Global Geothermal Heat Pump Market, By Product Type (Closed Loop System, Open Loop System), Application (Business, Household, Industrial) – Industry Trends and Forecast to 2029
Market Analysis and Size
The demand for ground-source heat pumps is anticipated to grow in response to rising demand for renewable and sustainable energy sources. In the coming years, rising consumer awareness of clean energy and supportive government actions to encourage the adoption of renewable energy sources are likely to drive geothermal heat pump shipments. As a result of these determinants the market is projected to propel over the forecast period.
Global Geothermal Heat Pump Market was valued at USD 3,660.0 million in 2021 and is expected to reach USD 5204.89 million by 2029, registering a CAGR of 4.50% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes technological advancements, regulatory framework, PESTEL, porter's five forces analysis, industry standards-at a glance, raw material costs/ operational expenditure-overview, supply chain analysis, vendor selection criteria, pricing analysis, production analysis, and climate chain scenario.
Market Definition
A geothermal heat pump, also known as a ground source heat pump, is a high-efficiency heat exchanger that uses a vapor compression refrigeration cycle to transfer heat to or from the ground. Depending on the ambient temperature, it employs the Earth as a heat source or a heat sink. It transmits heat from the building to the ground for cooling in the summer and heat from the ground to the building for heating in the winter, acting as a cost-effective and efficient air conditioning system.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Closed Loop System, Open Loop System), Application (Business, Household, Industrial)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Poland, Norway, Finland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa
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Market Players Covered
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Modine Manufacturing Company (U.S.), Bosch Thermotechnik GmbH (Germany), Green Planet Supply Technologies (India), Enel Spa (Italy), First Gen (Philippines), Ormat Technologies (U.S.), Reykjavik Energy (Iceland), Innergex (Canada), Climate Master Inc. (U.S.), Waterfurnace (U.S.), Ochsner Health (Germany), Mitsubishi Electric Corporation (Japan), Wolf (Germany), Viessmann Manufacturing Company Inc. (Canada), Max Weishaupt GmbH (Germany) and OCHSNER (U.S.)
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Market Opportunities
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Geothermal Heat Pump Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increased Demand for Environment Sustainability
The global geothermal heat pump market is being driven by policymakers' growing concern for energy security, environmental sustainability, and the trend toward bio-economy-based development and national well-being. Furthermore, geothermal heat pumps consume less energy and aid in the reduction of greenhouse gas (GHG) emissions, which benefits the market. Furthermore, in the long term, geothermal water pumps are less expensive than traditional water heaters.
- Growing Inclination Towards The Energy-Efficient Systems
Increasing oil prices, as well as rising electricity and energy expenses, have generated a pressing demand for energy alternatives. Alternative energy sources have recently gained popularity due to their cost-effectiveness and dependability. As a result of these factors, the global market for geothermal heat pumps has been rapidly expanding. In the near future, the deteriorating issue of climate change will continue to boost the geothermal heat pump market. Open loop systems and closed loop systems are the technologies employed in this market.
Furthermore the increased utilization across business, household and industrial will drive industry growth. Moreover, the factors such as development of a robust commercial and the industrial sector base also accelerates the market growth.
Opportunities
- Growth in Developments and Favourable Government Initiatives
Furthermore, various developments by the market players further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Moreover, the governments of different nations are encouraging the people to adopt these technologies through various initiatives, which generates various opportunities for the market.
Restraints/Challenges
- High Costs
The high capital cost is preventing the implementation of geothermal heat pump even. Geothermal heat pump turbines require high initial costs for the installation. In economies with limited spending power, this constraint will hinder the adoption of geothermal heat pumps. As a result, the market is projected to be hampered by this factor over the forecast period.
- Dearth of Awareness, Confidence and Technique
The lack of consumer awareness or confidence in geothermal heat pump’s benefits also further restricts the overall growth of the market. Additionally, the absence of technological advancement and technique towards the cost and performance benefits of geothermal heat pump also limits the market growth for geothermal heat pump. These factors will further pose as a serious challenge to the growth of the geothermal heat pump market.
This geothermal heat pump market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the geothermal heat pump market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Geothermal heat pump Market
The recent outbreak of coronavirus had a negative impact on the geothermal heat pump market. The economy has slowed as most countries around the world imposed nationwide lockdowns to prevent the virus from spreading further. The economic slowdown caused by the pandemic has impacted the overall financial outlook of the market. As a result, most commercial establishments have closed, lowering demand for geothermal heat pumps in the business sector. The construction industry is one of the worst-affected industries as a result of the pandemic's global economic slump. Furthermore, practically all construction projects came to a halt due to a severe labor shortage. As a result, geothermal heat pump applications in both residential and commercial construction have fallen dramatically, hurting the market.
On the brighter side, following the lockdown period, when recreational activities and building operations started, the situation has improved. For example, the European Commission has suggested required energy efficiency requirements for both existing and new buildings, based on an energy efficiency rating system that ranges from A to G. The advancement of the industry will be accelerated by a favorable government framework combined with rapid building renovation for smart and effective space heating.
Global Geothermal heat pump Market Scope
The geothermal heat pump market is segmented on the basis of product type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Closed Loop System
- Open Loop System
- Vertical Loops
- Horizontal Loops
- Pond / Lake Systems
Application
- Business
- Household
- Industrial
Geothermal Heat Pump Market Regional Analysis/Insights
The geothermal heat pump market is analyzed and market size insights and trends are provided by country, product type and application as referenced above.
The countries covered in the geothermal heat pump market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Poland, Norway, Finland, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the geothermal heat pump market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the rising demand for reliable, and high-quality infrastructure within the region. Over the projection period, the market is expected to be driven by rising demand for renewable energy sources, as well as considerable government assistance in the form of subsidies, incentives, and other monetary benefits.
Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the growing population coupled with rapid industrialization. Furthermore, government regulations and emission requirements are expected to boost demand for energy-saving goods like geothermal heat pumps in both the industrial and residential sectors, boosting market growth.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Geothermal Heat Pump Market Share Analysis
The geothermal heat pump market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to geothermal heat pump market.
Some of the major players operating in the geothermal heat pump market are
- Modine Manufacturing Company (U.S.)
- Bosch Thermotechnik GmbH (Germany)
- Green Planet Supply Technologies (India)
- Enel Spa (Italy)
- First Gen (Philippines)
- Ormat Technologies (U.S.)
- Reykjavik Energy (Iceland)
- Innergex (Canada)
- Climate Master Inc. (U.S.)
- Waterfurnace (U.S.)
- Ochsner Health (Germany)
- Mitsubishi Electric Corporation (Japan)
- Wolf (Germany)
- Viessmann Manufacturing Company Inc. (Canada)
- Max Weishaupt GmbH (Germany)
- OCHSNER (U.S.)
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