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Global Geothermal Heat Pump Market: By Type: Closed Loop, Open Loop; By Application: Commercial, Residential, Industrial; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; Industry Events and Developments
Global Geothermal Heat Pump Market Outlook
The global market for geothermal heat pump reached a value of about USD 10.82 billion in 2021. The market is further expected to grow at a CAGR of about 7.30% in the forecast period of 2023-2028 to reach a value of around USD 16.52 billion by 2027.
Europe to be Among the Significant Regional Markets for Geothermal Heat Pump
Europe is projected to be one of the largest regional markets over the forecast period due to favourable government measures aimed at lowering energy use. The booming construction sector is expected to contribute significantly to market growth in the coming years. The rise in expenditure towards ecological construction and surging demand for heating and cooling systems have been the key regional drivers augmenting the market growth. Further, governments around the region emphasise energy efficiency and lower carbon footprints, which is driving the geothermal heat pump market further. Governments of countries such as Germany, the United Kingdom, and France are offering subsidies and pushing the use of GHPs to achieve zero carbon emissions, hence increasing the regional product demand.
The Asia Pacific and North America to Witness Robust Demand for the Product
The Asia Pacific region is expected to register the fastest growth in the global market due to economic conditions, rapid industrialisation, and commercialisation. A strong consumer base in the region has led to a surge in demand for GHP. The region is also one of the most significant manufacturing sectors with a dense population, which is projected to impact the market growth positively. Developing the renewable energy sector in the region, mainly in China, Japan, India, and Australia, will further propel regional growth.
In North America, the United States and Canada have the highest demand for geothermal heat pumps. The increasing demand for water and space heating in North America is expected to drive the expansion of geothermal heat pump market in this region. Demand for innovative heating and cooling solutions is likely to grow as the commercial sector expands. Various government initiatives and rebates for incorporating eco-friendly and energy-saving technologies are projected to augment the demand for upgraded GHPs in the region. There is increasing usage of geothermal heat pumps in Canada due to rising infrastructure development activities and increasing awareness of zero-emission houses among consumers, boosting the region's market growth.
Market Segmentations
The ground heat exchanger, heat pump unit, and air supply system make up a geothermal heat pump, also known as ground source heat pumps. A geothermal heat pump is cost-effective and energy-efficient heating and cooling system that transfers heat from and to the ground. During the summer, a geothermal heat pump extracts heat from a building and transmits it to the ground, where it is cooled. It collects heat from the earth in the winter and transfers it to the building for heating.
Based on type, the market is segmented into:
- Closed Loop
- Open Loop
The significant applications of the market are:
- Commercial
- Residential
- Industrial
The regional markets for the geothermal heat pump market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
Growing Demand for Energy-Efficient Solutions Augmenting the Market Growth
Rising focus on energy efficiency and favourable government initiatives, such as rebates, subsidies, and financial support, to encourage the adoption of renewable energy sources are the key factors driving the market growth. Consumers are turning to renewable heat sources in response to rising carbon emissions and fluctuating energy prices, which is predicted to drive the product demand internationally. Likewise, increasing consumer awareness about clean energy and government laws regarding emissions and standards are expected to augment the demand for energy-saving products like geothermal heat pumps in the industrial and residential sectors.
Apart from this, the rising fossil fuel prices and rising electricity prices are resulting in a shift of consumer focus toward low-cost energy alternatives, further aiding the growth of the geothermal heat pump market. Due to its low maintenance and low operational cost, there is rising adoption of geothermal heat pumps, which influences the market's growth. Further, the rising use of ground-source heat pumps in residential settings for space heating and hot water generation is likely to propel market growth in the coming years. Suppliers of geothermal heat pumps are employing various techniques to increase sales and services. Dandelion Energy, a well-known home geothermal company, based in the United States, announced in March 2021 that it will now provide its services to the entire state of Connecticut and signed a lease for a 21,000 square foot facility to oversee its operations in this region.
Key Players in the Global Market for Geothermal Heat Pump
The report gives a detailed analysis of the following key players in the global geothermal heat pump market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Stiebel Eltron GmbH & Co. KG
- Vaillant Group
- Maritime Geothermal Ltd.
- Bosch Thermotechnology Corp.
- Bard Manufacturing Company, Inc.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Price Analysis |
|
| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Geothermal Heat Pump Market Analysis
8.1 Key Industry Highlights
8.2 Global Geothermal Heat Pump Historical Market (2018-2022)
8.3 Global Geothermal Heat Pump Market Forecast (2023-2028)
8.4 Global Geothermal Heat Pump Market by Type
8.4.1 Closed Loop
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Open Loop
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 Global Geothermal Heat Pump Market by Application
8.5.1 Commercial
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Residential
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Industrial
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.6 Global Geothermal Heat Pump Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2022)
9.5.2 Forecast Trend (2023-2028)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Price Analysis
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 Stiebel Eltron GmbH & Co. KG
13.2.1.1 Company Overview
13.2.1.2 Product Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 Vaillant Group
13.2.2.1 Company Overview
13.2.2.2 Product Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 Maritime Geothermal Ltd.
13.2.3.1 Company Overview
13.2.3.2 Product Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 Bosch Thermotechnology Corp.
13.2.4.1 Company Overview
13.2.4.2 Product Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 Bard Manufacturing Company, Inc.
13.2.5.1 Company Overview
13.2.5.2 Product Portfolio
13.2.5.3 Demographic Reach and Achievements
13.2.5.4 Certifications
13.2.6 Others
14 Industry Events and Developments
List of Key Figures and Tables
1. Global Geothermal Heat Pump Market: Key Industry Highlights, 2017 and 2021
2. Global Geothermal Heat Pump Historical Market: Breakup by Type (USD Billion), 2018-2022
3. Global Geothermal Heat Pump Market Forecast: Breakup by Type (USD Billion), 2023-2028
4. Global Geothermal Heat Pump Historical Market: Breakup by Application (USD Billion), 2018-2022
5. Global Geothermal Heat Pump Market Forecast: Breakup by Application (USD Billion), 2023-2028
6. Global Geothermal Heat Pump Historical Market: Breakup by Region (USD Billion), 2018-2022
7. Global Geothermal Heat Pump Market Forecast: Breakup by Region (USD Billion), 2023-2028
8. North America Geothermal Heat Pump Historical Market: Breakup by Country (USD Billion), 2018-2022
9. North America Geothermal Heat Pump Market Forecast: Breakup by Country (USD Billion), 2023-2028
10. Europe Geothermal Heat Pump Historical Market: Breakup by Country (USD Billion), 2018-2022
11. Europe Geothermal Heat Pump Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Asia Pacific Geothermal Heat Pump Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Asia Pacific Geothermal Heat Pump Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Latin America Geothermal Heat Pump Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Latin America Geothermal Heat Pump Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Middle East and Africa Geothermal Heat Pump Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Middle East and Africa Geothermal Heat Pump Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Global Geothermal Heat Pump Market Structure
Key Questions Answered in the Report
In 2021, the global market for geothermal heat pump attained a value of nearly USD 10.82 billion.
The market is projected to grow at a CAGR of 7.30% between 2023 and 2028.
The market is estimated to witness healthy growth in the forecast period of 2023-2028 to reach USD 16.52 billion by 2027.
The major drivers of the market include the improving construction sector, rise in expenditure towards ecological construction, surging demand for heating and cooling systems, rapid industrialisation and commercialisation, increased consumer awareness of clean energy, rising oil and electricity prices, and rising use of ground-source heat pumps in residential settings.
Rising focus on energy efficiency and favourable government initiatives are the key industry trends propelling the market's growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Based on type, the market is segmented into closed loop and open loop.
The significant applications of the market are commercial, residential, and industrial.
The major players in the market are Stiebel Eltron GmbH & Co. KG, Vaillant Group, Maritime Geothermal Ltd., Bosch Thermotechnology Corp., and Bard Manufacturing Company, Inc., among others.
Analyst Review
The global geothermal heat pump market attained a value of USD 10.82 billion in 2021, driven by the rising focus on energy-efficient solutions. Aided by the surging demand for heating and cooling systems and favourable government initiatives, the market is expected to witness further growth in the forecast period of 2023-2028, growing at a CAGR of 7.30%. The market is projected to reach USD 16.52 billion by 2027.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on type, the market is segmented into closed loop and open loop. The significant applications of the market are commercial, residential, and industrial. The major regional markets for geothermal heat pumps are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The key players in the above market are Stiebel Eltron GmbH & Co. KG, Vaillant Group, Maritime Geothermal Ltd., Bosch Thermotechnology Corp., and Bard Manufacturing Company, Inc., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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