal heat pump (GHP) globally. Furthermore, favorable government policies & protocols in line with an aim to reduce carbon emission is predicted to further sway the industry growth.
 

The COVID-19 pandemic has adversely impacted the economic health of various emerging and developed nations, resulting delay in the execution of various scale projects. However, the condition has upgraded after the lockdown period when recreational activities and building operations have resumed. For instance, European commission has proposed mandatory energy efficiency standards for old & new construction building as per energy efficiency classification from A to G. Favorable government framework in conjunction with rapid building renovation for smart & efficient space heating will accelerate the industry progression.
 

Rising space heating demand along with increasing sustainable energy integration will drive the closed loop segment growth

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Closed loop geothermal heat pump market is projected to observe 4% growth rate through 2028. High efficiency, less energy consumption, and low operating & maintenance cost are some of the vital parameters which will stimulate the market penetration. The system contains antifreeze solution which lead to circulate the ground temperature to heat pump via buried pipeline to exert heat. Major companies are focusing on plant integration to fulfill the demand and supply gap of these products.
 

Structural renewal of households along with mounting demand for HVAC systems to boost the market progression

Commercial application is poised to hold a significant position across the market on account of the rising demand for refurbishing and restoring of conventional systems. The product capability to effortlessly integrate with HVAC systems across current as well as newly built government buildings will offer product adoption for being a preferable counterpart. Moreover, mounting in funding towards the product renovation will further foster the industry expansion. For instance, in June 2021, Nortek Global HVAC has introduced its product series which finalizes the overall restructure of Gibson, Frigidaire and NuTone, which are single-phase heat pumps for residential purpose. The product is further featured with coil-protecting guard aiming to augment structural integrity combined with stability to grip a plastic mesh in place to safeguard against hail and accidental contact damage. Product innovation coupled with surging demand for energy efficient GHP systems for residential application is slated to influence the market demand.
 

Rapid commercialization and urbanization along with increasing demand for energy-efficient systems will spur the growth for North America region

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The Canadian geothermal heat pump market will witness a significant growth in the coming years attributed to the high requirement for new building construction sector. The rising demand for reliable, and high-quality infrastructure in Canada owing to high standard of living will further sway the product acceptance in both residential & commercial application segment. These parameters, along with favorable standards to encourage the establishment of net zero-emission buildings, will encourage the use of geothermal heat pumps across the country.
 

Europe market size is expected to reach USD 1 billion by 2028. The rising funding towards building infrastructure along with migration of people towards from remote to urban area and strong economic growth. Moreover, mounting efforts to reduce the dependency of fossil fuel energy resources along with rapidly developing residential infrastructure will further complement the regional growth.
 

Strategic collaboration along with contractual agreements will enhance the overall industry presence

Major players operating across the market include WOLF GmbH, Viessmann, Weishaupt Group, Trane, Vaillant, GLEN DIMPLEX GROUP, STIEBEL ELTRON GmbH & Co. KG, Danfoss, Modine Manufacturing Company, Mitsubishi Materials Techno Co., Daikin, NIBE Industrier AB, Carrier, Bard HVAC, Green Planet Supply Technologies, OCHSNER, CLIMATEMASTER, Inc, Bosch Thermotechnology Corp., Nortek Global HVAC, Bryant Heating & Cooling Systems, WaterFurnace International Inc., Kensa Heat Pumps, De Dietrich, and FINN GEOTHERM UK Limited.
 

The geothermal heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘‘000 Units’ & ‘USD Million’ from 2018 to 2028 for the following segments:

Market, By Product

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

Market, By Application

• Residential
• Commercial
  • Healthcare
  • Retail
  • Logistics & transportation
  • Offices
  • Hospitality
  • Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Sweden
  • Germany
  • France
  • Finland
  • Austria
  • Netherlands
  • Switzerland
• Asia Pacific
  • China
  • Japan
  • South Korea