Press release
Geothermal Heat Pump Industry Outlook 2025-2029: Market Set to Cross $6.41 Billion Milestone
Geothermal Heat Pump
How Large Will the Geothermal Heat Pump Market Size By 2025?
The market size of geothermal heat pumps has experienced significant expansion in the past few years. The prediction suggests that it will enhance from $4.41 billion in 2024 to $4.72 billion in 2025, progressing at a compound annual growth rate (CAGR) of 7.1%. The prior growth can be attributed to factors such as governmental policies promoting the installation of heat pumps, rising adoption of renewable energy sources, and robust economic development in emerging markets.
How Big Is the Geothermal Heat Pump Market Size Expected to Grow by 2029?
In the upcoming years, the geothermal heat pump market is predicted to experience robust growth. The market size is likely to expand to $6.41 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth during this forecast period can be credited to various factors such as government policies promoting the installation of heat pumps, a surge in the use of renewable energy sources and a well-performing economy in newly emerging markets. Some key trends during this period are anticipated to be the strategic expansion of manufacturing operations, the adoption of a pay-as-you-go business model, increased investment, and the undertaking of partnerships and collaborations as strategies to enhance product offerings and ensure a competitive edge in the market.
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Which Key Market Drivers Powering Geothermal Heat Pump Market Expansion and Growth?
The surge in government actions aimed at reducing carbon emissions is propelling the growth of the geothermal heat pumps market. Globally, various initiatives have been launched by governments to slash carbon emissions, with some nations even formulating forward-looking strategies to reach net-zero carbon emissions by leveraging natural resources such as geothermal and nuclear energy. This growing governmental inclination towards natural resources is projected to elevate the demand for geothermal heat pumps, which are progressively supplanting carbon-emitting products like electric air conditioning systems and thermal-powered power stations. For instance, as posited by the International Energy Agency, a France-based autonomous intergovernmental entity, there's a plan to reach net-zero carbon emissions by 2050, which necessitates governments to significantly enhance and successfully enforce their energy and climate-related policies. Through the course of the last year, the count of countries vowing to achieve net-zero emissions has swiftly increased, accounting for about 70% of the global CO2 emissions as of 2021. Moreover, nations like New Zealand, Japan, Canada, and Korea have enacted laws committing to reaching net-zero by 2050, while Fiji, Ireland, and Chile have tabled potential legislation. The UK has legally tethered a net-zero target by 2050 and has introduced interim targets to cut emissions by 78% by 2035. Therefore, the rise in government measures to curb carbon emissions is anticipated to catalyze the demand for geothermal heat pumps throughout the forecasted timeline.
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What Trends Will Shape the Geothermal Heat Pump Market Through 2029 and Beyond?
Top organizations in the geothermal heat pump industry are concentrating on the creation of high-efficiency geothermal heat pumps in order to curtail energy usage, reduce operational expenses and diminish the environmental implications. This move also seeks to satisfy the growing demand in residential, commercial, and industrial sectors for sustainable temperature regulation solutions. High-efficiency geothermal heat pumps are an eco-friendly and affordable option for heating and cooling, in line with the growing standards for energy efficiency and the appetite for green technologies. As an example, Dandelion Energy, a company based in the US that provides geothermal heat pumps, launched Dandelion Geo in September 2024. This geothermal heat pump prides itself on supreme efficiency and performance. The motive behind this initiative is to match skilled contractors with homeowners keen on implementing geothermal technology, thus broadening the reach of this sustainable heating solution.
What Are the Emerging Segments in the Geothermal Heat Pump Market?
The geothermal heat pumpmarket 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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Geothermal Heat Pump Industry?
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.
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