Press release
Global Geothermal Heat Pump Market Outlook: Forecasted Market Size, Industry Share and Trends Report 2023-2032 | Carrier Global Corporation, Bosch Thermotechnology, NIBE Group, Viessmann, Trane
Geothermal Heat Pump Market
The increasing government initiatives to curb carbon emissions are expected to contribute to the growth of the geothermal heat pump market. Governments across the world are launching various initiatives to cut carbon emissions and some of the countries have made futuristic plans to target net-zero carbon emissions through the utilization of natural resources. Geothermal heat pumps reduce carbon dioxide (CO2) consumption, resulting in the reduction of carbon dioxide emissions. For example, according to the International Energy Agency, a France-based autonomous intergovernmental organization, there is a road map for the 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. Therefore, the increasing government initiatives to curb carbon emissions are expected to propel the growth of the geothermal heat pump market.
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Major players in the geothermal heat pump market are expanding their manufacturing operations to increase their product portfolio and lead the market. For example, in July 2022, Daikin Industries Ltd., a Japanese multinational air conditioning manufacturing company invested 300 million euros ($324.3 million) to establish a new factory for heat pump units in Lodz Province, Poland. The new production base will start operations in July 2024 to meet the rapidly increasing demand for heat pumps in Europe. Similarly, in June 2021, Vaillant, a Germany-based company that develops products for heating, cooling and hot water has extended its UK manufacturing facility after seeing record demand for heat pumps. Vaillant Industrial UK started manufacturing heat pumps alongside its UK range of high efficiency boilers from 2022.
The top opportunities in the market segmented by technology will arise in the closed loop system segment, which will gain $1,736.5 million of global annual sales by 2027. The top opportunities in the geothermal heat pump market segmented by application will arise in the residential segment, which will gain $1,264.3 million of global annual sales by 2027. The geothermal heat pump market size will gain the most in USA at $364.9 million.
Geothermal Heat Pump Market Segmentation:
The Geothermal Heat Pump market is segmented by technology, and by application.
By Technology -
The geothermal heat pump market is segmented by technology into
a) Open Loop System
b) Closed Loop System
By Technology -
The geothermal heat pump market is segmented by technology into
a) Open Loop System
b) Closed Loop System
By Application -
The geothermal heat pump market is segmented by application into
a) Residential
b) Commercial
c) Industrial
Major players in the Geothermal Heat Pump market include Carrier Global Corporation, Bosch Thermotechnology, NIBE Group, Viessmann, Trane.
The regions covered in the global Geothermal Heat Pump market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The latest report from The Business Research Company, 'Global Geothermal Heat Pump Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.
Geothermal Heat Pump Market Report Table Of Content
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
……
19. Competitive Landscape And Company Profiles
20. Key Mergers and Acquisitions
21. Opportunities And Strategies
22. Geothermal Heat Pump Market, Conclusions And Recommendations
23. Appendix
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