- Rise in application of geothermal heat pumps for cooling or warming purposes is expected to increase the Geothermal Heat Pump Market size
- Demand from commercial and residential buildings is projected to spur growth during 2021–2031
- Increase in need for energy-efficient heating and cooling systems is anticipated to favor Geothermal Heat Pump Market growth
WILMINGTON, Del., Dec. 15, 2022 /PRNewswire/ -- The Global Geothermal Heat Pump Market is projected to grow at a CAGR of 13.1% from 2021 to 2031. The geothermal heat pump is a nature-friendly technology that is highly efficient and is used for heating or cooling purposes in both homes and commercial spaces. This technology is considered a replacement for traditional heating, ventilating, and air conditioning (HVAC) systems in the immediate future as it does not use an air source.
Surge in oil prices and the increasing need for electricity has propelled the geothermal heat pumps market demand. Geothermal systems are cost-efficient, and this could help increase their popularity in the next few years. However, the cost of installing geothermal pumps is high, and this may pose a significant challenge to the overall market progress. Despite this, the long-term benefits of geothermal heat pump systems are likely to help create new business opportunities for this market in the long run.
According to the TMR report, the global geothermal heat pumps market was valued at US$ 115.74 Bn in 2020 and is anticipated to reach US$ 505.47 Bn by 2031. Factors such as low energy prices and low emissions are likely to augment the growth of the geothermal heat pumps market during the forecast period.
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Key Findings of Study
- Rise in Population and Growing Need for Shelter to Boost Market Growth: Rise in population across the globe automatically augments the demand for basic human survival essentials such as food, clothing, and shelter, thereby creating endless growth opportunities for multiple businesses. Shelter or housing being a long-term investment indicates that it runs on multiple energy types. For instance, the basic need for electricity, air temperature control, and heat control arises as per the topography of the region, which still justifies the demand for an appropriate temperature in indoor settings. Therefore, the rise in population and the increase in demand for electricity are estimated to help promote geothermal heat pumps market growth.
- Increase in Adoption of Geothermal Heat Pumps for Energy Conservation to Help Attract High Future Revenues: The cost-efficient nature of geothermal heat systems and the increasing rate of application in HVAC systems across both commercial and residential buildings are projected to help promote the growth of the geothermal heat pumps market in the near future.
Key Drivers
- Rise in price of crude oil is anticipated to boost the demand for geothermal heat pumps during the forecast period
- Major initiatives by governments to promote the adoption of renewable energy are projected to drive the global industry for geothermal heat pumps in the future.
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Regional Growth Dynamics
- Europe is expected to emerge dominant and display a significant growth rate during the forecast period owing to rapid rate of commercialization and industrialization
- Increase in demand for energy-efficient systems is estimated to bolster the growth of the market in North America
- The market in Asia Pacific is projected to showcase notable growth during the forecast period owing to rising demand for energy. China might attract the largest revenue during the forecast period with the increasing efforts to promote the installation of geothermal heat pumps with large capacities.
Key Players
The nature of competition in the global geothermal heat pumps market is consolidated but is likely to become fragmented with the entry of new players. Some of them are engaging in collaborations, while others are making heavy investments in innovative designs to increase the application areas of geothermal heat pumps.
Some of the prominent players in the global geothermal heat pumps market include
- Kensa Heat Pumps Ltd.,
- WaterFurnace International Inc.,
- Florida Heat Pump Manufacturing,
- Danfoss Heat Pumps U.K., and GeoMaster LLC.
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Geothermal Heat Pumps Market Segmentation:
Technology
- Open Loop Systems
- Closed Loop Systems
- Vertical Loops
- Horizontal Loops
- Pond / Lake Systems
End-user
- Residential
- New Building Systems
- Retrofit Systems
- Commercial
- New Building Systems
- Retrofit Systems
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Countries/Sub-regions
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- China
- India
- Japan
- ASEAN
- Brazil
- Mexico
- GCC
- South Africa
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