Geothermal Heat Pumps Market Size & Share to Surpass USD 505.47 billion by 2031 |Transparency Market Research, Inc.
Rising prices of oil and electricity in developing nations across the globe is expected to fuel the demand for cost-efficient alternatives such as geothermal systems.
Wilmington, Delaware, United States, Nov. 23, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global geothermal heat pumps market is projected to flourish at a CAGR of 13.1% from 2021 to 2031. As per the report published by TMR, a valuation of US$ 505.47 billion is anticipated for the market in 2031. As of 2023, the demand for geothermal heat pumps is expected to close at US$ 167.4 billion.
Increasing government incentives, tax credits, and rebates to encourage the adoption of renewable energy technologies, including geothermal heat pumps. These policies stimulate market growth by making these systems more affordable for consumers and businesses
Increased awareness about climate change and the need for sustainable solutions has led to a growing preference for renewable energy sources, driving the demand for geothermal heat pumps, as these pumps being environmentally friendly and having low carbon emissions align with this trend.
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The global geothermal heat pump market is driven by significant applications in commercial and residential sectors, with each further segmented into new building and retrofit systems. With their space-saving design and efficiency, geothermal heat pumps become an attractive option in densely populated areas.
Growing awareness through education and outreach programs about the benefits of geothermal heat pumps among consumers, architects, engineers, and contractors contributes to market growth by increasing acceptance and adoption.
Geothermal systems offer long-term cost savings on energy bills due to their high efficiency and lower operational costs compared to traditional heating and cooling systems. This financial benefit attracts consumers and businesses looking to reduce their long-term energy expenses.
Geothermal Heat Pumps Market – Competitive Landscape
The global landscape is highly competitive, with several prominent companies. Key players are adopting innovative strategies to strengthen their market position. Companies are entering into partnerships with research institutes to discover the potential usage of geothermal heat pumps in new applications
- GeoMaster LLC
- WaterFurnace International
- Danfoss Heat Pumps U.K.
- Florida Heat Pump Manufacturing
- Kensa Heat Pumps Ltd.
- WaterFurnace International Inc.
Key Takeaways from the Market Study
- As of 2022, the geothermal heat pumps market was valued at US$ 148.04 billion
- Based on Technology, the close-loop segment is expected to occupy a dominant market share in the next few years.
- Based on end-user, commercial segment to account for high revenue in the market
Geothermal Heat Pumps Market: Key Trends and Opportunistic Frontiers
- Geothermal heat pumps offer a decentralized heating and cooling solution, contributing to the overall energy diversification efforts.
- Ongoing advancements in geothermal heat pump technology lead to improved efficiency, reliability, and affordability. Innovations in drilling techniques, materials, and system designs contribute to market growth by making these systems more accessible and effective.
- Increasing interest in geothermal systems, especially in regions with colder climates. Government incentives and a push toward sustainability drive market growth.
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Geothermal Heat Pumps Market – Regional Analysis
- In the North American market, the significant demand for geothermal heat pumps comes from the United States and Canada. Rapid commercialization, urbanization, and rising demand for energy-efficient systems are factors contributing to the market growth in the North American region. There is increasing usage of geothermal heat pumps in Canada due to rising infrastructure development activities and increasing awareness of zero-emission houses among consumers.
- Asia Pacific to account for a significant share of the geothermal heat pump market. Rapidly growing demand driven by government initiatives promoting clean energy adoption. Increasing urbanization and focus on reducing pollution contribute to market growth. Growing adoption due to initiatives promoting renewable energy. Raising awareness about energy efficiency drives market expansion.
Key Developments in the Geothermal Heat Pumps Market
- Stiebel Eltron is recognized for its innovative heat pump technology. They produce ground-source and air-source heat pumps, focusing on high-quality, energy-efficient systems for residential and commercial use.
- Mitsubishi Electric Corporation is a global leader in various HVAC technologies, including geothermal heat pumps. Their systems are known for their reliability, performance, and innovation.
- WaterFurnace Renewable Energy specializes in geothermal heating and cooling systems for residential, commercial, and institutional applications. They focus on efficient and environmentally friendly products.
- NIBE Industrier AB offers a wide range of heat pumps, including geothermal systems. They emphasize sustainability and energy efficiency in their product offerings.
Geothermal Heat Pumps Market – Key Segments
- Open Loop Systems
- Closed Loop Systems
- Vertical Loops
- Horizontal Loops
- Pond / Lake Systems
- New Building Systems
- Retrofit Systems
- New Building Systems
- Retrofit Systems
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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