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Geothermal Heat Pump Market Trends

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

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Geothermal Heat Pump Market Trends

Geothermal heat pump industry is projected to grow on account of increasing demand for reliable heating and cooling systems along with increasing adoption of energy-efficient and environmentally friendly alternative to traditional systems. Stringent emission standards by authorities coupled with growing concern to reduce carbon emissions will complement the industry landscape. Introduction of favorable incentives schemes and programs by authorities toward adoption of energy efficient systems along with growing inclination to reduce carbon emissions will positively influence the business dynamics.

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.