Press release
Geothermal Heat Pump Market Set to Reach $6.64 Billion by 2029 with 8.5% Yearly Growth
Geothermal Heat Pump
The escalation of governmental efforts worldwide aimed at reducing carbon emissions is fuelling expansion in the geothermal heat pumps market. As countries globally launch initiatives to minimise carbon emissions, with some even setting ambitious future goals of achieving net-zero carbon emissions, the focus on natural resources like geothermal and nuclear energy has seen an increase. This trend toward natural resources is anticipated to increase the demand for geothermal heat pumps, which are being used more frequently for heating and cooling in comparison to carbon emission-generating products like electricity-powered air conditioning units and thermal-powered power plants. The International Energy Agency, an independent intergovernmental institute based in France, outlines a plan for net-zero carbon emissions by 2050. It requests all governments to significantly enhance and effectively implement their energy and climate policies. Near to 70% of global CO2 emissions are now covered by the growing number of countries that vowed to achieve net-zero emissions as of 2021. Additionally, nations like New Zealand, Japan, Canada, and Korea have legislated commitments to net-zero by 2050. Moreover, proposed legislation is underway in countries like Fiji, Ireland, and Chile. The UK has legally binding net-zero goals for 2050 and new interim targets calling for a 78% reduction in emissions by 2035. Consequently, the rise in government initiatives to limit carbon emissions is likely to stimulate the demand for geothermal heat pumps in the future.
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What growth opportunities are expected to drive the geothermal heat pump market's CAGR through 2034?
There has been a significant expansion in the geothermal heat pump market in the past few years. This market is expected to rise from $4.41 billion in 2024 to $4.8 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 9.0%. The surge experienced during the historic period is a result of government efforts to encourage heat pump installation, greater acceptance of renewable energy sources, and robust economic progress in emerging markets.
In the coming years, the geothermal heat pump market is predicted to experience robust growth, rising to $6.64 billion in 2029 with a compound annual growth rate (CAGR) of 8.5%. The predicted rise during the forecast period can be associated with governmental support for heat pump installation, the growing embrace of renewable energy sources, and a booming economy in emerging markets. The forecast period is also expected to see significant trends such as companies expanding their manufacturing processes, adopting a pay-as-you-go business model, enhancing investments, and engaging in alliances and collaborations to enhance their products and maintain a competitive edge in the market.
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What are the emerging trends shaping the future of the geothermal heat pump market?
Leading firms in the geothermal heat pump market are prioritizing the development of advanced efficiency geothermal heat pumps. The aim is to cut down energy use, reduce operational expenses, lessen the environmental footprint, while simultaneously catering to the rising need for eco-friendly heating and cooling systems in residential, commercial, and industrial sectors. Advanced efficiency geothermal heat pumps offer a cost-effective and sustainable option for heating and cooling, conforming to stricter energy efficiency regulations and the growing demand for green technologies. For example, in September 2024, Dandelion Energy - a US company specializing in geothermal heat pumps, launched the Dandelion Geo, a geothermal heat pump known for its superior efficiency and performance in the market. This initiative aims to bridge the gap between proficient contractors and homeowners who are keen on utilizing geothermal technology, thus, making this sustainable heating solution more accessible to a wider audience.
Which growth-oriented segments of the geothermal heat pump market are leading the industry's development?
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
Subsegments:
1) By Open Loop System: Groundwater Source Heat Pumps, Surface Water Source Heat Pumps
2) By Closed Loop System: Horizontal Closed Loop System, Vertical Closed Loop System, Pond Or Lake Closed Loop System
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What regions are leading the charge in the geothermal heat pump market?
Asia-Pacific was the largest region in the geothermal heat pump market in 2024, 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.
What companies are at the forefront of innovation in the geothermal heat pump market?
Major companies operating in the geothermal heat pump market include 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, Ruf Maschinenbau GmbH & Co. KG, Enel Green Power, Viessmann Werke GmbH & Co. KG, Mitsubishi Heavy Industries, Cummins Inc.
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What Is Covered In The Geothermal Heat Pump Global Market Report?
• Market Size Forecast: Examine the geothermal heat pump market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the geothermal heat pump market for a structured understanding.
• Key Players Overview: Analyze major players in the geothermal heat pump market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the geothermal heat pump market.
• Segment Contributions: Evaluate how different segments drive overall growth in the geothermal heat pump market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the geothermal heat pump market.
• Industry Challenges: Identify potential risks and obstacles affecting the geothermal heat pump market.
• Competitive Landscape: Review strategic developments in the geothermal heat pump market, including expansions, agreements, and new product launches.
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