A geothermal heat pump (GHPs) or ground source heat pump is a central water heating system that uses geothermal energy to heat the water. Geothermal is a reliable and constant source of energy that can be extracted without burning any external fuel. The energy can be harnessed from underground sources including shallow subsurface, hot rocks, and reservoirs of hot dry steam and wet steam. The geothermal heat pump (GHP) extracts heat from the ground for space heating, cooling, and hot water generation. Such a pump extracts heat by the horizontal or vertical collector. The extracted heat is commonly distributed through a hydronic distribution system. A GHP offers higher efficiency than air source owing to the advantage of the stable temperature of its geothermal subsoil heat source.
Moreover, government regulations and emission standards are projected to increase the demand for energy-saving products, such as geothermal heat pumps, in the industrial and residential sectors, thereby supporting market growth. In addition, escalating the need for low-cost energy substitutes owing to rising oil prices is likely to drive industry demand over the forecast period. In addition, a consequent hike in electricity and energy cost is forecast to positively impact the geothermal heat pump market size.
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The coronavirus pandemic was declared a public health emergency worldwide by World Health Organization (WHO) in 2020. An outbreak of the COVID-19 pandemic had significantly impacted the geothermal heat pump market Due to disruptions in the international supply chain and a reduction in investment for upcoming projects. However, it has been estimated that the industry is poised to improve its strength to conceal these impacts over the coming years.
According to UnivDatos Market Insights (UMI)’ research report “global geothermal heat pump”, the market is expected to grow at CAGR of more than 5.6% during the forecast period (2021-2027). The geothermal heat pump market is growing at a propelling rate and is expected to have a substantial market demand in the forecasted period as well. Geothermal heat pumps are energy efficient and are widely used in various heating applications across surface water, recycled water, retention basin stormwater, sewage treatment plant, and harvested rainwater.
The stimulating growth of the geothermal heat pump market is attributed due to the growing concern towards energy security and environmental sustainability along with shifting trends for bioeconomy-based infrastructure will impel the market expansion of geothermal heat pump (GHP) globally. Furthermore, favorable government policies protocols in line with an aim to reduce carbon emissions are predicted to further sway the industry’s growth.
Based on Type, the geothermal heat pump market is segmented into an open, loop, and closed loop. The closed loop caters to extensive market share in the geothermal heat pump market. It is mainly its high efficiency, less energy consumption, and low operating maintenance cost are some of the vital parameters which will stimulate market penetration.
Based on Application, the geothermal heat pump market is classified into residential, commercial, and industrial. The commercial segment caters to an extensive share of the geothermal heat pump market. It is mainly owing to the rising demand for refurbishing and restoring conventional systems coupled with the product capability to effortlessly integrate with HVAC systems across current, as well as newly built government buildings that would escalate its market demand.
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North America to witness the highest growth
Based on region, the report provides a detailed analysis for overall adoption of Geothermal heat pump in the major region including North America (United States, Canada, Rest of North America, Europe (Germany, UK, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, Rest of APAC), Rest of the World. North America caters to a substantial share in the geothermal heat pump market over the past few years and is expected to have an influential growth rate in the forecasted period as well. It is mainly attributed to the growing focus on the construction of new building infrastructure along with a renovation of old buildings will further spur the overall industry trend.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global Geothermal heat pump market are ClimateMaster, WaterFurnace International Inc., Geomasters Heating and Cooling LLC., Carrier Corporation, Hydro-Temp Corporation, Mammoth Inc., Ingersoll-Rand plc, Modine Manufacturing Company, Robert Bosch GmbH, Danfoss A/S. Several MAs along with partnerships have been undertaken by these players to boost their presence in different regions.
“Global Geothermal Heat Pump Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
- By Type (Open, Loop, Closed-Loop)
- By Application (Residential, Commercial, and Industrial)
- By Region (North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, Rest of APAC), ROW.
- By Company (ClimateMaster, WaterFurnace International Inc., Geomasters Heating and Cooling LLC., Carrier Corporation, Hydro-Temp Corporation, Mammoth Inc., Ingersoll-Rand plc, Modine Manufacturing Company, Robert Bosch GmbH, Danfoss A/S).
Key questions answered in the study:
- What are the current and future trends of the global Geothermal heat pump industry?
- How the industry has been evolving in terms of type, application, and region?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global Geothermal heat pump industry?
5. What are the customer orientation, purchase behavior, and expectations from the global Geothermal heat pump suppliers across various regions and countries?
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