Geothermal Heat Pump Market Growth, Size, Trends, Revenue, Demand, Share and Future Outlook

Geothermal Heat Pump Market Size- By Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

Geothermal Heat Pump Market Size- By Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

Published: Nov 2023 Report ID: POAE2379 Pages: 1 - 244 Formats*:     
Category : Power & Energy
Geothermal Heat Pump Market Introduction and Overview

According to SPER Market Research, the Global Geothermal Heat Pump Market is estimated to reach USD 18.11 billion by 2033 with a CAGR of 6.7%.

The report includes an in-depth analysis of the Global Geothermal Heat Pump Market, including market size and trends, product mix, Applications, and supplier analysis. A geothermal heat pump is a type of heating and cooling system for buildings that uses a heat pump to move heat to or from the ground, utilising the relatively consistent temperatures of the soil all year round. Furthermore, geothermal heat pumps lower energy consumption and help lower greenhouse gas (GHG) emissions, which is even more advantageous to the market. A geothermal water pump also costs less in the long run than a traditional water heater installation.

  • September 2018: After working with the Federal Electricity Commission, the National Institute of Electricity and Clean Energy (INEEL) erected the first geothermal heat pump system for residential air conditioning in September 2018.
  • November 2022: NGP's energy transition investing division and Lennar, a significant national homebuilder, provided funding for Dandelion Energy's USD 70 million fundraising drive to expand its activities in the United States. Condensed geothermal drilling is used in the backyard of a home to fuel heat pumps powered by dandelions.
Geothermal Heat Pump Market
Market Opportunities and Challenges
The United States government offers regulations that are conducive to the installation of heat pumps, including direct incentives for product installation and personal tax credits. Increasing energy efficiency across the board is one of the top concerns for governments worldwide. During the forecast period, the market is anticipated to be driven by a growth in the demand for renewable energy sources as well as significant government support in the form of incentives, subsidies, and other financial benefits. Growing populations and rapid industrialization have led to a sharp increase in the world's energy usage.

The increasing usage of fossil fuels like coal, oil, and natural gas for heating has a negative impact on the environment. As public awareness of climate change and greenhouse gas emissions grows, so too will the need for energy-efficient products and solutions. Geothermal heat pump market expansion is also anticipated to be supported by government laws and emission requirements, which are expected to raise consumer and industry demand for energy-saving goods like geothermal heat pumps.
 
The primary obstacle hindering the geothermal heat pump market is the substantial installation expenses, encompassing elevated labour costs and drilling/excavation expenditures. Precise calibration and tailored component fabrication during installation are imperative for a reliable heating system, as improper setup may lead to premature failures. Replacing an old heat pump involves disposal costs for wirings, ducts, and lines essential for the new system's functionality. The industrial sector faces heightened capital requirements compared to residential installations, considering factors like design intricacies, ductwork, remote accessibility, and energy efficiency. Geothermal systems contribute to elevated electricity consumption, resulting in increased utility bills and a notable carbon footprint, although incorporating wind or solar energy can enhance cost-effectiveness and sustainability. However, the unique sizing, design, and installation demands for each location amplify initial costs, coupled with a lack of consumer confidence in major developing countries, impeding global geothermal heat pump adoption.

Geothermal Heat Pump Market


Market Competitive Landscape
Companies operating in the market have employed tactics including partnerships, mergers and acquisitions, R&D, and technological advances to broaden their product offerings and produce high-quality, reasonably priced goods. To encourage the creation of products with worldwide standards, regional businesses strategically collaborate with significant global players. Through M&A, major heat pump manufacturers are also focusing on enhancing and growing their network of after-sales and services. The major players in the Global Geothermal Heat Pump Market include: Bard HVAC, Bostech Mechanical Ltd., Carrier Corporation, ClimateMaster, Inc., Daikin Industries Ltd., Dandelion, De Dietrich S.A.S., Ecoforest S.A., EnergySmart Alternatives, Free Energy Innovations, Maritime Geothermal Ltd., Mitsubishi Electric Corporation, Pfister Energy, Robert Bosch LLC, Sauer-Danfoss Inc., Spectrum Manufacturing, Wolf GmbH, Others.

Scope of the Report:
Report Metric Details
 Market size available for years 2019-2033
 Base year considered 2022
 Forecast period 2023-2033
 Segments coveredBy Type, By Application
 Regions coveredNorth America, Asia-Pacific, Latin America, Middle East & Africa and Europe
 Companies Covered
Bard HVAC, Bostech Mechanical Ltd., Carrier Corporation, ClimateMaster, Inc., Daikin Industries Ltd., Dandelion, De Dietrich S.A.S., Ecoforest S.A., EnergySmart Alternatives, Free Energy Innovations, Maritime Geothermal Ltd., Mitsubishi Electric Corporation, Pfister Energy, Robert Bosch LLC, Sauer-Danfoss Inc., Spectrum Manufacturing, Wolf GmbH, Others
COVID-19 Impact on Global Geothermal Heat Pump Market
Global issues and commercial uncertainty brought on by the COVID-19 pandemic have significantly impacted numerous businesses' operations and sales. The imposition of lockdown measures in many countries and the cessation of heat pump production activities had an adverse impact on the growth of the local heat pump industry. Travel restrictions, a closed border, and an import-export ban further hindered the availability of raw materials, including iron castings, stainless steel components, and aluminium tubing.

Key Target Audience:
  • Commercial and Industrial Sector
  • Energy and Environmental Organizations
  • Government and Regulatory Bodies
  • HVAC System Manufacturers and Suppliers
  • Research and Development Institutions
  • Residential Sector
  • Utilities and Energy Service Companies (ESCOs)
  • Others
Our in-depth analysis of the Geothermal Heat Pump Market includes the following segments:
By Type:
  • Closed Loop Systems
  • Open Loop Systems
  • By Application:
  • Commercial
  • Industrial
  • Residential
  • By Region:
  • Asia-Pacific
  • Europe
  • Middle East & Africa
  • North America
  • Latin America
  • Key Topics Covered in the Report:
    • Global Geothermal Heat Pump Market Size (FY’2023-FY’2033)
    • Overview of Global Geothermal Heat Pump Market
    • Segmentation of Global Geothermal Heat Pump Market By Type (Closed Loop Systems, Open Loop Systems)
    • Segmentation of Global Geothermal Heat Pump Market By Application (Commercial, Industrial, Residential)
    • Statistical Snap of Global Geothermal Heat Pump Market
    • Expansion Analysis of Global Geothermal Heat Pump Market
    • Problems and Obstacles in Global Geothermal Heat Pump Market
    • Competitive Landscape in the Global Geothermal Heat Pump Market
    • Impact of COVID-19 and Demonetization on Global Geothermal Heat Pump Market
    • Details on Current Investment in Global Geothermal Heat Pump Market
    • Competitive Analysis of Global Geothermal Heat Pump Market
    • Prominent Players in the Global Geothermal Heat Pump Market
    • SWOT Analysis of Global Geothermal Heat Pump Market
    • Global Geothermal Heat Pump Market Future Outlook and Projections (FY’2023-FY’2033)
    • Recommendations from Analyst
    1. Introduction
    1.1. Scope of the report
    1.2. Market segment analysis

    2. Research Methodology
    2.1. Research data Source
    2.1.1. Secondary Data
    2.1.2. Primary Data
    2.1.3. SPER’s internal database
    2.1.4. Premium insight from KOL’s
    2.2. Market size estimation
    2.2.1. Top-down and Bottom-up approach
    2.3. Data triangulation

    3. Executive Summary

    4. Market Dynamics
    4.1. Driver, Restraint, Opportunity and Challenges analysis
    4.1.1. Drivers
    4.1.2. Restraints
    4.1.3. Opportunities
    4.1.4. Challenges
    4.2. COVID-19 Impacts of the Global Geothermal Heat Pump Market

    5. Market variable and outlook
    5.1. SWOT Analysis
    5.1.1. Strengths
    5.1.2. Weaknesses
    5.1.3. Opportunities
    5.1.4. Threats
    5.2. PESTEL Analysis
    5.2.1. Political Landscape
    5.2.2. Economic Landscape
    5.2.3. Social Landscape
    5.2.4. Technological Landscape
    5.2.5. Environmental Landscape
    5.2.6. Legal Landscape
    5.3. PORTER’s Five Forces 
    5.3.1. Bargaining power of suppliers
    5.3.2. Bargaining power of buyers
    5.3.3. Threat of Substitute
    5.3.4. Threat of new entrant
    5.3.5. Competitive rivalry
    5.4. Heat Map Analysis

    6. Competitive Landscape
    6.1. Global Geothermal Heat Pump Market Manufacturing Base Distribution, Sales Area, Product Type 
    6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Geothermal Heat Pump Market

    7. Global Geothermal Heat Pump Market, By Type (USD Million)
    7.1. Global Geothermal Heat Pump Market Value Share and Forecast, By Type, 2023-2033
    7.2. Closed Loop Systems
    7.2.1. Horizontal
    7.2.2. Vertical
    7.3. Open Loop Systems

    8. Global Geothermal Heat Pump Market, By Application (USD Million)
    8.1. Global Geothermal Heat Pump Market Value Share and Forecast, By Application, 2023-2033
    8.2. Commercial
    8.3. Industrial
    8.4. Residential

    9. Global Geothermal Heat Pump Market Forecast, 2019-2033 (USD Million)
    9.1. Global Geothermal Heat Pump Market Size and Market Share

    10. Global Geothermal Heat Pump Market, By Type, 2019-2033 (USD Million)
    10.1. Global Geothermal Heat Pump Market Size and Market Share By Type (2019-2026)
    10.2. Global Geothermal Heat Pump Market Size and Market Share By Type (2027-2033)

    11. Global Geothermal Heat Pump Market, By Application, 2019-2033 (USD Million)
    11.1. Global Geothermal Heat Pump Market Size and Market Share By Application (2019-2026)
    11.2. Global Geothermal Heat Pump Market Size and Market Share By Application (2027-2033)

    12. Global Geothermal Heat Pump Market, By Region, 2019-2033 (USD Million)
    12.1. Global Geothermal Heat Pump Market Size and Market Share By Region (2019-2026)
    12.2. Global Geothermal Heat Pump Market Size and Market Share By Region (2027-2033) 
    12.3. Asia-Pacific
    12.3.1. Australia
    12.3.2. China
    12.3.3. India
    12.3.4. Japan
    12.3.5. South Korea
    12.3.6. Rest of Asia-Pacific
    12.4. Europe
    12.4.1. France
    12.4.2. Germany
    12.4.3. Italy
    12.4.4. Spain
    12.4.5. United Kingdom
    12.4.6. Rest of Europe
    12.5. Middle East and Africa
    12.5.1. Kingdom of Saudi Arabia 
    12.5.2. United Arab Emirates
    12.5.3. Rest of Middle East & Africa
    12.6. North America
    12.6.1. Canada
    12.6.2. Mexico
    12.6.3. United States
    12.7. Latin America
    12.7.1. Argentina
    12.7.2. Brazil
    12.7.3. Rest of Latin America

    13. Company Profile
    13.1. Bard HVAC
    13.1.1. Company details
    13.1.2. Financial outlook
    13.1.3. Product summary 
    13.1.4. Recent developments
    13.2. Bostech Mechanical Ltd
    13.2.1. Company details
    13.2.2. Financial outlook
    13.2.3. Product summary 
    13.2.4. Recent developments
    13.3. Carrier Corporation
    13.3.1. Company details
    13.3.2. Financial outlook
    13.3.3. Product summary 
    13.3.4. Recent developments
    13.4. ClimateMaster, Inc.
    13.4.1. Company details
    13.4.2. Financial outlook
    13.4.3. Product summary 
    13.4.4. Recent developments
    13.5. Daikin Industries Ltd.
    13.5.1. Company details
    13.5.2. Financial outlook
    13.5.3. Product summary 
    13.5.4. Recent developments
    13.6. Dandelion
    13.6.1. Company details
    13.6.2. Financial outlook
    13.6.3. Product summary 
    13.6.4. Recent developments
    13.7. De Dietrich S.A.S.
    13.7.1. Company details
    13.7.2. Financial outlook
    13.7.3. Product summary 
    13.7.4. Recent developments
    13.8. Ecoforest S.A.
    13.8.1. Company details
    13.8.2. Financial outlook
    13.8.3. Product summary 
    13.8.4. Recent developments
    13.9. EnergySmart Alternatives
    13.9.1. Company details
    13.9.2. Financial outlook
    13.9.3. Product summary 
    13.9.4. Recent developments
    13.10. Free Energy Innovations
    13.10.1. Company details
    13.10.2. Financial outlook
    13.10.3. Product summary 
    13.10.4. Recent developments
    13.11. Maritime Geothermal Ltd
    13.11.1. Company details
    13.11.2. Financial outlook
    13.11.3. Product summary 
    13.11.4. Recent developments
    13.12. Mitsubishi Electric Corporation
    13.12.1. Company details
    13.12.2. Financial outlook
    13.12.3. Product summary 
    13.12.4. Recent developments
    13.13. Pfister Energy
    13.13.1. Company details
    13.13.2. Financial outlook
    13.13.3. Product summary 
    13.13.4. Recent developments
    13.14. Robert Bosch LLC
    13.14.1. Company details
    13.14.2. Financial outlook
    13.14.3. Product summary 
    13.14.4. Recent developments
    13.15. Sauer-Danfoss Inc.
    13.15.1. Company details
    13.15.2. Financial outlook
    13.15.3. Product summary 
    13.15.4. Recent developments
    13.16. Spectrum Manufacturing
    13.16.1. Company details
    13.16.2. Financial outlook
    13.16.3. Product summary 
    13.16.4. Recent developments
    13.17. Wolf GmbH
    13.17.1. Company details
    13.17.2. Financial outlook
    13.17.3. Product summary 
    13.17.4. Recent developments
    13.18. Others 
     
    14. List of Abbreviations

    15. Reference Links

    16. Conclusion

    17. Research Scope

    SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.

    The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings.  The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.

    SPER-Methodology-1

    SPER-Methodology-2

    SPER-Methodology-3


    Frequently Asked Questions About This Report
    Geothermal Heat Pump Market is projected to reach USD 18.11 billion by 2033, growing at a CAGR of 6.7% during the forecast period.
    Geothermal Heat Pump Market grew in market size from 2023. The Market is expected to reach USD 18.11 billion by 2033, at a CAGR of 6.7% during the forecast period.
    Geothermal Heat Pump Market CAGR of 6.7% during the forecast period.
    "You can get the sample pages by clicking the link -Click Here"
    Geothermal Heat Pump Market size is USD 18.11 billion from 2023 to 2033.
    Geothermal Heat Pump Market Segment is Covered By Type, By Application
    The North America region is anticipated to have the highest market share in Geothermal Heat Pump Market.
    The key players in the market include Companies Covered Bard HVAC, Bostech Mechanical Ltd., Carrier Corporation, ClimateMaster, Inc., Daikin Industries Ltd., Dandelion, De Dietrich S.A.S., Ecoforest S.A., EnergySmart Alternatives, Free Energy Innovations, Maritime Geothermal Ltd., Mitsubishi Electric Corporation, Pfister Energy, Robert Bosch LLC, Sauer-Danfoss Inc., Spectrum Manufacturing, Wolf GmbH, Others
    A geothermal heat pump is a type of heating and cooling system for buildings that uses a heat pump to move heat to or from the ground, utilising the relatively consistent temperatures of the soil all year round.
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