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.
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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
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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.
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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?
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