Geothermal Heat Pump Market Is Expected to Reach $12.5 billion by 2031: Allied Market Research

Surge in demand for energy-efficient goods and solutions, increase in awareness about climate change and adverse effects on greenhouse gases on the environment, and extensive applications of energy-saving products in the industrial and residential sector are expected to drive the growth of the global geothermal heat pump market. Implementation of lockdown restrictions and closure of heat pump manufacturing facilities had a negative impact on the market.

Portland, OR, Aug. 10, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global geothermal heat pump market generated $6.0 billion in 2021, and geothermal heat pump industry is projected to reach $12.5 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

Report coverage & details:

Report CoverageDetails
Forecast Period2022­–2031
Base Year2021
Market Size in 2021$6.0 billion
Market Size in 2031$12.5 billion
No. of Pages in Report400
Segments coveredTechnology, end use, and region.
DriversSurge in demand for energy-efficient goods and solutions
Increase in energy efficiency across all sectors
OpportunitiesExtensive applications of energy-saving products in the industrial and residential sectors
Significant surge in the global energy consumption
RestrainsExtortionate cost of installation
Lack of consumer confidence

COVID-19 Scenario:

  • The outbreak of COVID-19 had had a negative impact on the growth of the global geothermal heat pump market, owing to the occurrence of lockdowns in various countries across the globe.
  • Lockdowns led to the closure of various manufacturing facilities in the industrial sector and stoppage of residential construction activities. This negatively impacted the demand for geothermal heat pumps.
  • Apart from the closure of manufacturing facilities, the construction, infrastructural, and residential projects were also stopped or postponed, further aggravating its demand. This was majorly due to the stringent social distancing restrictions imposed by the government to curb the spread of the virus during the pandemic.
  • However, the market is expected to recoup soon.

Get detailed COVID-19 Impact Analysis on the Geothermal Heat Pump Market:

The report offers a detailed segmentation on the global geothermal heat pump market based on technology, end use, and region.  The report provides a comprehensive analysis of each and every segment with their respective sub-segment with the help of graphical and tabular representation. This analysis can appreciably assist market players, investors, and new entrants in determining and creating effective strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.

Based on technology, the closed loop systems segment held the largest market share in 2021, holding more than four-fifths of the global market, and is expected to maintain its lead position during the forecast period.  The open loop systems segment, on the other hand, is expected to cite the fastest CAGR of 8.2% during the forecast period.

Based on end use, the residential segment held the largest market share in 2021, garnering nearly three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 7.7% during the forecast period. The report also analyses other segments such as commercial and industrial.

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Based on region, the market across Europe held the lion’s share in 2021, garnering more than two-fifths of the global market, and is expected to maintain its dominant share during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 8.5% during the forecast period. The report also analyses other regions that include LAMEA and Europe.

The key players analzyed in the global geothermal heat market report include Energy Smart Alternatives, GeoComfort Geothermal systems, GeoSmart Energy Inc., Maritime Geothermal Ltd., Mitsubishi Electric Corporation, Pfister’s Energy, osch Terotechnology Ltd, Bostech Mechanical Ltd., Carrier global Corporation, Climate Master, Inc., Daikin Industries, Ltd., Danfoss Technologies, Dandelion Energy, De Dietrich Process Systems, Ecoforest S.A, Viessmann, and Wolf GmbH.

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The report analyzes these key players of the global geothermal heat pump market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players of the market. 

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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