Press release
Strong Growth Ahead: Geothermal Heat Pump Market Size To Grow At Arecord 8.5% Cagr By 2029
Geothermal Heat Pump Market Size
How Big Is the Geothermal Heat Pump Market Size Expected to Be by 2034?
There has been a significant expansion in the geothermal heat pump industry in the past few years. The market size is anticipated to surge from $4.41 billion in 2024 to $4.8 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 9.0%. The substantial growth experienced in the past can be credited to the government-driven installation of heat pumps, a broader acceptance of renewable energy sources, and robust economic expansion in developing markets.
The market size for geothermal heat pumps is projected to witness a considerable expansion in the next couple of years, escalating to a value of $6.64 billion by 2029, at a Compound Annual Growth Rate (CAGR) of 8.5%. The expansion anticipated during the forecast period is primarily due to government-driven installations of heat pumps, growing incorporation of renewable energy sources, and robust economic progression in budding markets. Noteworthy trends during the forecast duration encompass a focus on the enlargement of their production operations, adoption of a pay-as-you-use business model, escalating investments, and engaging in partnerships and collaborations to enrich their product range and maintain competitiveness in the market.
Purchase the full report for exclusive industry analysis:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=6707
What Are the Emerging Segments Within the Geothermal Heat Pump Market?
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
Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=6707&type=smp
What Long-Term Drivers Are Shaping Geothermal Heat Pump Market Trends?
The growth of the geothermal heat pumps market is being propelled by increased governmental measures aiming to reduce carbon emissions. Governments worldwide are initiating numerous schemes to lower carbon emissions, with several nations formulating forward-looking strategies to reach net-zero carbon emissions by using natural resources, including geothermal energy and nuclear energy, among others. The heightened governmental inclination towards such resources is predicted to augment the demand for geothermal heat pumps, as they are being widely utilised for heating and cooling, replacing carbon-emission generating products like electricity-powered air conditioning units, thermal-powered power plants, and others. For example, the International Energy Agency, a France-based, autonomous intergovernmental organisation, has a roadmap for achieving net-zero carbon emissions by 2050, necessitating all governments to significantly boost and successfully enforce their energy and climate policies. The tally of countries pledging to hit net-zero emissions has surged substantially over the previous year, covering almost 70% of global CO2 emissions in 2021. Furthermore, countries such as New Zealand, Japan, Canada, and Korea have enacted laws committing to reach net zero by 2050, while Fiji, Ireland, and Chile have proposed similar legislation. The UK has a legally binding net-zero target by 2050, along with fresh interim targets to cut emissions by 78% by 2035. As a result, the increasing governmental initiatives to curb carbon emissions are projected to fuel the demand for geothermal heat pumps over the forecast period.
Who Are the Top Competitors in Key Geothermal Heat Pump Market Segments?
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.
What Geothermal Heat Pump Market Trends Are Gaining Traction Across Different Segments?
Leading enterprises in the geothermal heat pump market are constantly developing highly efficient pumps aimed at reducing power consumption, operation expenses, and environmental footprint. These efforts meet the rising demands for eco-friendly heating and cooling applications across residential, commercial, and industrial domains. A representation of sustainability and cost-efficiency, these high-performance geothermal heat pumps satisfy the growing energy efficiency standards while answering the call for green technologies. For instance, Dandelion Energy, a US firm specializing in geothermal heat pumps, unveiled Dandelion Geo in September 2024, known for its superior efficiency and performance in the market. This initiative is designed not only to introduce homeowners to geothermal technology via skilled contractors but also to expand the accessibility of this green heating solution.
Get the full report for exclusive industry analysis:
https://www.thebusinessresearchcompany.com/report/geothermal-heat-pump-global-market-report
Which Regions Are Becoming Hubs for Geothermal Heat Pump Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Geothermal Heat Pump Market?
2. What is the CAGR expected in the Geothermal Heat Pump Market?
3. What Are the Key Innovations Transforming the Geothermal Heat Pump Industry?
4. Which Region Is Leading the Geothermal Heat Pump Market?
Why This Report Matters:
Competitive overview: This report analyzes the competitive landscape of the 3D imaging software market, evaluating key players on market share, revenue, and growth factors.
Informed Decisions: Understand key strategies related to products, segmentation, and industry trends.
Efficient Research: Quickly identify market growth, leading players, and major segments.
Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.
Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Strong Growth Ahead: Geothermal Heat Pump Market Size To Grow At Arecord 8.5% Cagr By 2029 here
News-ID: 4005031 • Views: …
More Releases from The Business Research Company
Insurance Fraud Detection Market Poised to Hit $22.92 Billion by 2029 with Accel …
Stay ahead with our updated market reports featuring the latest on tariffs, trade flows, and supply chain transformations.
Insurance Fraud Detection Market Size Growth Forecast: What to Expect by 2025?
There has been a significant expansion in the market size of insurance fraud detection over the past few years. Expected to increase from $7.5 billion in 2024 to $9.13 billion in 2025, the market will experience a compound annual growth rate (CAGR)…
Navigating the Future: Insulated Gate Bipolar Transistor (IGBT) Market Trends an …
Stay ahead with our updated market reports featuring the latest on tariffs, trade flows, and supply chain transformations.
Insulated Gate Bipolar Transistor (IGBT) Market Size Growth Forecast: What to Expect by 2025?
The market size for the insulated gate bipolar transistor (IGBT) has experienced significant growth in recent years. It is projected to ascend from its value of $9.33 billion in 2024, reaching $10.56 billion in 2025 with a compounded annual growth…
Strategic Forecast for the Ink Resin Industry: Market Outlook 2025-2034
Stay ahead with our updated market reports featuring the latest on tariffs, trade flows, and supply chain transformations.
Ink Resin Market Size Growth Forecast: What to Expect by 2025?
Recent years have seen a swift surge in the size of the ink resin market. The market which currently stands at $4.56 billion in 2024, is projected to expand to $5.05 billion in 2025, with a compound annual growth rate (CAGR) of 10.8%.…
Emerging Inflammatory Bowel Disease Treatment Market Trends: Verantos Launches A …
Stay ahead with our updated market reports featuring the latest on tariffs, trade flows, and supply chain transformations.
Inflammatory Bowel Disease Treatment Market Size Growth Forecast: What to Expect by 2025?
The market for inflammatory bowel disease treatment has seen significant progress over the past few years. The market, which was valued at $25.26 billion in 2024, is projected to rise to $27.45 billion in 2025, growing at a compound annual growth…
More Releases for Geo
The GEO Group, Inc. (NYSE: GEO) Investor Alert: Update in Lawsuit
The Shareholders Foundation announced an update in the lawsuit that is pending for certain investors in shares of The GEO Group, Inc. (NYSE: GEO).
Investors who purchased shares of The GEO Group, Inc. (NYSE: GEO) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On July 7, 2020, a lawsuit was filed against The GEO Group, Inc over alleged securities laws violations. The plaintiff…
Investigation announced for Long-Term Investors in shares of The GEO Group, Inc. …
Certain directors of The Geo Group, Inc are under investigation concerning potential breaches of fiduciary duties.
Investors who are current long term investors in The GEO Group, Inc. (NYSE: GEO) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NYSE: GEO stocks follows a lawsuit filed against The GEO Group,…
Deadline on September 7th upcoming in Lawsuit for Investors in The GEO Group, In …
A deadline is coming up on September 7, 2020 in the lawsuit filed for certain investors of The GEO Group, Inc. (NYSE: GEO) over alleged securities laws violations by The GEO Group, Inc. (NYSE: GEO).
Investors who purchased shares of The GEO Group, Inc. (NYSE: GEO) have certain options and there are strict and short deadlines running. Deadline: September 7, 2020. NYSE: GEO stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com…
Lawsuit filed for Investors in shares of The GEO Group, Inc. (NYSE: GEO) over al …
An investor, who purchased shares of The GEO Group, Inc. (NYSE: GEO), filed a lawsuit over alleged violations of Federal Securities Laws by The GEO Group, Inc..
Investors who purchased shares of The GEO Group, Inc. (NYSE: GEO) have certain options and for certain investors are short and strict deadlines running. Deadline: September 7, 2020. NYSE: GEO investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On…
Geo IoT Market Report focuses on the Geo IoT development in the United States, …
Geo IoT Market Research Report
Today, IoT is a billion-dollar market and is growing continuously. There are various drivers which is supporting the Internet of Things market growth. Industrialization, concept of smart cities, automation, smart manufacturing, smart communication and several others are key part of the IoT which helps the market to grow.
IOT helps the companies to achieve the maximum efficiency which they have been working, helps the countries to maximize…
Total Station Market 2017- Trimble, Geo-Allen, geo-Fennel, Hilti, Kara Company
Apex Research, recently published a detailed market research study focused on the "Total Station Market" across the global, regional and country level. The report provides 360° analysis of "Total Station Market" from view of manufacturers, regions, product types and end industries. The research report analyses and provides the historical data along with current performance of the global Total Station industry, and estimates the future trend of Total Station market on…
