Geothermal Heat Pump Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
The geothermal heat pump refers to a system with high-efficiency renewable energy technology that uses the earth's constant temperature to heat and cool buildings. Geothermal heat pumps are packaged in a single cabinet, which includes a compressor, loop-to-refrigerant heat exchanger, and controls.

Sizing and Forecast
The geothermal heat pump market size has grown strongly in recent years. It will grow from $4.06 billion in 2023 to $4.44 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%.  The  growth in the historic period can be attributed to government initiatives to install heat pumps, increased adoption of renewable energy sources, and strong economic growth in emerging markets.

The geothermal heat pump market size is expected to see strong growth in the next few years. It will grow to $6.15 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.  The growth in the forecast period can be attributed to government initiatives to install heat pumps, increased adoption of renewable energy sources, and strong economic growth in emerging markets. Major trends in the forecast period include focus on expanding their manufacturing operations, turning to pay-as-you-go business model, increasing investments, and undergoing partnerships and collaborations to improve their product offerings and to stay competitive in the market.

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Segmentation & Regional Insights
The geothermal heat pump market covered in this report is segmented –
1) By Technology: Open Loop System, Closed Loop System
2) By Application: Residential, Commercial, Industrial

Asia-Pacific was the largest region in the geothermal heat pump market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the geothermal heat pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing government initiatives to curb carbon emissions are driving the growth of the geothermal heat pumps market. Governments across the world are launching various initiatives to cut carbon emissions and some countries have made futuristic plans to target net-zero carbon emissions through the utilization of natural resources such as geothermal energy, nuclear energy, and others. Increasing government’s shift toward natural resources is expected to boost demand for geothermal heat pumps as they are increasingly being used for heating and cooling over carbon emissions-producing products such as electricity-powered air conditioning units, thermal-powered power plants, and others. For instance, according to the International Energy Agency, a France-based autonomous intergovernmental organization, there is a road map for net-zero carbon emissions by 2050 that requires all governments to significantly strengthen and then successfully implement their energy and climate policies. The number of countries that pledged to achieve net-zero emissions has grown rapidly over the last year and now (as of 2021) covers around 70% of global CO2 emissions. In addition, New Zealand Japan, Canada, and Korea have passed laws committing to achieving net zero by 2050 whereas Fiji, Ireland, and Chile have proposed legislation. The UK has a legally attached net-zero target by 2050 and new interim targets to reduce emissions by 78% by 2035. Therefore, increasing government initiatives to curb carbon emissions is expected to boost demand for geothermal heat pumps during the forecast period.

Key Industry Players
Major companies operating in the geothermal heat pump market report are Carrier Global Corporation, Bosch Thermotechnology, NIBE Group, Viessmann, Trane, Daikin Industries Ltd, Vaillant Group, Stiebel Eltron, Glen Dimplex, Maritime Geothermal Ltd., Guangdong Shunde O.S.B. Environmental Technology Co. Ltd, Shijiazhuang Industrial Pump Factory Co. Ltd, Xiamen Hysen Control Technology Co. Ltd, First Industrial Development Co. Ltd, Shenzhen E-Joy Tech Co. Ltd, Teccon Services Private Limited, Suntec Energy Systems, Mitsubishi Corporation, Nidec Servo, Yanmar Energy System Co, Enopsol ApS, Go Geothermal Ltd, Argoclima SpA, GT Energy, Kensa Heat Pumps, Tecnoclima Spa, HRS Heat Exchangers Ltd, Thermostahl Srl, Thermocold, KENO Pawel Grzegorczyk, Geo Star, Geothermal Products, Water Furnace International Inc, Miami Heat Pump, Climate Master Inc, Energy Smart Alternatives LLC, Alterra Power Corporation, Pfister Energy, Geo-Air Industries Inc, Geo Smart Energy, Hilliard Corporation, Solar Turbines Incorporated, Solartec SA, Capstone Turbine Corporation, ABO Wind Energias Renovables S.A, Ruf Maschinenbau GmbH & Co. KG, Enel Green Power, SAFARIO Cooling Factory LLC, Osso Ltd, Viessmann Werke GmbH & Co. KG, Roots - Sustainable Agricultural Technologies Ltd, Stellae Energy, Yokogawa South Africa (Pty) Ltd, Generac Power Systems, Mitsubishi Heavy Industries, Cummins Inc.

The geothermal heat pump market report table of contents includes:
1. Executive Summary

2. Geothermal Heat Pump Market Characteristics

3. Geothermal Heat Pump Market Trends And Strategies

4. Geothermal Heat Pump Market - Macro Economic Scenario

5. Global Geothermal Heat Pump Market Size and Growth
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32. Global Geothermal Heat Pump Market Competitive Benchmarking
33. Global Geothermal Heat Pump Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Geothermal Heat Pump Market
35. Geothermal Heat Pump Market Future Outlook and Potential Analysis
36. Appendix