Product Code: A10486
The geothermal heat pump market was valued at $6.0 billion in 2021, and is projected to reach $12.5 billion by 2030, growing at a CAGR of 7.6% from 2022 to 2031.
A central heating/cooling system called a geothermal heat pump (GHP) transfers heat to or from the earth. Instead of using the temperature of the outside air as the transfer medium, geothermal heat pump employs the constant temperature of the ground. They are also known as earth-coupled, ground-source, geo exchange, and water-source heat pumps. Since geothermal heat pumps are thought to be a workable technology for sustainable home heating, their use in commercial and residential buildings is increasing. Compared to conventional HVAC systems, this technology has been keeping consumers comfortable for more than 50 years and can save energy costs by up to 65%.
The rising need for affordable and effective air conditioning systems from homes and businesses, together with rising oil and energy prices worldwide, are the main factors propelling the expansion of the global geothermal heat pump market. The market, however, faces some obstacles, including expensive installation and starting costs. During the projected period, favorable government measures to promote the use of renewable energy and technological improvement in GHPs are anticipated to create prospective growth possibilities.
The geothermal heat pump market is segmented on the basis of technology, end-use, and region. Depending on technology, the market is categorized into open loop systems and closed loop systems (vertical loops and horizontal loops). On the basis of end-use, the market is categorized into residential (new building systems and retrofit systems), commercial, and industrial. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in the global geothermal heat pump market include, Bosch Terotechnology Ltd, Bostech Mechanical Ltd., Carrier global Corporation, ClimateMaster Inc.., Daikin Industries, Ltd., Danfoss Technologies, Dandelion Energy, De Dietrich Process Systems, Ecoforest S.A, Energy Smart Alternatives, GeoComfort Geothermal systems, GeoSmart Energy Inc., Maritime Geothermal Ltd., Mitsubishi Electric Corporation, Pfister's Energy, Viessmann, and Wolf GmbH.
IMPACT OF COVID-19 ON GEOTHERMAL HEAT PUMP MARKET
- The outbreak of COVID-19 in China and its spread across numerous countries globally, halted the manufacturing activities of industrial sectors, which correspondingly hampered geothermal heat pump manufacturing as well. The raw material procurement was also challenged owing to the outbreak of COVID-19.
- The COVID-19 pandemic's global crises and commercial uncertainties have had a substantial impact on the operations of many firms and their sales. The implementation of lockdown restrictions in various nations along with the closure of heat pump manufacturing operations had a detrimental effect on the expansion of the domestic heat pump market. The supply of raw materials including iron castings, stainless steel components, and aluminum tubing was further impeded by travel restrictions, a closed border, and an import-export prohibition.
- Governments in several nations have taken steps to restart the economy and achieve the net zero carbon emission goal in the upcoming years in order to cope with the slowing business growth caused by the COVID-19 epidemic. For example, as per the news published in Electrical Times, an online news publishing platform, in 2020, the UK government issued a 10-point plan in 2020, to meet its net-zero carbon objective by 2050. The government has planned to install nearly 600,000 heat pumps by the end of 2028, along with investment in renewable energy and other low-carbon technology.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the geothermal heat pump market analysis from 2021 to 2031 to identify the prevailing geothermal heat pump market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the geothermal heat pump market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global geothermal heat pump market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Technology
- Open Loop Systems
- Closed Loop Systems
- Design
- Vertical Loops
- Horizontal Loops
By End Use
- Residential
- Installation Type
- New Building Systems
- Retrofit Systems
- Commercial
- Industrial
By Region
- North America
- Europe
- France
- Italy
- Sweden
- Finland
- Germany
- Norway
- Spain
- Denmark
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest Of Asia Pacific
- LAMEA
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Brazil
- Key Market Players
- Mitsubishi Electric Corporation
- Daikin Industries Ltd.
- Sauer-Danfoss Inc.
- Carrier Corporation
- ClimateMaster, Inc.
- Bosch Thermotechnology
- Wolf GmbH
- Dandelion
- GeoComfort
- EnergySmart Alternatives
- Free Energy Innovations
- De Dietrich S.A.S.
- Pfister Energy
- GeoSmart Energy
- Bostech Mechanical Ltd
- Maritime Geothermal Ltd
- Ecoforest S.A.
TABLE OF CONTENTS
CHAPTER 1:INTRODUCTION
- 1.1.Report description
- 1.2.Key market segments
- 1.3.Key benefits to the stakeholders
- 1.4.Research Methodology
- 1.4.1.Secondary research
- 1.4.2.Primary research
- 1.4.3.Analyst tools and models
CHAPTER 2:EXECUTIVE SUMMARY
- 2.1.Key findings of the study
- 2.2.CXO Perspective
CHAPTER 3:MARKET OVERVIEW
- 3.1.Market definition and scope
- 3.2.Key findings
- 3.2.1.Top investment pockets
- 3.3.Porter's five forces analysis
- 3.4.Top player positioning
- 3.5.Market dynamics
- 3.5.1.Drivers
- 3.5.2.Restraints
- 3.5.3.Opportunities
- 3.6.COVID-19 Impact Analysis on the market
- 3.7.Pricing Analysis
- 3.8.Value Chain Analysis
- 3.9.Key Regulation Analysis
- 3.10.Patent Landscape
CHAPTER 4: GEOTHERMAL HEAT PUMP MARKET, BY TECHNOLOGY
- 4.1 Overview
- 4.1.1 Market size and forecast
- 4.2 Open Loop Systems
- 4.2.1 Key market trends, growth factors and opportunities
- 4.2.2 Market size and forecast, by region
- 4.2.3 Market analysis by country
- 4.3 Closed Loop Systems
- 4.3.1 Key market trends, growth factors and opportunities
- 4.3.2 Market size and forecast, by region
- 4.3.3 Market analysis by country
- 4.3.4 Closed Loop Systems Geothermal Heat Pump Market by Design
- 4.3.4.1 Vertical Loops Market size and forecast, by region
- 4.3.4.2 Vertical Loops Market size and forecast, by country
- 4.3.4.3 Horizontal Loops Market size and forecast, by region
- 4.3.4.4 Horizontal Loops Market size and forecast, by country
CHAPTER 5: GEOTHERMAL HEAT PUMP MARKET, BY END USE
- 5.1 Overview
- 5.1.1 Market size and forecast
- 5.2 Residential
- 5.2.1 Key market trends, growth factors and opportunities
- 5.2.2 Market size and forecast, by region
- 5.2.3 Market analysis by country
- 5.2.4 Residential Geothermal Heat Pump Market by Installation Type
- 5.2.4.1 New Building Systems Market size and forecast, by region
- 5.2.4.2 New Building Systems Market size and forecast, by country
- 5.2.4.3 Retrofit Systems Market size and forecast, by region
- 5.2.4.4 Retrofit Systems Market size and forecast, by country
- 5.3 Commercial
- 5.3.1 Key market trends, growth factors and opportunities
- 5.3.2 Market size and forecast, by region
- 5.3.3 Market analysis by country
- 5.4 Industrial
- 5.4.1 Key market trends, growth factors and opportunities
- 5.4.2 Market size and forecast, by region
- 5.4.3 Market analysis by country
CHAPTER 6: GEOTHERMAL HEAT PUMP MARKET, BY REGION
- 6.1 Overview
- 6.1.1 Market size and forecast
- 6.2 North America
- 6.2.1 Key trends and opportunities
- 6.2.2 North America Market size and forecast, by Technology
- 6.2.2.1 North America Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.2.3 North America Market size and forecast, by End Use
- 6.2.3.1 North America Residential Geothermal Heat Pump Market by Installation Type
- 6.2.4 North America Market size and forecast, by country
- 6.2.4.1 U.S.
- 6.2.4.1.1 Market size and forecast, by Technology
- 6.2.4.1.1.1 U.S. Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.2.4.1.2 Market size and forecast, by End Use
- 6.2.4.1.2.1 U.S. Residential Geothermal Heat Pump Market by Installation Type
- 6.2.4.2 Canada
- 6.2.4.2.1 Market size and forecast, by Technology
- 6.2.4.2.1.1 Canada Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.2.4.2.2 Market size and forecast, by End Use
- 6.2.4.2.2.1 Canada Residential Geothermal Heat Pump Market by Installation Type
- 6.2.4.3 Mexico
- 6.2.4.3.1 Market size and forecast, by Technology
- 6.2.4.3.1.1 Mexico Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.2.4.3.2 Market size and forecast, by End Use
- 6.2.4.3.2.1 Mexico Residential Geothermal Heat Pump Market by Installation Type
- 6.3 Europe
- 6.3.1 Key trends and opportunities
- 6.3.2 Europe Market size and forecast, by Technology
- 6.3.2.1 Europe Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.3.3 Europe Market size and forecast, by End Use
- 6.3.3.1 Europe Residential Geothermal Heat Pump Market by Installation Type
- 6.3.4 Europe Market size and forecast, by country
- 6.3.4.1 France
- 6.3.4.1.1 Market size and forecast, by Technology
- 6.3.4.1.1.1 France Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.3.4.1.2 Market size and forecast, by End Use
- 6.3.4.1.2.1 France Residential Geothermal Heat Pump Market by Installation Type
- 6.3.4.2 Italy
- 6.3.4.2.1 Market size and forecast, by Technology
- 6.3.4.2.1.1 Italy Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.3.4.2.2 Market size and forecast, by End Use
- 6.3.4.2.2.1 Italy Residential Geothermal Heat Pump Market by Installation Type
- 6.3.4.3 Sweden
- 6.3.4.3.1 Market size and forecast, by Technology
- 6.3.4.3.1.1 Sweden Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.3.4.3.2 Market size and forecast, by End Use
- 6.3.4.3.2.1 Sweden Residential Geothermal Heat Pump Market by Installation Type
- 6.3.4.4 Finland
- 6.3.4.4.1 Market size and forecast, by Technology
- 6.3.4.4.1.1 Finland Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.3.4.4.2 Market size and forecast, by End Use
- 6.3.4.4.2.1 Finland Residential Geothermal Heat Pump Market by Installation Type
- 6.3.4.5 Germany
- 6.3.4.5.1 Market size and forecast, by Technology
- 6.3.4.5.1.1 Germany Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.3.4.5.2 Market size and forecast, by End Use
- 6.3.4.5.2.1 Germany Residential Geothermal Heat Pump Market by Installation Type
- 6.3.4.6 Norway
- 6.3.4.6.1 Market size and forecast, by Technology
- 6.3.4.6.1.1 Norway Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.3.4.6.2 Market size and forecast, by End Use
- 6.3.4.6.2.1 Norway Residential Geothermal Heat Pump Market by Installation Type
- 6.3.4.7 Spain
- 6.3.4.7.1 Market size and forecast, by Technology
- 6.3.4.7.1.1 Spain Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.3.4.7.2 Market size and forecast, by End Use
- 6.3.4.7.2.1 Spain Residential Geothermal Heat Pump Market by Installation Type
- 6.3.4.8 Denmark
- 6.3.4.8.1 Market size and forecast, by Technology
- 6.3.4.8.1.1 Denmark Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.3.4.8.2 Market size and forecast, by End Use
- 6.3.4.8.2.1 Denmark Residential Geothermal Heat Pump Market by Installation Type
- 6.3.4.9 Rest of Europe
- 6.3.4.9.1 Market size and forecast, by Technology
- 6.3.4.9.1.1 Rest of Europe Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.3.4.9.2 Market size and forecast, by End Use
- 6.3.4.9.2.1 Rest of Europe Residential Geothermal Heat Pump Market by Installation Type
- 6.4 Asia-Pacific
- 6.4.1 Key trends and opportunities
- 6.4.2 Asia-Pacific Market size and forecast, by Technology
- 6.4.2.1 Asia-Pacific Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.4.3 Asia-Pacific Market size and forecast, by End Use
- 6.4.3.1 Asia-Pacific Residential Geothermal Heat Pump Market by Installation Type
- 6.4.4 Asia-Pacific Market size and forecast, by country
- 6.4.4.1 China
- 6.4.4.1.1 Market size and forecast, by Technology
- 6.4.4.1.1.1 China Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.4.4.1.2 Market size and forecast, by End Use
- 6.4.4.1.2.1 China Residential Geothermal Heat Pump Market by Installation Type
- 6.4.4.2 Japan
- 6.4.4.2.1 Market size and forecast, by Technology
- 6.4.4.2.1.1 Japan Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.4.4.2.2 Market size and forecast, by End Use
- 6.4.4.2.2.1 Japan Residential Geothermal Heat Pump Market by Installation Type
- 6.4.4.3 India
- 6.4.4.3.1 Market size and forecast, by Technology
- 6.4.4.3.1.1 India Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.4.4.3.2 Market size and forecast, by End Use
- 6.4.4.3.2.1 India Residential Geothermal Heat Pump Market by Installation Type
- 6.4.4.4 South Korea
- 6.4.4.4.1 Market size and forecast, by Technology
- 6.4.4.4.1.1 South Korea Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.4.4.4.2 Market size and forecast, by End Use
- 6.4.4.4.2.1 South Korea Residential Geothermal Heat Pump Market by Installation Type
- 6.4.4.5 Australia
- 6.4.4.5.1 Market size and forecast, by Technology
- 6.4.4.5.1.1 Australia Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.4.4.5.2 Market size and forecast, by End Use
- 6.4.4.5.2.1 Australia Residential Geothermal Heat Pump Market by Installation Type
- 6.4.4.6 Rest Of Asia Pacific
- 6.4.4.6.1 Market size and forecast, by Technology
- 6.4.4.6.1.1 Rest Of Asia Pacific Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.4.4.6.2 Market size and forecast, by End Use
- 6.4.4.6.2.1 Rest Of Asia Pacific Residential Geothermal Heat Pump Market by Installation Type
- 6.5 LAMEA
- 6.5.1 Key trends and opportunities
- 6.5.2 LAMEA Market size and forecast, by Technology
- 6.5.2.1 LAMEA Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.5.3 LAMEA Market size and forecast, by End Use
- 6.5.3.1 LAMEA Residential Geothermal Heat Pump Market by Installation Type
- 6.5.4 LAMEA Market size and forecast, by country
- 6.5.4.1 Brazil
- 6.5.4.1.1 Market size and forecast, by Technology
- 6.5.4.1.1.1 Brazil Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.5.4.1.2 Market size and forecast, by End Use
- 6.5.4.1.2.1 Brazil Residential Geothermal Heat Pump Market by Installation Type
- 6.5.4.2 Saudi Arabia
- 6.5.4.2.1 Market size and forecast, by Technology
- 6.5.4.2.1.1 Saudi Arabia Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.5.4.2.2 Market size and forecast, by End Use
- 6.5.4.2.2.1 Saudi Arabia Residential Geothermal Heat Pump Market by Installation Type
- 6.5.4.3 South Africa
- 6.5.4.3.1 Market size and forecast, by Technology
- 6.5.4.3.1.1 South Africa Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.5.4.3.2 Market size and forecast, by End Use
- 6.5.4.3.2.1 South Africa Residential Geothermal Heat Pump Market by Installation Type
- 6.5.4.4 Rest of LAMEA
- 6.5.4.4.1 Market size and forecast, by Technology
- 6.5.4.4.1.1 Rest of LAMEA Closed Loop Systems Geothermal Heat Pump Market by Design
- 6.5.4.4.2 Market size and forecast, by End Use
- 6.5.4.4.2.1 Rest of LAMEA Residential Geothermal Heat Pump Market by Installation Type
CHAPTER 7: COMPANY LANDSCAPE
- 7.1. Introduction
- 7.2. Top winning strategies
- 7.3. Product Mapping of Top 10 Player
- 7.4. Competitive Dashboard
- 7.5. Competitive Heatmap
- 7.6. Key developments
CHAPTER 8: COMPANY PROFILES
- 8.1 Mitsubishi Electric Corporation
- 8.1.1 Company overview
- 8.1.2 Company snapshot
- 8.1.3 Operating business segments
- 8.1.4 Product portfolio
- 8.1.5 Business performance
- 8.1.6 Key strategic moves and developments
- 8.2 Daikin Industries Ltd.
- 8.2.1 Company overview
- 8.2.2 Company snapshot
- 8.2.3 Operating business segments
- 8.2.4 Product portfolio
- 8.2.5 Business performance
- 8.2.6 Key strategic moves and developments
- 8.3 Sauer-Danfoss Inc.
- 8.3.1 Company overview
- 8.3.2 Company snapshot
- 8.3.3 Operating business segments
- 8.3.4 Product portfolio
- 8.3.5 Business performance
- 8.3.6 Key strategic moves and developments
- 8.4 Carrier Corporation
- 8.4.1 Company overview
- 8.4.2 Company snapshot
- 8.4.3 Operating business segments
- 8.4.4 Product portfolio
- 8.4.5 Business performance
- 8.4.6 Key strategic moves and developments
- 8.5 ClimateMaster, Inc.
- 8.5.1 Company overview
- 8.5.2 Company snapshot
- 8.5.3 Operating business segments
- 8.5.4 Product portfolio
- 8.5.5 Business performance
- 8.5.6 Key strategic moves and developments
- 8.6 Bosch Thermotechnology
- 8.6.1 Company overview
- 8.6.2 Company snapshot
- 8.6.3 Operating business segments
- 8.6.4 Product portfolio
- 8.6.5 Business performance
- 8.6.6 Key strategic moves and developments
- 8.7 Wolf GmbH
- 8.7.1 Company overview
- 8.7.2 Company snapshot
- 8.7.3 Operating business segments
- 8.7.4 Product portfolio
- 8.7.5 Business performance
- 8.7.6 Key strategic moves and developments
- 8.8 Dandelion
- 8.8.1 Company overview
- 8.8.2 Company snapshot
- 8.8.3 Operating business segments
- 8.8.4 Product portfolio
- 8.8.5 Business performance
- 8.8.6 Key strategic moves and developments
- 8.9 GeoComfort
- 8.9.1 Company overview
- 8.9.2 Company snapshot
- 8.9.3 Operating business segments
- 8.9.4 Product portfolio
- 8.9.5 Business performance
- 8.9.6 Key strategic moves and developments
- 8.10 EnergySmart Alternatives
- 8.10.1 Company overview
- 8.10.2 Company snapshot
- 8.10.3 Operating business segments
- 8.10.4 Product portfolio
- 8.10.5 Business performance
- 8.10.6 Key strategic moves and developments
- 8.11 Free Energy Innovations
- 8.11.1 Company overview
- 8.11.2 Company snapshot
- 8.11.3 Operating business segments
- 8.11.4 Product portfolio
- 8.11.5 Business performance
- 8.11.6 Key strategic moves and developments
- 8.12 De Dietrich S.A.S.
- 8.12.1 Company overview
- 8.12.2 Company snapshot
- 8.12.3 Operating business segments
- 8.12.4 Product portfolio
- 8.12.5 Business performance
- 8.12.6 Key strategic moves and developments
- 8.13 Pfister Energy
- 8.13.1 Company overview
- 8.13.2 Company snapshot
- 8.13.3 Operating business segments
- 8.13.4 Product portfolio
- 8.13.5 Business performance
- 8.13.6 Key strategic moves and developments
- 8.14 GeoSmart Energy
- 8.14.1 Company overview
- 8.14.2 Company snapshot
- 8.14.3 Operating business segments
- 8.14.4 Product portfolio
- 8.14.5 Business performance
- 8.14.6 Key strategic moves and developments
- 8.15 Bostech Mechanical Ltd
- 8.15.1 Company overview
- 8.15.2 Company snapshot
- 8.15.3 Operating business segments
- 8.15.4 Product portfolio
- 8.15.5 Business performance
- 8.15.6 Key strategic moves and developments
- 8.16 Maritime Geothermal Ltd
- 8.16.1 Company overview
- 8.16.2 Company snapshot
- 8.16.3 Operating business segments
- 8.16.4 Product portfolio
- 8.16.5 Business performance
- 8.16.6 Key strategic moves and developments
- 8.17 Ecoforest S.A.
- 8.17.1 Company overview
- 8.17.2 Company snapshot
- 8.17.3 Operating business segments
- 8.17.4 Product portfolio
- 8.17.5 Business performance
- 8.17.6 Key strategic moves and developments