geothermal-heat-pumps-market

Geothermal Heat Pumps Market Component (Ground Heat Exchanger, Heat pump unit, Air compressor, Air delivery system) By Applications (Residential sector, Commercial sector), By Installation Type (Open loop system, Closed loop system) - Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

20 Jul 2022 Format PDF icon PPT icon XLS icon Request Sample

Geothermal heat pumps are most suitable and advanced platform to transfer heat directly to/from the ground. Global geothermal heat pumps market is expected to witness significant growth on account of rising demand for cost-effective energy solutions for air conditioning and heating concern. Low maintenance cost and full automation of geothermal heat pumps are also expected to contribute towards the global market growth over the forecast period. Additionally, these heat pumps can cut energy bills by up to 65% compared to traditional heating, ventilation and air conditioning units is one of the major factors simulate the market growth.

Cost effective geothermal heat pump is a significant advancement to conventional cooling and heating systems, thus observed significant penetration globally. Geothermal heat pump offers pollution free air and no cost fluctuations determined by gas and oil prices can gradually rise the market demand. Additionally, higher efficiency and lesser noise generation are expected to serve as high impact rendering factors for the geothermal heat pumps market growth. However, high initial cost sets a major challenge for geothermal heat pumps market. Favorable government initiatives including financial support, subsidies and tax-free installation, offers viable market for geothermal heat pumps across the globe. 
 
Geothermal heat pump (GHP) market is segmented, by installation type, into closed and open loop. GHP market is dominantly covered especially by closed loop GHP system over open loop GHP systems owing to less water consumption. Closed loop geothermal heat pump market is further segmented into vertical, horizontal and pond GHP systems. However, Vertical installation is preferred over horizontal, considering its less space requirement. Hybrid heat pump adds complexity to the system, thus creates unique challenge for open loop geothermal heat pumps market.
 
North America is the largest regional market for geothermal heat pumps where the demand for renewable energy resources is increasing exponentially. Growing focus on development of renewable energy is expected to drive geothermal heat pumps market in china in following years. Canada has got considerable rise in demand for geothermal heat pumps owing to the incentives offered by Canadian government. Similarly, rising industrialization along with rising disposable incomes makes Latin America, potential market for geothermal heat pump.

Major restraint of geothermal heat pumps market:

  • High initial costs
  • Space constraints in urban areas
  • Limited production volumes leads to higher cost
  • Limited number of trained installers
  • Low market awareness among consumer
  • Environment regulations in some region restrict ground water re-injection

Key players identified in global geothermal heat pump market include but are not limited to:

Climatemaster inc., Florida Heat Pumps, Kensa Heat Pumps Ltd., Danfoss Heat Pumps U.K Ltd., Finn Geotherm U.K Ltd., Dimplex Ltd., Geomaster LLC, Water Furnace International Inc., Bryant Heating and Cooling Systems, Enertech Global Llc and Others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Geothermal Heat Pumps market are as follows:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Geothermal Heat Pumps market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

ATTRIBUTE DETAILS
Research Period  2022-2032
Base Year 2023
Forecast Period  2024-2032
Historical Year  2022
Unit  USD Million
Segmentation
Component
  • Ground Heat Exchanger
  • Heat pump unit
  • Air compressor
  • Air delivery system

Applications
  • Residential sector
  • Commercial sector

Installation Type
  • Open loop system
    •     Hybrid system
  • Closed loop system
    •     Horizontal system
    •     Vertical system
    •     Pond/lack system

 Region Segment (2022-2032; US$ Million)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Geothermal Heat Pumps market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2032.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Geothermal Heat Pumps market?
  • Which is the largest regional market for Geothermal Heat Pumps market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Geothermal Heat Pumps market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Geothermal Heat Pumps market worldwide?
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