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Geothermal Heat Pump Market Trends

Report ID: GMI370
Published Date: May 2023
Report Format: PDF

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Geothermal Heat Pump Market Trends

Increasing prevalence of heat pump that uses the stable temperature of the ground or water to heat and cool buildings, providing an energy-efficient and environmentally friendly alternative to traditional heating and cooling systems is proving beneficial for the geothermal heat pump market growth. Growing concern for the environment and the need to reduce carbon emissions is one of the major factors influencing the business outlook.

Geothermal heat pumps produce fewer greenhouse gas emissions compared to traditional heating and cooling systems, making them a popular choice for eco-conscious individuals and organizations, thereby augmenting the product deployment across residential & commercial applications. In addition, exponential increase in the availability of incentives and rebates offered by governments and utility companies is the other major factor swaying the product adoption.

These incentives help reduce the upfront cost of installing a geothermal heat pump, making them more affordable for homeowners and businesses. Furthermore, advances in technology and increased competition in the market have made ground sourced heat pumps more efficient and cost-effective, further contributing to their popularity and expediating the geothermal heat pump market development.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size of geothermal heat pump crossed USD 4.3 billion in 2023 and is predicted to be worth more than USD 6.2 billion by 2032, due to growing environmental concerns and an increased emphasis on limiting carbon emissions from the construction sector..

The overall industry share from the closed loop segment is expected to expand at 4.3% CAGR from 2024 to 2032, credited to the high efficiency, low energy consumption, and low operating & maintenance costs associated with closed loop heat pumps.

North America geothermal heat pump sector is anticipated to reach more than USD 3.6 billion by 2032 due to an accelerating shift from fossil fuel-based heating products toward eco-friendly and sustainable heating technologies.

Prominent companies in the geothermal heat pump industry are Weishaupt Group, Viessmann, Trane, STIEBEL ELTRON GmbH & Co. KG, Vaillant Group, Danfoss, Mitsubishi Materials Techno Co., Modine Manufacturing Company, NIBE Energy Systems Ltd, Daikin, Carrier, Bard HVAC, Bryant Heating & Cooling Systems, OCHSNER, and others.