Dublin, March 24, 2023 (GLOBE NEWSWIRE) -- The "Geothermal Heat Pump Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global geothermal heat pump market grew from $3.74 billion in 2022 to $4.16 billion in 2023 at a compound annual growth rate (CAGR) of 11.3%. The geothermal heat pump market is expected to grow to $5.74 billion in 2027 at a CAGR of 8.4%.
Asia-Pacific was the largest region in the geothermal heat pump market in 2022, 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 and Africa.
The main type of geothermal heat pumps includes open-loop geothermal heat pumps and closed-loop geothermal heat pumps. The open-loop geothermal heat pumps refer to a heat pump that uses groundwater, which acts as a refrigerant to transfer thermodynamic energy for heating or cooling. They are widely used in residential, commercial, and industrial applications.
The increasing government initiatives to curb carbon emissions are driving the growth of the geothermal heat pumps market. Governments across the world are launching various initiatives to cut carbon emissions and some countries have made futuristic plans to target net-zero carbon emissions through the utilization of natural resources such as geothermal energy, nuclear energy, and others. Increasing government's shift toward natural resources is expected to boost demand for geothermal heat pumps as they are increasingly being used for heating and cooling over carbon emissions-producing products such as electricity-powered air conditioning units, thermal-powered power plants and others.
For instance, according to International Energy Agency, a France-based autonomous intergovernmental organization, there is a road map for the net-zero carbon emissions by 2050 that requires all governments to significantly strengthen and then successfully implement their energy and climate policies. The number of countries that pledged to achieve net-zero emissions has grown rapidly over the last year and now (as of 2021) covers around 70% of global CO2 emissions.
In addition, New Zealand Japan, Canada, and Korea have passed laws committing to achieving net-zero by 2050 whereas Fiji, Ireland, and Chile have proposed legislation. The UK has a legally attached net-zero target by 2050 and new interim targets to reduce emissions by 78% by 2035. Therefore, increasing government initiatives to curb carbon emissions is expected to boost demand for geothermal heat pumps during the forecast period.
Technological advancement is a key trend gaining popularity in the geothermal heat pump market. The key players operating in the geothermal heat pump market are focusing on developing new technologies with minimal complexities with enhanced operational and performance capabilities.
For instance, in October 2021, Bosch Thermotechnik GmbH, a Germany-based manufacturer of energy-efficient heating products and hot water solutions, launched ultra-quiet heat pumps, the QV Series for commercial areas in multiple sizes and horizontal and vertical configurations. The product is based on Bosch-patented compressor encapsulation and offers comprehensive and sound performance combined with delivering a compact cabinet to fit into small spaces in commercial establishments.
In January 2022, Energy Machines, a Danish company offering integrated energy systems for buildings acquired Enopsol for an undisclosed amount. With this acquisition, Energy Machines is focused on exapanding its portfolio of energy systems technologies and increases its business presence across the globe. Enopsol is a Danish company engaged in the design and installation of groundwater cooling and heating systems.
The countries covered in the geothermal heat pump market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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Scope
Markets Covered:
1) By Technology: Open Loop System; Closed Loop System
2) By Application: Residential; Commercial; Industrial
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $4.16 billion |
| Forecasted Market Value (USD) by 2027 | $5.74 billion |
| Compound Annual Growth Rate | 8.4% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Geothermal Heat Pump Market Characteristics
3. Geothermal Heat Pump Market Trends And Strategies
4. Geothermal Heat Pump Market - Macro Economic Scenario
5. Geothermal Heat Pump Market Size And Growth
6. Geothermal Heat Pump Market Segmentation
7. Geothermal Heat Pump Market Regional And Country Analysis
8. Asia-Pacific Geothermal Heat Pump Market
9. China Geothermal Heat Pump Market
10. India Geothermal Heat Pump Market
11. Japan Geothermal Heat Pump Market
12. Australia Geothermal Heat Pump Market
13. Indonesia Geothermal Heat Pump Market
14. South Korea Geothermal Heat Pump Market
15. Western Europe Geothermal Heat Pump Market
16. UK Geothermal Heat Pump Market
17. Germany Geothermal Heat Pump Market
18. France Geothermal Heat Pump Market
19. Eastern Europe Geothermal Heat Pump Market
20. Russia Geothermal Heat Pump Market
21. North America Geothermal Heat Pump Market
22. USA Geothermal Heat Pump Market
23. South America Geothermal Heat Pump Market
24. Brazil Geothermal Heat Pump Market
25. Middle East Geothermal Heat Pump Market
26. Africa Geothermal Heat Pump Market
27. Geothermal Heat Pump Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Geothermal Heat Pump Market
29. Geothermal Heat Pump Market Future Outlook and Potential Analysis
30. Appendix
A selection of companies mentioned in this report includes
- BDR Thermea
- Bosch Thermotechnology
- Carrier
- Stiebel Eltron
- Trane
For more information about this report visit https://www.researchandmarkets.com/r/2gkbf9
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