The global geothermal heat pump market size was US$ 6.0 billion in 2021. The global geothermal heat pump market size is estimated to reach US$ 11.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.6% during the forecast period from 2022 to 2030.
A geothermal heat pump is a building heating/cooling system that adopts a heat pump to transfer heat to or from the ground, taking advantage of the Earth's relatively constant temperature throughout the seasons. In addition, it reduces energy use and helps reduce greenhouse gas (GHG) emissions. In addition, a geothermal water pump has a lower long-term cost than a conventional water heater system.
Factors Affecting Marketing Growth
The increase in demand for renewable energy sources and considerable government assistance in the form of subsidies, incentives, and other financial benefits drives the growth of the global market.
Government regulations and emission standards are projected to boost the demand for energy-saving products, such as geothermal heat pumps, in the industrial and residential sectors, thereby driving the growth of the global market.
The demand for the benefits of incremental energy saving over the years drives the growth of the global market.
Impact on COVID-19 Analysis
The COVID-19 global crisis and business uncertainties had a substantial impact on the operations and sales of many firms. The closure of heat pump manufacturing operations as well as the implementation of lockdown restrictions in various countries hindered the growth of the global market. Supplies of raw materials, including iron castings, stainless steel components, and aluminum tubing, were further constrained by travel restrictions, a closed border, and import-export prohibitions. Thus, COVID-19 had a negative impact on the growth of the global market.
Europe is projected to be the fastest-growing global market. Increasing demand for heating and cooling systems as well as increasing spending towards ecological construction and governments across the region are focusing on energy efficiency and reducing carbon footprint, driving the growth of the global market in the region.
The prominent players in the global geo thermal heat pump market are:
Maritime Geothermal Ltd
Bostech Mechanical Ltd
Free Energy Innovations
Mitsubishi Electric Corporation
The global geo thermal heat pump market segmentation focuses on Technology, End Use, and Region.
Segmentation on the basis of Technology
Open Loop Systems
Closed Loop Systems
Segmentation on the basis of End Use
New Building Systems
Segmentation on the basis of Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America