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
| 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.
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 |
| Regions covered | North 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:
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| By Application: |
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| By Region: |
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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 report1.2. Market segment analysis
2. Research Methodology
2.1. Research data Source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the Global Geothermal Heat Pump Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Geothermal Heat Pump Market Manufacturing Base Distribution, Sales Area, Product Type6.2. 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, 2023-20337.2. Closed Loop Systems7.2.1. Horizontal7.2.2. Vertical7.3. 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, 2023-20338.2. Commercial8.3. Industrial8.4. 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-Pacific12.3.1. Australia12.3.2. China12.3.3. India12.3.4. Japan12.3.5. South Korea12.3.6. Rest of Asia-Pacific12.4. Europe12.4.1. France12.4.2. Germany12.4.3. Italy12.4.4. Spain12.4.5. United Kingdom12.4.6. Rest of Europe12.5. Middle East and Africa12.5.1. Kingdom of Saudi Arabia12.5.2. United Arab Emirates12.5.3. Rest of Middle East & Africa12.6. North America12.6.1. Canada12.6.2. Mexico12.6.3. United States12.7. Latin America12.7.1. Argentina12.7.2. Brazil12.7.3. Rest of Latin America
13. Company Profile
13.1. Bard HVAC13.1.1. Company details13.1.2. Financial outlook13.1.3. Product summary13.1.4. Recent developments13.2. Bostech Mechanical Ltd13.2.1. Company details13.2.2. Financial outlook13.2.3. Product summary13.2.4. Recent developments13.3. Carrier Corporation13.3.1. Company details13.3.2. Financial outlook13.3.3. Product summary13.3.4. Recent developments13.4. ClimateMaster, Inc.13.4.1. Company details13.4.2. Financial outlook13.4.3. Product summary13.4.4. Recent developments13.5. Daikin Industries Ltd.13.5.1. Company details13.5.2. Financial outlook13.5.3. Product summary13.5.4. Recent developments13.6. Dandelion13.6.1. Company details13.6.2. Financial outlook13.6.3. Product summary13.6.4. Recent developments13.7. De Dietrich S.A.S.13.7.1. Company details13.7.2. Financial outlook13.7.3. Product summary13.7.4. Recent developments13.8. Ecoforest S.A.13.8.1. Company details13.8.2. Financial outlook13.8.3. Product summary13.8.4. Recent developments13.9. EnergySmart Alternatives13.9.1. Company details13.9.2. Financial outlook13.9.3. Product summary13.9.4. Recent developments13.10. Free Energy Innovations13.10.1. Company details13.10.2. Financial outlook13.10.3. Product summary13.10.4. Recent developments13.11. Maritime Geothermal Ltd13.11.1. Company details13.11.2. Financial outlook13.11.3. Product summary13.11.4. Recent developments13.12. Mitsubishi Electric Corporation13.12.1. Company details13.12.2. Financial outlook13.12.3. Product summary13.12.4. Recent developments13.13. Pfister Energy13.13.1. Company details13.13.2. Financial outlook13.13.3. Product summary13.13.4. Recent developments13.14. Robert Bosch LLC13.14.1. Company details13.14.2. Financial outlook13.14.3. Product summary13.14.4. Recent developments13.15. Sauer-Danfoss Inc.13.15.1. Company details13.15.2. Financial outlook13.15.3. Product summary13.15.4. Recent developments13.16. Spectrum Manufacturing13.16.1. Company details13.16.2. Financial outlook13.16.3. Product summary13.16.4. Recent developments13.17. Wolf GmbH13.17.1. Company details13.17.2. Financial outlook13.17.3. Product summary13.17.4. Recent developments13.18. 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.
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.
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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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