Wilmington, Delaware, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Global Geothermal Heat Pump Market size is valued at US$ 14 billion in 2023 and is predicted to rise at a substantial CAGR of 6.2% during the forecast period of 2023 and 2030 according to RationalStat analysis.
Market Definition, Market Scope, and Report Overview
Geothermal heat pumps, also known as ground-source heat pumps, utilize the earth’s constant temperature to provide heating, cooling, and hot water for residential, commercial, and industrial buildings.
Geothermal heat pumps are one of the most environmentally friendly heating and cooling solutions. In the winter, they draw heat from the earth for heating; in the summer, they return any additional heat to it for cooling. They are a sustainable replacement for conventional heating and cooling systems because they harness the earth’s natural heat, which greatly reduces greenhouse gas emissions. Due to their energy efficiency and minimal maintenance needs, geothermal heat pumps offer significant long-term cost advantages while having higher initial installation prices. Because these systems last longer than conventional HVAC systems, users pay less over their entire lifecycles for geothermal heat pumps.
Geothermal heat pumps have become a popular alternative as a result of construction activities, which have boosted the demand for sustainable and energy-efficient heating and cooling solutions in both the residential and commercial sectors. There has been a rise in the use of eco-friendly and energy-efficient technologies as there has been an increase in the construction of new homes and businesses. Geothermal heat pumps offer a dependable and environmentally friendly solution for these new buildings’ heating, cooling, and hot water requirements.
- According to a deep-dive market assessment by RationalStat, the geothermal heat pump market has been analyzed on the basis of market segments, including type, application, and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the geothermal heat pump market covers market sizes based on market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the geothermal heat pump market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Geothermal Heat Pump Market: Segmental and Market Share Analysis
- Based on the Application, the industrial segment is expected to dominate the market as it is widely used in the renewable energy sector and is also backed by government support to encourage energy-efficient technologies.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 14 billion |
| Market Size Forecast | US$ 21.3 billion |
| Growth Rate | 6.2% |
| Dominant Segment | Industrial Segment |
| Leading Region | Asia Pacific |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Some of the prominent players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, and partnerships and collaborations are some of the strategies followed by industry players, some of the key developments in the geothermal heat pump market include,
- In 2019, Beijing Daxing International Airport is planning to equip a ground source heat pump system. The system can produce 563,600 GJ of shallow geothermal energy annually, conserving 1,736 cubic meters of natural gas and reducing carbon emissions by around 15,800 tons over an area of about 2.5 million square meters.
Some of the prominent players and suppliers operating and contributing significantly to the geothermal heat pump market growth include tiebel Eltron, Ingersoll Rand, Vaillant Group, Viessmann, Glen Dimplex, Daikin, NIBE, Carrier, ClimateMaster Inc, Bard HVAC, Spectrum Manufacturing, Dandelion, Robert Bosch LLC, Maritime Geothermal, and OCHSNER, among others.
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RationalStat has segmented the geothermal heat pump market based on type, application, and region
- Global Geothermal Heat Pump Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Type
- Closed Loop
- Horizontal
- Vertical
- Open Loop
- Closed Loop
- Global Geothermal Heat Pump Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- Residential
- Installation Type
- New Building systems
- Retrofit Systems
- Installation Type
- Commercial
- Industrial
- Residential
- Global Geothermal Heat Pump Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Geothermal Heat Pump Market
- US
- Canada
- Latin America Geothermal Heat Pump Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Geothermal Heat Pump Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Geothermal Heat Pump Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Geothermal Heat Pump Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Geothermal Heat Pump Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Geothermal Heat Pump Market
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Key Questions Answered in the Geothermal Heat Pump Report:
- What will be the market value of the geothermal heat pump market by 2030?
- What is the market size of the geothermal heat pump market?
- What are the market drivers of the geothermal heat pump market?
- What are the key trends in the geothermal heat pump market?
- Which is the leading region in the geothermal heat pump market?
- What are the major companies operating in the geothermal heat pump market?
- What are the market shares by key segments in the geothermal heat pump market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoints to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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