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.
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.
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 covered | By Type, By Application
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| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe
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| 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
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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:
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By Type:
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Closed Loop Systems
Open Loop Systems
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By Application:
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Commercial
Industrial
Residential
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By Region:
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Asia-Pacific
Europe
Middle East & Africa
North America
Latin America
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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