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U.S. Geothermal Heat Pump Market Trends

Report ID: GMI3002
Published Date: May 2023
Report Format: PDF

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U.S. Geothermal Heat Pump Market Trends

The adoption of geothermal/ground source heat pumps in the U.S. is expected to continue to grow over the given timeframe owing to increasing consumer awareness pertaining to their benefits including declines installation cost of the product. As the country continues to prioritize renewable energy sources and reduce its reliance on fossil fuels, GHPs are likely to play an increasingly important role in the heating and cooling of homes and buildings. In addition, product advantage including high efficiency & low operating cost are the major factors swaying the business landscape. The regional government has introduced various energy-efficiency directives and energy norms to achieve the renewable targets. Such ta regimes will increase the product deployment across residential application, thereby contributing to the overall market scenario.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size for geothermal heat pump in the U.S. exceeded USD 2.4 billion in 2022 and is anticipated to grow at a 3.5% CAGR through 2032, says this GMI report.

Closed-loop U.S. geothermal heat pump market will observe growth rate of over 4% by 2028 due to products features like high heating & cooling output and low operation & maintenance costs.

The East North Central geothermal heat pump market size was over USD 550 million in 2022 and will expand further owing to volatile fossil fuel prices along with rising product adoption due to energy-efficient heating & cooling systems from residential and commercial establishments.

Viessmann, Trane, Danfoss, Bryant Heating & Cooling Systems, Modine Manufacturing Company, Mitsubishi Materials Techno Co., Bard HVAC, Nortek Global HVAC, Daikin, Carrier, Dandelion, and De Dietrich.