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| Report Code: A10486 | Jul 2022 | Pages: 400 | ||
| Tables: 348 | Charts: 62 |
| |
The global geothermal heat pump market size was valued at $6.0 billion in 2021, and geothermal heat pump industry is projected to reach $12.5 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.
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.
A geothermal heat pump is a building heating/cooling system that adopts a heat pump to transfer heat from or to the ground, taking advantage of the earth's relatively constant temperatures throughout the seasons. Additionally, geothermal heat pumps reduce energy usage and aid in reducing greenhouse gas (GHG) emissions, which benefits the market even more. In addition, a geothermal water pump has lower long-term costs than a conventional water heater system. A major obstacle to the widespread adoption of this technology in the world's major developing nations is the high installation cost of geothermal heat pump systems as well as the lack of public understanding or confidence in the benefits of geothermal heat pump systems. Geothermal heat pumps have the advantage of concentrating natural heat rather than creating heat through the burning of fossil fuels. Some of the other popular name of geothermal heat pump in various part of the world includes geoexchange, earth energy systems and earth-coupled heat pumps.
The U.S. government has favorable policies encouraging the installation of heat pumps, such as personal tax credits and direct incentives on the product installation. One of the top priorities of governments all over the world is to increase energy efficiency in all sectors of the economy. The market is expected to be driven by rise in demand for renewable energy sources and considerable government assistance in the form of subsidies, incentives, and other financial benefits during the forecast period. Global energy consumption has increased dramatically as a result of rising population and fast industrialization.
Growing use of fossil fuels for heating, such as coal, oil, and natural gas, has a detrimental effect on the environment. The demand for energy-efficient goods and solutions is anticipated to increase with growing awareness about climate change and greenhouse gas emissions. Moreover, government regulations and emission standards are projected to increase the demand for energy-saving products, such as geothermal heat pumps, in the industrial and residential sectors, thereby supporting geothermal heat pump market growth.
The geothermal heat pump market forecast 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.
The major players operating in the industry include, Bosch Terotechnology Ltd, Bostech Mechanical Ltd., Carrier global Corporation, Climate Master, 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. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.
By type, the closed loop systems segment dominated the global geothermal heat pump market in 2021, and is projected to remain the fastest-growing segment during the forecast period. The closed-loop circulates water and antifreeze solution through a system of plastic pipe, which makes it of less maintenance and offer high equipment life than compared to an open loop.
By end use, the residential segment accounted for the highest geothermal heat pump market share of around 74.3% in 2021, and is projected to maintain the same during the forecast period. The residential sector is one of the booming sectors, which is expected to propel the demand for GHP. Favorable government initiatives and tax rebates offered on the installation of energy-saving products are projected to augment the demand for GHP in the residential sector.
By region, Europe is projected to be the fastest growing market. Rise in expenditure toward ecological construction coupled with surging demand for heating & cooling system, are observed as the key regional drivers. Further, governments across the region are focusing on energy efficiency and reducing carbon footprints, thus further pushing the geothermal heat pump market.
IMPACT OF COVID-19 ON GEOTHERMAL HEAT PUMP MARKET
Geothermal Heat Pump Market Report Highlights
| Aspects | Details |
|---|---|
| By Technology |
|
| By End Use |
|
| By Region |
|
| Key Market Players | GeoSmart Energy, De Dietrich S.A.S., Daikin Industries Ltd., Free Energy Innovations, Bosch Thermotechnology, Wolf GmbH, ClimateMaster, Inc., GeoComfort, Maritime Geothermal Ltd, Bostech Mechanical Ltd, Sauer-Danfoss Inc., EnergySmart Alternatives, Mitsubishi Electric Corporation, Pfister Energy, Carrier Corporation, Dandelion, Ecoforest S.A. |
1.1.Report description
1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.Research methodology
1.4.1.Secondary research
1.4.2.Primary research
1.4.3.Analyst tools & models
CHAPTER 2:EXECUTIVE SUMMARY
2.1.Key findings
2.1.1.Top investment pockets
2.2.CXO perspective
CHAPTER 3:MARKET OVERVIEW
3.1.Market definition and scope
3.2.Key forces shaping the geothermal heat pump market
3.3.Market dynamics
3.3.1.Drivers
3.3.1.1.High adoption in the residential sector
3.3.1.2.Contribution of heat pump technology in reducing CO2 emission
3.3.1.3.Increase in demand for energy-efficient solutions
3.3.1.4.The rise in construction activity
3.3.2.Restraints
3.3.2.1.High initial costs
3.3.3.Opportunities
3.3.3.1.Increase in Integration of Internet of Things (IoT)
3.3.3.2.Increase in popularity of geothermal heat pump technology
3.4.Parent peer market overview
3.5.Patent analysis
3.5.1.Patent analysis by countries (2015-2022)
3.6.Government regulation
3.6.1.Global Warming Solutions Act -2008
3.7.COVID-19 impact analysis on the global geothermal heat pump market
3.8.Pricing analysis
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
4.3.1.1.Vertical Loops
4.3.1.2.Horizontal Loops
4.3.2.Market size and forecast, by region
4.3.3.Market analysis, by country
4.3.4.Market size and forecast, by design
4.3.5.Market size and forecast, by vertical loops systems
4.3.6.Market size and forecast, by horizontal loops
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
5.2.1.1.New Building Systems
5.2.1.2.Retrofit Systems
5.2.2.Market size and forecast, by region
5.2.3.Market analysis, by country
5.2.4.Market size and forecast, by installation type
5.2.5.Market size and forecast, by new building systems
5.2.6.Market size and forecast, by retrofit systems
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 market trends, growth factors, and opportunities
6.2.2.Market size and forecast, by technology
6.2.3.Market size and forecast, by design
6.2.4.Market size and forecast, by end-use
6.2.5.Market size and forecast, by installation type
6.2.6.Market share analysis, by country
6.2.6.1.U.S.
6.2.6.1.1.Market size and forecast, by technology
6.2.6.1.2.Market size and forecast, by design
6.2.6.1.3.Market size and forecast, by end-use
6.2.6.1.4.Market size and forecast, by installation type
6.2.6.2.Canada
6.2.6.2.1.Market size and forecast, by technology
6.2.6.2.2.Market size and forecast, by design
6.2.6.2.3.Market size and forecast, by end-use
6.2.6.2.4.Market size and forecast, by installation type
6.2.6.3.Mexico
6.2.6.3.1.Market size and forecast, by technology
6.2.6.3.2.Market size and forecast, by design
6.2.6.3.3.Market size and forecast, by end-use
6.2.6.3.4.Market size and forecast, by installation type
6.3.Europe
6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast, by technology
6.3.3.Market size and forecast, by design
6.3.4.Market size and forecast, by end-use
6.3.5.Market size and forecast, by installation type
6.3.6.Market share analysis, by country
6.3.6.1.Germany
6.3.6.1.1.Market size and forecast, by technology
6.3.6.1.2.Market size and forecast, by design
6.3.6.1.3.Market size and forecast, by end-use
6.3.6.1.4.Market size and forecast, by installation type
6.3.6.2.France
6.3.6.2.1.Market size and forecast, by technology
6.3.6.2.2.Market size and forecast, by design
6.3.6.2.3.Market size and forecast, by end-use
6.3.6.2.4.Market size and forecast, by installation type
6.3.6.3.Sweden
6.3.6.3.1.Market size and forecast, by technology
6.3.6.3.2.Market size and forecast, by design
6.3.6.3.3.Market size and forecast, by end-use
6.3.6.3.4.Market size and forecast, by installation type
6.3.6.4.Italy
6.3.6.4.1.Market size and forecast, by technology
6.3.6.4.2.Market size and forecast, by design
6.3.6.4.3.Market size and forecast, by end-use
6.3.6.4.4.Market size and forecast, by installation type
6.3.6.5.Spain
6.3.6.5.1.Market size and forecast, by technology
6.3.6.5.2.Market size and forecast, by design
6.3.6.5.3.Market size and forecast, by end-use
6.3.6.5.4.Market size and forecast, by installation type
6.3.6.6.Finland
6.3.6.6.1.Market size and forecast, by technology
6.3.6.6.2.Market size and forecast, by design
6.3.6.6.3.Market size and forecast, by end-use
6.3.6.6.4.Market size and forecast, by installation type
6.3.6.7.Norway
6.3.6.7.1.Market size and forecast, by technology
6.3.6.7.2.Market size and forecast, by design
6.3.6.7.3.Market size and forecast, by end-use
6.3.6.7.4.Market size and forecast, by installation type
6.3.6.8.Denmark
6.3.6.8.1.Market size and forecast, by technology
6.3.6.8.2.Market size and forecast, by design
6.3.6.8.3.Market size and forecast, by end-use
6.3.6.8.4.Market size and forecast, by installation type
6.3.6.9.Rest of Europe
6.3.6.9.1.Market size and forecast, by technology
6.3.6.9.2.Market size and forecast, by design
6.3.6.9.3.Market size and forecast, by end-use
6.3.6.9.4.Market size and forecast, by installation type
6.4.Asia-Pacific
6.4.1.Key market trends, growth factors, and opportunities
6.4.2.Market size and forecast, by technology
6.4.3.Market size and forecast, by design
6.4.4.Market size and forecast, by end-use
6.4.5.Market size and forecast, by installation type
6.4.6.Market share analysis, by country
6.4.6.1.China
6.4.6.1.1.Market size and forecast, by technology
6.4.6.1.2.Market size and forecast, by design
6.4.6.1.3.Market size and forecast, by end-use
6.4.6.1.4.Market size and forecast, by installation type
6.4.6.2.Japan
6.4.6.2.1.Market size and forecast, by technology
6.4.6.2.2.Market size and forecast, by design
6.4.6.2.3.Market size and forecast, by end-use
6.4.6.2.4.Market size and forecast, by installation type
6.4.6.3.India
6.4.6.3.1.Market size and forecast, by technology
6.4.6.3.2.Market size and forecast, by design
6.4.6.3.3.Market size and forecast, by end-use
6.4.6.3.4.Market size and forecast, by installation type
6.4.6.4.South Korea
6.4.6.4.1.Market size and forecast, by technology
6.4.6.4.2.Market size and forecast, by design
6.4.6.4.3.Market size and forecast, by end-use
6.4.6.4.4.Market size and forecast, by installation type
6.4.6.5.Australia
6.4.6.5.1.Market size and forecast, by technology
6.4.6.5.2.Market size and forecast, by design
6.4.6.5.3.Market size and forecast, by end-use
6.4.6.5.4.Market size and forecast, by installation type
6.4.6.6.Rest of Asia-Pacific
6.4.6.6.1.Market size and forecast, by technology
6.4.6.6.2.Market size and forecast, by design
6.4.6.6.3.Market size and forecast, by end-use
6.4.6.6.4.Market size and forecast, by installation type
6.5.LAMEA
6.5.1.Key market trends, growth factors, and opportunities
6.5.2.Market size and forecast, by technology
6.5.3.Market size and forecast, by design
6.5.4.Market size and forecast, by end-use
6.5.5.Market size and forecast, by installation type
6.5.6.Market share analysis, by country
6.5.6.1.Brazil
6.5.6.1.1.Market size and forecast, by technology
6.5.6.1.2.Market size and forecast, by design
6.5.6.1.3.Market size and forecast, by end-use
6.5.6.1.4.Market size and forecast, by installation type
6.5.6.2.Saudi Arabia
6.5.6.2.1.Market size and forecast, by technology
6.5.6.2.2.Market size and forecast, by design
6.5.6.2.3.Market size and forecast, by end-use
6.5.6.2.4.Market size and forecast, by installation type
6.5.6.3.South Africa
6.5.6.3.1.Market size and forecast, by technology
6.5.6.3.2.Market size and forecast, by design
6.5.6.3.3.Market size and forecast, by end-use
6.5.6.3.4.Market size and forecast, by installation type
6.5.6.4.Rest of LAMEA
6.5.6.4.1.Market size and forecast, by technology
6.5.6.4.2.Market size and forecast, by design
6.5.6.4.3.Market size and forecast, by end-use
6.5.6.4.4.Market size and forecast, by installation type
CHAPTER 7:COMPETITIVE LANDSCAPE
7.1.Introduction
7.1.1.Market player positioning, 2022
7.2.Top winning strategies
7.2.1.Top winning strategies, by year
7.2.2.Top winning strategies, by development
7.2.3.Top winning strategies, by company
7.3.Product mapping of top 10 player
7.4.Competitive heatmap
7.5.Key developments
7.5.1.New partnerships
CHAPTER 8:COMPANY PROFILES:
8.1.BOSCH THERMOTECHNOLOGY LTD
8.1.1.Company overview
8.1.2.Company snapshot
8.1.3.Product portfolio
8.2.BOSTECH MECHANICAL LTD.
8.2.1.Company overview
8.2.2.Company snapshot
8.2.3.Product portfolio
8.3.CARRIER GLOBAL CORPORATION
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
8.4.DAIKIN INDUSTRIES LTD
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
8.5.DANFOSS TECHNOLOGIES
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
8.6.DE DIETRICH PROCESS SYSTEMS
8.6.1.Company overview
8.6.2.Company snapshot
8.6.3.Product portfolio
8.7.ECOFOREST S.A.
8.7.1.Company overview
8.7.2.Company snapshot
8.7.3.Product portfolio
8.8.ENERGY SMART ALTERNATIVES LLC
8.8.1.Company overview
8.8.2.Company snapshot
8.8.3.Product portfolio
8.9.GEOCOMFORT GEOTHERMAL SYSTEMS
8.9.1.Company overview
8.9.2.Company snapshot
8.9.3.Product portfolio
8.10.GEOSMART ENERGY INC.
8.10.1.Company overview
8.10.2.Company snapshot
8.10.3.Product portfolio
8.11.MARITIME GEOTHERMAL LTD
8.11.1.Company overview
8.11.2.Company snapshot
8.11.3.Product portfolio
8.12.MITSUBISHI ELECTRIC CORPORATION
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
8.13.PFISTER ENERGY’S
8.13.1.Company overview
8.13.2.Company snapshot
8.13.3.Product portfolio
8.14.VIESSMANN
8.14.1.Company overview
8.14.2.Company snapshot
8.14.3.Product portfolio
8.15.WOLF GmbH
8.15.1.Company overview
8.15.2.Company snapshot
8.15.3.Product portfolio
CHAPTER 9:KEY INNOVATOR PROFILES
9.1.CLIMATEMASTER INC.
9.1.1.Company overview
9.1.2.Company snapshot
9.1.3.Product portfolio
9.1.4.AMR Perspective- ClimateMaster Inc. Innovation and Its Impact on the Market
9.2.DANDELION ENERGY
9.2.1.Company overview
9.2.2.Company snapshot
9.2.3.Product portfolio
9.2.4.Key strategic moves and developments
9.2.5.AMR Perspective- Dandelion Energy Innovation and Its Impact on the Market
Growing demand for reliable, cost-effective, and energy-efficient solutions are projected to drive market growth over the forecast period. The geothermal heat pump (GHP) extracts heat from the ground for space heating, cooling, and hot water generation. Such a pump extracts heat by the horizontal or vertical collector. The extracted heat is commonly distributed through a hydronic distribution system. A GHP offers higher efficiency than air-source owing to the advantage of the stable temperature of its geothermal subsoil heat source. The U.S. is one of the prominent markets for a geothermal heat pump. Increasing carbon emission and fluctuating energy prices led the consumers to use renewable heat sources, which is expected to drive the product demand in the country.
A. High adoption in the residential sector and contribution of heat pump technology in reducing CO2 emission are the key factors boosting the Geothermal heat pump market growth.
A. Residential application is projected to increase the demand for Geothermal heat pump Market
A. Bosch Terotechnology Ltd, Bostech Mechanical Ltd., Carrier global Corporation, Climate Master, 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.
A. Increase in demand for energy-efficient solutions is the Main Driver of Geothermal heat pump Market.
A. 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.
A. The market value of Geothermal heat pump in 2031 is expected to be $12.5 billion
A. 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.
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