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Allied Market Research

Geothermal Heat Pump Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

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Aug 2021 | 140 Views
   
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COVID-19

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Geothermal heat pump, also known as ground source heat pump is an efficient heat exchanger system that transfers heat to or from the ground through vapor compression refrigeration cycle. It uses the Earth as a source of heat or even as a heat sink depending on the outside temperature. During summer, it transfers the heat from the building to the ground for cooling and during winter it transfers the heat to the building from the ground for heating and thereby acts as a cost effective and efficient air conditioning system. 

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value (USD)

  Segments covered

  Type, Applications and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM) and The Middle East and Africa (Saudi Arabia, UAE, Kuwait, South Africa, and Rest of MEA)

  Companies covered

Wolf GmbH, Viessmann Manufacturing Company Inc., The Weishaupt Group, Trane, Vaillant, Glen Dimplex, StiebelEltron GmbH & Co., Danfoss, Modine Manufacturing Company, Mitsubishi Electric, Daikin, NIBE, Carrier Corporation, Bard HVAC, Green Planet Supply Technologies, OCHSNER Warmepumpen, ClimateMaster, Inc., Bosch Thermotechnology,

 

COVID-19 scenario analysis:

The outbreak of the COVID-19 pandemic has severely affected the global geothermal heat pump market.

  • Since the advent of the pandemic, the governments of different nations have imposed nationwide lockdowns in order to contain the virus. As a result most of the commercial places have been shut down and thereby reducing the demand for geothermal heat pump in the commercial sector.
  • The construction industry is one of the worse affected sectors of businesses due to the global economic slowdown caused by the pandemic. Moreover, almost all the construction projects came to a halt because of severe lack of workforce. As a result, the applications for geothermal heat pump in both residential and commercial construction decreased significantly and are thereby affecting the market.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The rapid urbanization around the globe has led to a significant escalation in demand for electricity in the market. However, there have been major concerns about the environmental impacts caused by the conventional power plants. As a result there is a growing popularity for the adoption of eco-friendly and renewable processes and this has acted as a major driver for the growth of the geothermal heat pump market. Moreover, due to the escalating prices of electricity and crude oil, there is a shift for the adoption of renewable sources of energy in both residential and commercial sectors.  The geothermal heat pumps offer cost effective and environment friendly solution for moderating the temperatures inside the buildings along with minimum rate of emissions. The governments of different nations are encouraging the people to adopt these technologies and this is expected to boost the demand for geothermal heat pumps in the market.

However, the higher installation cost and the lack of awareness especially in the rural areas might restrict the growth of the global geothermal heat pump market. Nonetheless, the massive investments done by different government organizations such as the funding provided by the New York State Energy Research and Development Authority (NYSERDA) for the development of geothermal heat pump systems is expected to drive the growth of the geothermal heat pumps market.

The market in Europe and North America region accounts for a significant share under global geothermal heat pump market because of the growing demand for eco-friendly solutions for temperature moderation in the developed nations of the region such as the US. The market in the Asia-Pacific region is also expected to grow at a significant pace due to the rapid infrastructural developments and increasing emphasis on the renewable energy resources in the developing nations of the region.

Key segments covered:

Segments

Sub-segments

  Type

•             Closed Loop

•             Vertical

•             Horizontal

•             Open Loop

•             Pond Loop

  Application

•             Residential

•             Commercial

Industrial

 

Key benefits of the report:

  • This study presents the analytical depiction of the global geothermal heat pump industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global geothermal heat pump market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global geothermal heat pump market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global geothermal heat pump market analysis based on competitive intensity and how the competition will take shape in coming years.
 
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