"Actionable Insights to Fuel Your Growth"

Geothermal Heat Pump Market Size, Share and Global Trend By Type (Open Loop, Closed Loop, Hybrid), By End User (Residential, Commercial, Industrial), and Regional Forecast, 2024-2032

Region :Global | Report ID: FBI100747 | Status : Ongoing

 

KEY MARKET INSIGHTS

Geothermal heat pump is also known as the ground source heat pump. It consists of a heat pump unit, ground heat exchanger, and air delivery system. Geothermal heat pumps transfer heat from the ground to the buildings in the winter season and vice-versa in the summer season. It is the most cost-effective and energy-efficient cooling and heating system, which makes it more relevant for consumption. It is a constant source of energy, i.e., not dependent on wind or sun and is extracted without burning fossil fuels which means no emission.


On the basis of its type, the geothermal heat pump market can be segmented into a closed loop, open loop, and hybrid. The closed-loop circulates water or antifreeze solution through a system of plastic pipe, which makes it of less maintenance and offers high equipment life than compared to an open loop. The open loop type uses surface water fluid that flows directly through geothermal heat pumps. The closed loop geothermal heat pump is further classified into horizontal and vertical. A horizontal closed loop is installed over a large area of ground & is buried at a level of 6-10 feet from the ground.

To gain extensive insights into the market, Request for Customization


On the basis of its end user, the geothermal heat pump market can be segmented into residential, commercial, and industrial. Among these, it is likely to expect the fastest growth for the geothermal heat pump in the commercial and industrial sector as the sector is growing its demand for energy efficient system over the years. The other reason is that heat pumps like closed loop require sufficient land for functioning. E.g. construction of new buildings etc.

The key market driver for the geothermal heat pump market is a constant increase in the price of crude oil and electricity. The other reason which is driving the market is government focus and initiatives taken to encourage the adoption of renewable energy sources. In addition, rising fuel prices are making the market more competitive. The key benefits offered are low emission, minimal impact on the environment, and low energy costs which enhances its consumption in commercial building owners and architects.

The key market restraint for the geothermal heat pump market is the high installation cost. High installation cost along with a lack of consumer confidence in major developing countries around the globe is a major challenge for the acceptance of geothermal heat pumps. This is due to the lack of technological advancement and technique towards the cost.

Key Players Covered

Some of the major companies that are present in the geothermal heat pump market are Carrier Corporation, Danfoss, Mitsubishi Materials Techno Co., NIBE Energy Systems, BDR Thermea, Bosch LLC, Bryant Heating & Cooling Systems, Altarock Energy Inc., Trane, Nevada Geothermal Power Inc., Energy Star, ClimateMaster Inc., and Water Furnace International.

SEGMENTATION






















SEGMENTATION


 DETAILS


By Type


· Open Loop

· Closed Loop

· Hybrid


By End User


· Residential

· Commercial

· Industrial


By Geography


· North America (the USA and Canada)

· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)

· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

· Latin America (Brazil, Mexico and Rest of Latin America)

· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)


Regional Analysis


The geothermal heat pump market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The highest growth has been observed in North America where demand for renewable energy resources is increasing exponentially due to its continuous use in heat generation in all the sectors of the economy. Mature markets for geothermal heat pumps in Europe include Germany, Sweden, France, and Switzerland. The recently initiated Renewable Heat Incentive (RHI) scheme in the UK is also likely to positively impact the European geothermal heat pumps market growth. Increasing the requirement for geothermal heat pumps and geothermal capacity in China, it is expected to drive the Asia Pacific market. According to the studies conducted, there’s a potential of one gigawatt of geothermal energy for every active volcano and Mexico has 25 volcanoes which clearly shows that Latin America has the high potential for geothermal power plants. Countries in GCC are looking forward to an alternative source of supply for their power plants for which they are considering geothermal as an alternative in the upcoming future.

Key Industry Developments




  • In Feb 2017, NIBE acquires Canadian heat pump company CGC Group of companies Incorporation in Ontario and Canada with an option to acquire the remaining 50% shares in 2022. The ambition is to get an additional platform in North America for growth opportunities in Canada and the USA.
  • In Sep 2018, The National Institute of Electricity and Clean Energy (INEEL) installed the first Geothermal heat pump system for air conditioning of housing spaces, which was developed in collaboration with the Federal Electricity Commission.
  • In Apr 2019, Beijing Daxing International Airport is planning to equip a ground source heat pump system. The system can extract shallow geothermal energy of 563,600 GJ each year, saving 1,736 cubic metres natural gas and cutting more than 15,800 tonnes of carbon emission around 2.5 million square metres.




  • Ongoing
  • 2023
  • 2019-2022
  • Pre Book
Multi-report Purchase Plan
    A Customized Plan Will be Created Based on the number of reports you wish to purchase
Energy & Power Clients
Caterpillar
The Japan Research
Hitachi
Schlumberger
GM
Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X