Geothermal Heat Pumps Market to Reach US$ 505.47 Bn by End of 2031: Transparency Market Research, Inc.

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Dec 15, 2022, 09:30 ET

Rise in application of geothermal heat pumps for cooling or warming purposes is expected to increase the Geothermal Heat Pump Market size
Demand from commercial and residential buildings is projected to spur growth during 2021–2031
Increase in need for energy-efficient heating and cooling systems is anticipated to favor Geothermal Heat Pump Market growth

WILMINGTON, Del., Dec. 15, 2022 /PRNewswire/ -- The Global Geothermal Heat Pump Market is projected to grow at a CAGR of 13.1% from 2021 to 2031. The geothermal heat pump is a nature-friendly technology that is highly efficient and is used for heating or cooling purposes in both homes and commercial spaces. This technology is considered a replacement for traditional heating, ventilating, and air conditioning (HVAC) systems in the immediate future as it does not use an air source.

Surge in oil prices and the increasing need for electricity has propelled the geothermal heat pumps market demand. Geothermal systems are cost-efficient, and this could help increase their popularity in the next few years. However, the cost of installing geothermal pumps is high, and this may pose a significant challenge to the overall market progress. Despite this, the long-term benefits of geothermal heat pump systems are likely to help create new business opportunities for this market in the long run.

According to the TMR report, the global geothermal heat pumps market was valued at US$ 115.74 Bn in 2020 and is anticipated to reach US$ 505.47 Bn by 2031. Factors such as low energy prices and low emissions are likely to augment the growth of the geothermal heat pumps market during the forecast period.

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Key Findings of Study

Rise in Population and Growing Need for Shelter to Boost Market Growth: Rise in population across the globe automatically augments the demand for basic human survival essentials such as food, clothing, and shelter, thereby creating endless growth opportunities for multiple businesses. Shelter or housing being a long-term investment indicates that it runs on multiple energy types. For instance, the basic need for electricity, air temperature control, and heat control arises as per the topography of the region, which still justifies the demand for an appropriate temperature in indoor settings. Therefore, the rise in population and the increase in demand for electricity are estimated to help promote geothermal heat pumps market growth.
Increase in Adoption of Geothermal Heat Pumps for Energy Conservation to Help Attract High Future Revenues: The cost-efficient nature of geothermal heat systems and the increasing rate of application in HVAC systems across both commercial and residential buildings are projected to help promote the growth of the geothermal heat pumps market in the near future.

Key Drivers

Rise in price of crude oil is anticipated to boost the demand for geothermal heat pumps during the forecast period
Major initiatives by governments to promote the adoption of renewable energy are projected to drive the global industry for geothermal heat pumps in the future.

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Regional Growth Dynamics

Europe is expected to emerge dominant and display a significant growth rate during the forecast period owing to rapid rate of commercialization and industrialization
Increase in demand for energy-efficient systems is estimated to bolster the growth of the market in North America
The market in Asia Pacific is projected to showcase notable growth during the forecast period owing to rising demand for energy. China might attract the largest revenue during the forecast period with the increasing efforts to promote the installation of geothermal heat pumps with large capacities.

Key Players

The nature of competition in the global geothermal heat pumps market is consolidated but is likely to become fragmented with the entry of new players. Some of them are engaging in collaborations, while others are making heavy investments in innovative designs to increase the application areas of geothermal heat pumps.

Some of the prominent players in the global geothermal heat pumps market include

Kensa Heat Pumps Ltd.,
WaterFurnace International Inc.,
Florida Heat Pump Manufacturing,
Danfoss Heat Pumps U.K., and GeoMaster LLC.

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Geothermal Heat Pumps Market Segmentation:

Technology

Open Loop Systems
Closed Loop Systems
Vertical Loops
Horizontal Loops
Pond / Lake Systems

End-user

Residential

New Building Systems
Retrofit Systems

Commercial

New Building Systems
Retrofit Systems

Regions

North America
Europe
Asia Pacific
Middle East & Africa
Latin America

Countries/Sub-regions

U.S.
Canada
Germany
U.K.
France
Spain
Italy
Russia & CIS
China
India
Japan
ASEAN
Brazil
Mexico
GCC
South Africa

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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