Geothermal Heat Pump Market- Top countries data and strategies based on industry trends [2023-2027]

NEW YORK, July 25, 2023 /PRNewswire/ -- The geothermal heat pump market is set to grow by USD 4,831.66 million from 2022 to 2027. The market is estimated to be progressing at a CAGR of 7.85% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by the operational benefits of geothermal heat pumps over conventional systems. There is an increasing adoption of GHPs due to their various benefits over conventional heating and cooling systems like boilers, furnaces, air conditioners, and room heaters. One of the significant advantages of GHP is that it offers the benefits of both heating and cooling throughout the year. Additionally, in terms of service life, geothermal pumps have a service life of 20-25 years, whereas air source pumps only have a service life of 10-15 years. Hence, such factors are expected to drive the geothermal heat pump market growth during the forecast period. Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and forecast period (2023-2027). Download Sample Report in minutes!

The geothermal heat pump market covers the following areas:

Geothermal Heat Pump Market Sizing
Geothermal Heat Pump Market Forecast
Geothermal Heat Pump Market Analysis

The report on the geothermal heat pump market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis. 

Geothermal Heat Pump Market 2023-2027 - Market Dynamics

Significant trends influencing the market growth

The emergence of BEMS is a primary trend in the geothermal heat pump market during the forecast period. Heat pumps are widely used for space heating and cooling in both residential and commercial applications. BEMS stands for Building energy management systems which is a new concept that is used for large energy savings as the emphasis is on energy efficiency and emissions reduction. The BEMS concept is expected to positively impact the market as it is mainly focused on energy efficiency and cost reduction in buildings. Several countries across the world, such as US and China are introducing certain energy standards, such as Energy Star and Three-Star, that rate buildings based on energy consumption and other parameters. Hence, such factors are expected to drive the geothermal heat pump market growth during the forecast period.

Major challenges hindering the market growth

The high upfront cost is a significant challenge in the geothermal heat pump market during the forecast period. One of the main applications of GHP is for space heating and cooling; therefore, they are widely used in residential buildings. Factors such as consumer preferences and disposable incomes highly influence the deployment of GHPs. One of the significant factors which are impeding the adoption of GHPs in small businesses and enterprises and many households is the high installation costs and price of heat pumps. The capital-intensive nature of these products can pose a significant threat to market growth as several businesses in the market are cost-saving measures that hinder the adoption of these products due to high initial costs. Hence, such factors are expected to hinder the geothermal heat pump market growth during the forecast period.

Geothermal Heat Pump Market 2023-2027: Market Segmentation

The geothermal heat pump market report extensively covers market segmentation by end-user (residential and non-residential), type (closed loop system and open loop system), and geography (Europe, North America, APAC, South America, and Middle East and Africa).

The market share growth by the residential segment will be significant for market growth during the forecast period. One of the main factors for the significant growth of this segment is the increase in the construction of residential buildings, which in turn will fuel the demand for geothermal heat pumps as it is an important part of residential buildings. The residential construction market significantly contributes to the global construction market, and a major portion of the global geothermal heat pump market depends on residential end-users. Hence such factors are expected to drive the geothermal heat pump market growth during the forecast period. 

This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report
Companies Mentioned

• Bard HVAC
• Carrier Global Corp.
• Daikin Industries Ltd.
• Dandelion Energy Inc.
• Danfoss AS
• EnergySmart Alternatives LLC
• GeoSmart Energy
• Glen Dimplex Europe Holdings Ltd.
• Griffiths Air Conditioning and Electrical Contractors
• Johnson Controls International Plc
• Kensa Group
• Mitsubishi Corp.
• NIBE Industrier AB
• REMKO GmbH and Co. KG
• Robert Bosch GmbH
• Sirac Air Conditioning Equipments Co. Ltd.
• Stiebel Eltron GmbH and Co. KG
• Trane Technologies Plc
• Vaillant GmbH
• Viessmann Climate Solutions SE

What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial  - buy the report!

Vendor Offerings

• Bard HVAC: The company offers geothermal heat pumps such as Q-TEC-STEP CAPACITY DEHUM Series.
• Carrier Global Corp: The company offers geothermal heat pumps such as Infinity, Performance, and Comfort.
• Daikin Industries Ltd: The company offers geothermal heat pumps such as SmartSource DOAS WSHP, SmartSource High-efficiency Horizontal WSHP, and SmartSource Compact Vertical and Horizontal WSHP.

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Table of Contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global geothermal heat pump market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global geothermal heat pump market 2017 - 2021 ($ million)

• 4.2 End-user Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments
• Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Residential - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Residential - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Residential - Year-over-year growth 2022-2027 (%)

• 6.4 Non-residential - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Non-residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Non-residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Non-residential - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Non-residential - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by End-user 
• Exhibit 42: Market opportunity by End-user ($ million)
• Exhibit 43: Data Table on Market opportunity by End-user ($ million)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 44: Chart on Type - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 46: Chart on Comparison by Type
• Exhibit 47: Data Table on Comparison by Type

• 7.3 Closed loop system - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Closed loop system - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Closed loop system - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Closed loop system - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Closed loop system - Year-over-year growth 2022-2027 (%)

• 7.4 Open loop system - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Open loop system - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Open loop system - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Open loop system - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Open loop system - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 56: Market opportunity by Type ($ million)
• Exhibit 57: Data Table on Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 Europe - Market size and forecast 2022-2027 
• Exhibit 63: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027 
• Exhibit 67: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027 
• Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 75: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 83: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 Germany - Market size and forecast 2022-2027 
• Exhibit 87: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.10 France - Market size and forecast 2022-2027 
• Exhibit 91: Chart on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on France - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on France - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027 
• Exhibit 95: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 China - Market size and forecast 2022-2027 
• Exhibit 99: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ million)
• Exhibit 104: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 12.3 Bard HVAC
• Exhibit 111: Bard HVAC - Overview
• Exhibit 112: Bard HVAC - Product / Service
• Exhibit 113: Bard HVAC - Key offerings

• 12.4 Carrier Global Corp.
• Exhibit 114: Carrier Global Corp. - Overview
• Exhibit 115: Carrier Global Corp. - Business segments
• Exhibit 116: Carrier Global Corp. - Key news
• Exhibit 117: Carrier Global Corp. - Key offerings
• Exhibit 118: Carrier Global Corp. - Segment focus

• 12.5 Daikin Industries Ltd. 
• Exhibit 119: Daikin Industries Ltd. - Overview
• Exhibit 120: Daikin Industries Ltd. - Business segments
• Exhibit 121: Daikin Industries Ltd. - Key news
• Exhibit 122: Daikin Industries Ltd. - Key offerings
• Exhibit 123: Daikin Industries Ltd. - Segment focus

• 12.6 Danfoss AS
• Exhibit 124: Danfoss AS - Overview
• Exhibit 125: Danfoss AS - Business segments
• Exhibit 126: Danfoss AS - Key news
• Exhibit 127: Danfoss AS - Key offerings
• Exhibit 128: Danfoss AS - Segment focus

• 12.7 EnergySmart Alternatives LLC 
• Exhibit 129: EnergySmart Alternatives LLC - Overview
• Exhibit 130: EnergySmart Alternatives LLC - Product / Service
• Exhibit 131: EnergySmart Alternatives LLC - Key offerings

• 12.8 Glen Dimplex Europe Holdings Ltd. 
• Exhibit 132: Glen Dimplex Europe Holdings Ltd. - Overview
• Exhibit 133: Glen Dimplex Europe Holdings Ltd. - Product / Service
• Exhibit 134: Glen Dimplex Europe Holdings Ltd. - Key offerings

• 12.9 Johnson Controls International Plc 
• Exhibit 135: Johnson Controls International Plc - Overview
• Exhibit 136: Johnson Controls International Plc - Business segments
• Exhibit 137: Johnson Controls International Plc - Key news
• Exhibit 138: Johnson Controls International Plc - Key offerings
• Exhibit 139: Johnson Controls International Plc - Segment focus

• 12.10 Mitsubishi Corp.
• Exhibit 140: Mitsubishi Corp. - Overview
• Exhibit 141: Mitsubishi Corp. - Business segments
• Exhibit 142: Mitsubishi Corp. - Key news
• Exhibit 143: Mitsubishi Corp. - Key offerings
• Exhibit 144: Mitsubishi Corp. - Segment focus

• 12.11 NIBE Industrier AB
• Exhibit 145: NIBE Industrier AB - Overview
• Exhibit 146: NIBE Industrier AB - Business segments
• Exhibit 147: NIBE Industrier AB - Key news
• Exhibit 148: NIBE Industrier AB - Key offerings
• Exhibit 149: NIBE Industrier AB - Segment focus

• 12.12 Robert Bosch GmbH
• Exhibit 150: Robert Bosch GmbH - Overview
• Exhibit 151: Robert Bosch GmbH - Business segments
• Exhibit 152: Robert Bosch GmbH - Key news
• Exhibit 153: Robert Bosch GmbH - Key offerings
• Exhibit 154: Robert Bosch GmbH - Segment focus

• 12.13 Sirac Air Conditioning Equipments Co. Ltd. 
• Exhibit 155: Sirac Air Conditioning Equipments Co. Ltd. - Overview
• Exhibit 156: Sirac Air Conditioning Equipments Co. Ltd. - Product / Service
• Exhibit 157: Sirac Air Conditioning Equipments Co. Ltd. - Key offerings

• 12.14 Stiebel Eltron GmbH and Co. KG 
• Exhibit 158: Stiebel Eltron GmbH and Co. KG - Overview
• Exhibit 159: Stiebel Eltron GmbH and Co. KG - Product / Service
• Exhibit 160: Stiebel Eltron GmbH and Co. KG - Key offerings

• 12.15 Trane Technologies Plc 
• Exhibit 161: Trane Technologies Plc - Overview
• Exhibit 162: Trane Technologies Plc - Business segments
• Exhibit 163: Trane Technologies Plc - Key news
• Exhibit 164: Trane Technologies Plc - Key offerings
• Exhibit 165: Trane Technologies Plc - Segment focus

• 12.16 Vaillant GmbH
• Exhibit 166: Vaillant GmbH - Overview
• Exhibit 167: Vaillant GmbH - Product / Service
• Exhibit 168: Vaillant GmbH - Key offerings

• 12.17 Viessmann Climate Solutions SE 
• Exhibit 169: Viessmann Climate Solutions SE - Overview
• Exhibit 170: Viessmann Climate Solutions SE - Product / Service
• Exhibit 171: Viessmann Climate Solutions SE - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 172: Inclusions checklist
• Exhibit 173: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 174: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 175: Research methodology
• Exhibit 176: Validation techniques employed for market sizing
• Exhibit 177: Information sources

• 13.5 List of abbreviations 
• Exhibit 178: List of abbreviations 

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