Global Geothermal Heat Pumps Market

Global Geothermal Heat Pumps Market Size, Share, Growth Analysis, By Type(Closed Loop, Horizontal), By Application(Residential, Commercial) - Industry Forecast 2024-2031

Report ID: SQMIG20I2125 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 64 | Figures: 71

Global Geothermal Heat Pumps Market News

  • In January 2023, Daikin Industries announced plans to invest $1 billion in geothermal heat pump manufacturing in the United States. This investment is expected to help Daikin meet the growing demand for geothermal heat pumps in North America.
  • In February 2023, Carrier Corporation acquired Helical Focus, a leading provider of geothermal heat pump technology. This acquisition is expected to give Carrier a stronger position in the geothermal heat pump market.
  • In March 2023, Bosch Thermotechnology announced the launch of its new geothermal heat pump line, the Bosch Compress 7000i. This new line of geothermal heat pumps is designed to be more efficient and easier to install than previous models.
  • In April 2023, the International Energy Agency (IEA) released a report on the potential of geothermal heat pumps to decarbonize the heating and cooling sector. The report found that geothermal heat pumps could play a significant role in reducing greenhouse gas emissions from the heating and cooling sector.
  • In May 2023, the United States Department of Energy (DOE) announced funding for a new project to develop a geothermal heat pump that can operate at lower temperatures. This project is expected to help make geothermal heat pumps more affordable and accessible for homeowners.
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Geothermal Heat Pumps Market size was valued at USD 9.96 billion in 2021 and is poised to grow from USD 10.73 billion in 2022 to USD 19.416 billion by 2030, growing at a CAGR of 7.7% in the forecast period (2023-2030).

The global geothermal heat pumps market is characterized by intense competition among key players striving to capitalize on the growing demand for energy-efficient heating and cooling solutions. Industry leaders dominate with their extensive product portfolios and established market presence. The companies invest heavily in research and development to enhance system efficiency and environmental sustainability. Regional players, such as WaterFurnace International and Climatemaster, focus on catering to specific markets and cultivating strong local partnerships. As renewable energy gains prominence, new entrants and startups are also entering the market, driving innovation and pushing for cost-effective geothermal heat pump solutions. The competitive landscape is evolving as companies vie to deliver cutting-edge technologies and meet the rising global demand for sustainable HVAC solutions. '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)', 'ClimateMaster 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.)'

The increasing focus on reducing carbon emissions and transitioning to cleaner energy sources has driven the geothermal heat pumps market. Geothermal systems are highly efficient and utilize the Earth's natural heat, resulting in lower greenhouse gas emissions and reduced reliance on fossil fuels for heating and cooling. Governments and organizations worldwide are promoting sustainable energy solutions, leading to incentives and policies that favor geothermal heat pump adoption.

One key trend in the geothermal heat pumps market is the growing emphasis on sustainability and energy efficiency. As global awareness of climate change and environmental concerns increases, there is a significant shift towards cleaner and more sustainable heating and cooling solutions. Geothermal heat pumps utilize the Earth's natural heat to provide heating and cooling, reducing greenhouse gas emissions and energy consumption compared to traditional HVAC systems. This trend is driving both residential and commercial consumers to adopt geothermal heat pumps as a viable and eco-friendly alternative, leading to increased market demand.

The global geothermal heat pumps market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia-Pacific holds a dominant position, driven by factors such as increasing urbanization, rising energy demand, and efforts to reduce carbon emissions. APAC countries, particularly China and Japan, have been aggressively adopting geothermal heat pumps for efficient heating and cooling solutions in both residential and commercial sectors. The abundant geothermal resources in the region further contribute to its dominance.

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