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U.S. Geothermal Heat Pump Market Size By Product (Open Loop, Closed Loop {Vertical, Horizontal}, Pond Loop), By Application (Residential, Commercial {Government Centers, Office Buildings, Educational Institutes, Healthcare, Hospitality}), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI3002
  • Published Date: Apr 2022
  • Report Format: PDF

Industry Trends

U.S. Geothermal Heat Pump Market size valued at USD 2 billion in 2021 and is expected to grow at a CAGR of over 4% from 2022 to 2028. The rising concern in the residential & commercial building application segment to indorse environmental awareness in conjunction with reducing energy costs is positively influencing the ground source heat pump demand. Furthermore, favorable government policies, tax credits, and rebates to install geothermal heat pumps are anticipated to augment the market growth.
 

U.S. Geothermal Heat Pump Market

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Growing mandates on environmental sustainability & energy security in line with a paradigm shift toward bio-economy-based residential & commercial infrastructures in the United States will sway the geothermal heat pump business scenario. Moreover, a rise in consumer awareness to reduce carbon emissions coupled with supporting government frameworks & protocols will propel the industry outlook.
 

Rising space heating demand along with increasing sustainable energy integration

U.S. Geothermal Heat Pump Market Size By Product

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The closed-loop geothermal heat pump market size in the U.S. is expected to witness growth rate of around 4% through 2028. Energy conservation, high heating & cooling output, and low operation & maintenance costs are fostering the segment demand. Energy efficiency measures in line with renewable targets to reduce GHG emissions by 2050 will support the industry dynamics. In addition, the lowering of the federal tax credit from 26% to 22%, i.e., ground source heat pumps that are to be installed in 2023, is anticipated to positively stimulate the market statistics.
 

Favorable incentives for homeowners coupled with long-term heating & cooling benefits for homeowners will fuel product implementation. The ability of closed-loop systems to circulate an anti-freeze solution via underground piping that transfers the ground temperature to the geothermal heat pump will make the system adoption preferable. However, vertical-closed loop configurations will be preferred over horizontal systems in the commercial application segment owing to their low space requirements.
 

Household structural renewals and increasing demand for HVAC systems

Commercial application is estimated to hold a substantial position in terms of revenue led by increasing demand for restoring & refurbishing traditional heating & cooling systems. Newly built government buildings and the product’s ability to integrate with various HVAC systems will offer product penetration in the commercial industry. Technological advancements and new product launches by key players will further accelerate the market growth.
 

For instance, in October 2021, Bosch Thermotechnology introduced its new ultra-quiet heat pumps, the QV Series for commercial areas in multiple sizes and horizontal & vertical configurations. The product offers comprehensive & sound performance combined with delivering a compact cabinet to fit into small spaces in commercial establishments. Product innovations with improved design techniques to make the heating system quiet & compact for commercial & residential applications will enhance the industry potential.
 

Rising demand for energy-efficient systems will fuel the U.S. market

U.S. Geothermal Heat Pump Market Size By Application

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The East North Central geothermal heat pump market size exceeded USD 0.5 billion in 2021. Volatile fossil fuel prices together with rising product adoption due to energy-efficient heating & cooling systems from residential and commercial establishments across cold & warm climatic regions respectively will boost the business expansion. Additionally, rising electricity bills coupled with product efficiency to reduce up to 44% of electricity consumption compared to other technologies including air-source technology will propel the industry growth.
 

Rising focus to maintain energy security will thereby reduce carbon footprints along with strong economic growth, which will drive the Northeast market revenue. Furthermore, extensive availability of consistent shallow ground temperature, especially in the Scranton/Wilkes-Barre areas in line with private investments will spur the overall industry landscape. For instance, in February 2021, Bill Gates, co-founder of Microsoft & investor, invested USD 30 million in energy ventures. The investment aided geothermal home heating solutions with the possibility to retrofit conventional systems with geothermal solutions where roughly 5.6 million homes are present as of 2021.
 

The South Atlantic ground source heat pump market is poised to observe significant growth through 2028 on account of increasing residential & commercial building sectors, especially in Florida, Georgia, and North Carolina.
 

The COVID-19 pandemic has triggered an economic crisis in numerous regions with states including California, Texas, Florida, New York, and Illinois having the highest number of COVID-19 affected cases as of March 10th, 2022. This has resulted in a slight delay in commercial applications and halted various residential & commercial building construction projects. However, the condition has improved after the lockdown period when building operations and leisure activities have resumed.
 

Strategic collaborations and contractual agreements will enhance the overall industry presence

Major players operating across the U.S. geothermal heat pump market include Viessmann, Trane, Vaillant Group, STIEBEL ELTRON GmbH & Co., KG, GLEN DIMPLEX GROUP, Danfoss, MODINE MANUFACTURING COMPANY, Weishaupt Group, Mitsubishi Materials Techno Co., Daikin, NIBE Industrier AB, Carrier, OCHSNER, CLIMATEMASTER, Inc., Bosch Thermotechnology Corp., Nortek Global HVAC, Bryant Heating & Cooling Systems, Bard HVAC, WaterFurnace International, Inc., and De Dietrich.
 

This market research report on U.S. geothermal heat pump includes in-depth coverage of the industry with estimates & forecast in terms of ‘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
    • Government Centers
    • Office Buildings
    • Educational Institutes
    • Healthcare
    • Hospitality
    • Others

The above information has been provided for the following regions:

  • U.S.
    • East North Central
    • West South Central
    • South Atlantic
    • North East
    • East South Central
    • West North Central
    • Pacific States
    • Mountain States

 

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of U.S. geothermal heat pump surpassed USD 2 billion in 2021 and is likely to observe a CAGR of around 4% through 2028 driven by the increasing residential & commercial building applications.

The market revenue from East North Central U.S. exceeded USD 0.5 billion in 2021 and will expand with the growing need for energy-efficient heating & cooling systems in residential as well as commercial establishments.

Demand for closed-loop geothermal heat pumps segment in the U.S. is pegged to observe a growth rate of around 4% through 2028 on account of the surging need for high heating & cooling output, energy conservation, and low operation & maintenance costs.

Bosch Thermotechnology Corp., Carrier, Bard HVAC, Bryant Heating & Cooling Systems, Danfoss, Glen Dimplex Group, Daikin, Mitsubishi Materials Techno Co., Nortek Global HVAC and Vaillant Group are among the major players in U.S. geothermal heat pump industry.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 20
  • Tables & Figures: 270
  • Countries covered: 8
  • Pages: 170

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