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 and Others)}, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 - 2024

Published Date: Dec 2018  |  Report ID: GMI370  |  Authors: Ankit Gupta, Aditya Singh Bais

Report Format: PDF   |   Pages: 250   |   Base Year: 2017

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Geothermal Heat Pump Market size in 2017 was valued at over USD 3 billion and the annual installation is projected to exceed 720 thousand units by 2024.

Geothermal Heat Pump Market

Get more details on this report - Request Free Sample PDF

Growing concerns toward environmental sustainability and energy security along with shifting trends toward bio economy-based development will drive the global geothermal heat pump industry size. Introduction of energy efficiency protocols by regulators with an aim to reduce carbon footprint will further propel the industry outlook. In 2016, Government of Germany introduced Climate Action Plan 2050 across the nation with an aim to curb GHG emissions up to 55% by 2030 compared with 1990 levels.

Surging demand for sustainable, cost effective, and energy efficient space conditioning systems across commercial and residential embodiments will stimulate the geothermal heat pump market share. Increasing investment across real estate industry along with growing measures to promote environmental awareness are some of the vital factors influencing energy efficient technologies demand. For instance, ground source heat pump can reduce the energy consumption from 20% to 50% in the cooling mode and 30% to 70% in heating mode when compared with conventional HVAC systems.

Geothermal Heat Pump Market Report Coverage
Report Coverage Details
Base Year:2017
Market Size in 2017:3 Billion (USD)
Forecast Period:2018 to 2024
Forecast Period 2018 to 2024 CAGR:3.4%
2024 Value Projection:4 Billion (USD)
Historical Data for:2013 to 2017
No. of Pages:250
Tables, Charts & Figures:236
Segments covered:Product, Application and Region
Growth Drivers:
  • North America
  • Increasing demand for energy-efficient systems
  • Favorable measures to reduce carbon footprints
  • Europe
  • Surging demand for space heating
  • Asia Pacific
  • Rapid commercialization and urbanization
  • Positive outlook toward renewable energy
Pitfalls & Challenges:
  •  High upfront cost

Get more details on this report - Request Free Sample PDF

By Products

U.S. Geothermal Heat Pump Market By Closed Loop

Get more details on this report - Request Free Sample PDF

Low O&M cost, high reliability and less energy consumption are some of the imperative parameters which will fuel closed loop geothermal heat pump industry outlook. The system circulates antifreeze solution for transferring the ground temperature to GHP through buried pipe which will enhance the product deployment.

Open loop in 2017, accounted for over 15% of the global market share. Ability to offer higher efficiency, low installation cost, minimize delay time and reduce heat transfer loss are some of the indispensable parameters fueling the product penetration. These products use ground water for cooling and heating applications and finds wide applicability across tenant finish installation.

By Application

Japan GHP Market By Commercial Application

Get more details on this report - Request Free Sample PDF

Residential application market will witness a growth on account of surging demand for revamping and replacement of conventional systems. The product ability to easily integrate with HVAC systems across existing and new constructed establishments will make its adoption preferable over other counterparts. Furthermore, increase in investment toward the re-establishment and refurbishment of buildings along with strong economic growth will further stimulate the industry dynamics.

Commercial ground source heat pump market is anticipated to witness growth of over 3% by 2024. Introduction of several codes and standard toward green building infrastructure to reduce the GHG emissions by promoting the deployment of renewable technologies will positively influence the industry demand. For instance, in 2017, the U.S. Governor Andrew announced to invest over USD 10 million under the rebate program, to reduce GHG emissions, promoting adoption of sustainable heating and cooling system in New York.

By Region

Germany geothermal heat pump market outlook is anticipated to expand over 20 thousand units by 2024. Surging demand for energy efficient heating and cooling system coupled with positive outlook toward net zero emissions building infrastructure will fuel the business landscape. Growing focus to reduce import dependency along with improving living standards will further augment the industry growth. In 2016, government of Germany declared to spend over USD 200 billion on infrastructure.

Increased in investment toward single and multi -housing building infrastructure backed by population migration toward urban area and strong economic growth will enhance the U.S. ground source heat pump market demand. In addition, availability of shallow ground temperature primarily in Wilkes/Scranton -Barre areas along with growing focus to limit the consumption of fossil resources will further complement the industry dynamics.

Competitive Market Share

Eminent players across ground source heat pump industry are Swegon, Thermic Energy, Solarbayer, Wolf, Toshiba, Systemair, Weishaupt, Trane, Vaillant, Viessmann, Glen dimplex, Stiebel Eltron, Bosch Thermotechnology, Danfoss, Modine, Mitsubishi Electric, Daikin, NIBE, Carrier, Bard HVAC, Spectrum Manufacturing, Green Planet Supply Technologies, OCHSNER Warmepumpen, ClimateMaster, Earthlinked Technologies and Nortek Global HVAC.

Several M&A and collaborations has been witnessed in the marketplace, with an aim to enhance customer portfolio and expand global footprint. In 2018, Dandelion launched a geothermal system that enable the consumers save on electricity bills and reduce carbon emissions.

Geothermal Heat Pump (GHP) Industry Background

GSHP is energy efficient system that extract heat from ground surface by circulating antifreeze solution through underground piping loops. The product harnesses a constant ground temperature as exchange medium. They are categorized by ground heat exchanger component, air delivery system and heat pump units. It is suitable for heating and cooling application across residential and commercial establishments.

Geothermal heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD Million from 2013 to 2024, for the following segments:

By Product

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

By Application

  • Residential
  • Commercial
    • Educational Institutes
    • Healthcare
    • Retail
    • Logistics and transportation
    • Offices
    • Hospitality
    • Others

The above information is provided on a regional and country basis for the following:

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

Frequently Asked Questions (FAQ) :

The overall geothermal heat pump market acquired a revenue share of USD 3.5 bn in 2017.
geothermal heat pump market is likely to surpass a mammoth of USD 4 bn by the end of 2024.
According to Global Market Insights, Inc. the worldwide market installation will surpass 720 thousand units by 2024.
Introduction of various norms towards curtailing GHG emissions along with the focus toward incorporating green technologies in the buildings will drive the segment growth. As per the study, commercial applications will register a CAGR of 3% over 2018-2024.
The regional geothermal heat pump installation will surpass 20 thousand units by 2024.

Premium Report Details

  • Published Date: Dec 2018
  • Pages: 250
  • Tables: 228
  • Charts / Figures: 8
  • Companies covered: 24
  • Countries covered: 12

Get a report that explains COVID-19 impact on this market

Buy NowImmediate delivery available

Need a Discount? Get in touch with us for special pricing

Request Discount

 Connect with our sales team

Chat with us
We use cookies to enhance user experience. (Privacy Policy) X