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Geothermal Heat Pump Market Size

Report ID: GMI370
Published Date: Nov 2024
Report Format: PDF

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Geothermal Heat Pump Market Size

The global geothermal heat pump market was valued at USD 4 billion in 2024 and is predicted to showcase about 4.1% CAGR from 2025 to 2034. Rising demand for heating and cooling solutions, rising environmental concerns and government initiatives to limit carbon emissions will complement the business landscape. Government regulations promoting the adoption of energy-efficient systems, growing concerns about energy security coupled with favorable government policies aimed at enhancing building efficiency will positively influence the industry outlook.

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The implementation of strict building efficiency standards by regulatory authorities, coupled with increasing focus toward adoption of advanced heat pump technologies, will positively impact the business dynamics. For instance, in May 2024, The EU's revised Energy Performance of Buildings Directive, aims to boost renovation rates, especially for low-performing buildings. It supports better air quality, building energy system digitalization, and sustainable mobility infrastructure. The directive allows EU countries to tailor renovation measures to their circumstances, considering factors like existing buildings, geography, and climate.

Geothermal Heat Pump Market Report Attributes
Report Attribute	Details
Base Year:	2024
Geothermal Heat Pump Market Size in 2024:	USD 4 Billion
Forecast Period:	2025 to 2034
Forecast Period 2025 to 2034 CAGR:	4.1%
2034 Value Projection:	USD 6 Billion
Historical Data for:	2021 - 2023
No. of Pages:	110
Tables, Charts & Figures:	32
Segments covered:	Product, Application, and Region
Growth Drivers:	Increasing demand for energy-efficient systems Favorable measures to reduce carbon footprint Stringent emission reduction and building energy efficiency mandates
Pitfalls & Challenges:	High upfront cost

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The global market for geothermal heat pump was reached USD 4 billion in 2024 and is projected to grow at a 4.1% CAGR from 2025 to 2034, driven by rising demand for heating and cooling solutions.

The closed loop segment is estimated to surpass USD 4.6 billion by 2034, due to increasing environmental awareness and the need to reduce carbon emissions.

The commercial segment is anticipated to witness a CAGR of over 3.5% through 2034, supported by the construction of new government buildings and favorable policies promoting GSHP units.

The U.S. geothermal heat pump market is expected to reach over USD 3 billion by 2034, led by the demand for environmentally friendly and sustainable space heating equipment.

Key industry players include AIREDALE INTERNATIONAL, Bard HVAC, Bosch Thermotechnology, Carrier, Ceraphi, Daikin, De Dietrich, Finn Geotherm, Kensa Heat Pumps, Nibe Energy Systems, Nortek Global HVAC, Ochsner, Stiebel Eltron, Trane, Vaillant, Viessmann, Waterfurnace International, Weishaupt, and Wolf.