Product Code: GVR-4-68038-963-0
Geothermal Heat Pump Market Growth & Trends:
The global geothermal heat pump market size is expected to reach USD 17.87 billion by 2030, expanding at a CAGR of 5.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth can be attributed to the rising need for renewable energy sources coupled with extensive government support, in terms of incentives, subsidies, and other monetary benefits. The growth of the construction and housing industry for the single and multi-unit dwelling is anticipated to drive the demand for geothermal heat pumps (GHPs) during the forecast period.
Rising spending in the hospitality and commercial sectors has led to the increasing demand for efficient buildings & establishments driving the demand for GHP. Growing demand for energy-efficient heating products in Europe, North America, and Asia Pacific are expected to boost market growth. Moreover, increased income levels, rapid urbanization, and climatic changes across the globe are expected to trigger the product demand in the coming years.
Geothermal Heat Pump Market Report Highlights:
- Closed-loop type segment accounted for the largest share of 85.46% of the global GHP market in 2022 on account of high demand for these systems due to their enhanced equipment life and efficiency along with low maintenance costs
- Commercial application segment is anticipated to register the fastest CAGR over the forecast period on account of growing emphasis on highly energy-efficient and sustainable solutions for space heating and cooling in commercial establishments
- Asia Pacific is anticipated to be the largest and fastest-growing regional market from 2024 to 2030 due to growing construction sector in developing countries like China & India
- Europe is projected to witness robust growth over the forecast period owing to the high demand for energy-efficient heating products and favorable government policies regarding reducing the energy consumption in the region
- Key companies follow various initiatives, such as technology innovations, research & development, and merger & acquisitions, to strengthen their market position
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Insights
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Penetration & Growth Prospect Mapping
- 3.2. Industry Value Chain Analysis
- 3.3. Regulatory Framework
- 3.4. Technology Framework
- 3.5. Geothermal Heat Pump Market - Market Dynamics
- 3.5.1. Market Driver Analysis
- 3.5.2. Market Restraint Analysis
- 3.5.3. Industry Challenges
- 3.6. Business Environmental Tools Analysis: Geothermal Heat Pump Market
- 3.6.1. Porter's Five Forces Analysis
- 3.6.1.1. Bargaining Power of Suppliers
- 3.6.1.2. Bargaining Power of Buyers
- 3.6.1.3. Threat of Substitution
- 3.6.1.4. Threat of New Entrants
- 3.6.1.5. Competitive Rivalry
- 3.6.2. PESTLE Analysis
- 3.6.2.1. Political Landscape
- 3.6.2.2. Economic Landscape
- 3.6.2.3. Social Landscape
- 3.6.2.4. Technology Landscape
- 3.6.2.5. Environmental Landscape
- 3.6.2.6. Legal Landscape
- 3.6.3. Major Deals & Strategic Alliances Analysis
- 3.6.3.1. Mergers & Acquisition
- 3.6.3.2. Joint Venture
Chapter 4. Impact of COVID-19 on Geothermal Heat Pump Market
Chapter 5. Geothermal Heat Pump Market: Type Estimates & Trend Analysis
- 5.1. Geothermal Heat Pump Market: Type Movement Analysis, 2023 & 2030
- 5.2. Closed Loop
- 5.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 5.2.2. Horizontal
- 5.2.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 5.2.3. Vertical
- 5.2.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 5.3. Open Loop
- 5.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 6. Geothermal Heat Pump Market: Application Estimates & Trend Analysis
- 6.1. Geothermal Heat Pump Market: Application Movement Analysis, 2023 & 2030
- 6.2. Residential
- 6.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 6.3. Commercial
- 6.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 6.4. Industrial
- 6.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 7. Geothermal Heat Pump Market: Regional Estimates & Trend Analysis
- 7.1. Regional Movement Analysis & Market Share, 2023 & 2030
- 7.2. Geothermal Heat Pump Market: Regional movement analysis, 2023 & 2030
- 7.3. North America
- 7.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.3.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.4. The U.S.
- 7.3.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.4.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.3.4.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.5. Canada
- 7.3.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.5.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.3.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.6. Mexico
- 7.3.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.6.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.3.6.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4. Europe
- 7.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.4.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4.4. Germany
- 7.4.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.4.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.4.4.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4.5. France
- 7.4.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.5.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.4.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4.6. Italy
- 7.4.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.6.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.4.6.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4.7. Sweden
- 7.4.7.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.7.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.4.7.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4.8. Finland
- 7.4.8.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.8.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.4.8.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4.9. Switzerland
- 7.4.9.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.9.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.4.9.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4.10. The Netherlands
- 7.4.10.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.10.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.4.10.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.5. Asia Pacific
- 7.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.5.4. China
- 7.5.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5.4.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.5.4.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.5.5. Japan
- 7.5.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5.5.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.5.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.5.6. South Korea
- 7.5.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5.6.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.5.6.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.5.7. Australia
- 7.5.7.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5.7.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.5.7.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.6. Central & South America
- 7.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.6.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.6.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.6.4. Brazil
- 7.6.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.6.4.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.6.4.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.6.5. Chile
- 7.6.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.6.5.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.6.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.7. Middle East & Africa
- 7.7.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.7.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.7.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.7.4. Saudi Arabia
- 7.7.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.7.4.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.7.4.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.7.5. UAE
- 7.7.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.7.5.2. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 7.7.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
Chapter 8. Competitive Landscape
- 8.1. Key Global Players, Their Initiatives, & Its Impact on the Market
- 8.2. Participant Categorization
- 8.3. Vendor Landscape
- 8.4. Company Market Position Analysis
- 8.5. List Of Key Emerging Companies And Their Geographical Presence
Chapter 9. Company Profiles
- 9.1. Stiebel Eltron
- 9.1.1. Company overview
- 9.1.2. Financial performance
- 9.1.3. Product benchmarking
- 9.1.4. Strategic initiatives
- 9.2. Ingersoll Rand (Trane)
- 9.2.1. Company overview
- 9.2.2. Financial performance
- 9.2.3. Product benchmarking
- 9.2.4. Strategic initiatives
- 9.3. Vaillant Group
- 9.3.1. Company overview
- 9.3.2. Financial performance
- 9.3.3. Product benchmarking
- 9.3.4. Strategic initiatives
- 9.4. Viessmann
- 9.4.1. Company overview
- 9.4.2. Financial performance
- 9.4.3. Product benchmarking
- 9.4.4. Strategic initiatives
- 9.5. Glen Dimplex
- 9.5.1. Company overview
- 9.5.2. Financial performance
- 9.5.3. Product benchmarking
- 9.5.4. Strategic initiatives
- 9.6. Daikin
- 9.6.1. Company overview
- 9.6.2. Financial performance
- 9.6.3. Product benchmarking
- 9.6.4. Strategic initiatives
- 9.7. NIBE
- 9.7.1. Company overview
- 9.7.2. Financial performance
- 9.7.3. Product benchmarking
- 9.7.4. Strategic initiatives
- 9.8. Carrier
- 9.8.1. Company overview
- 9.8.2. Financial performance
- 9.8.3. Product benchmarking
- 9.8.4. Strategic initiatives
- 9.9. ClimateMaster, Inc
- 9.9.1. Company overview
- 9.9.2. Financial performance
- 9.9.3. Product benchmarking
- 9.9.4. Strategic initiatives
- 9.10. Bard HVAC
- 9.10.1. Company overview
- 9.10.2. Financial performance
- 9.10.3. Product benchmarking
- 9.10.4. Strategic initiatives
- 9.11. Spectrum Manufacturing
- 9.11.1. Company overview
- 9.11.2. Financial performance
- 9.11.3. Product benchmarking
- 9.11.4. Strategic initiatives
- 9.12. Dandelion
- 9.12.1. Company overview
- 9.12.2. Financial performance
- 9.12.3. Product benchmarking
- 9.12.4. Strategic initiatives
- 9.13. Robert Bosch LLC
- 9.13.1. Company overview
- 9.13.2. Financial performance
- 9.13.3. Product benchmarking
- 9.13.4. Strategic initiatives
- 9.14. Maritime Geothermal
- 9.14.1. Company overview
- 9.14.2. Financial performance
- 9.14.3. Product benchmarking
- 9.14.4. Strategic initiatives
- 9.15. OCHSNER
- 9.15.1. Company overview
- 9.15.2. Financial performance
- 9.15.3. Product benchmarking
- 9.15.4. Strategic initiatives