Geothermal Power & Heat Pump Market by Type, Component, Rated Capacity, Power Plant Type, Deployment, Deployment Type, End-Use

Description

List of Tables

[199 Pages Report] The Geothermal Power & Heat Pump Market size was estimated at USD 11.97 billion in 2023 and expected to reach USD 12.82 billion in 2024, at a CAGR 7.83% to reach USD 20.30 billion by 2030.

Geothermal power & heat pumps are renewable energy sources that use the earth's natural heat to provide energy. They are a clean, cost-effective way to reduce the world's reliance on fossil fuels and expand the focus on a more sustainable future. Geothermal power is generated by utilizing underground reservoirs of steam or hot water for electricity generation. Heat pumps lead the heat from the ground into buildings for heating and cooling and provide exponential energy savings compared to conventional heating and cooling systems, making them an attractive alternative for many homeowners. Over the years, there has been significant growth in the introduction of favorable government policies and rebates, encouraging the development of geothermal power plants and elevating the use of heat pumps. However, the high cost of setting up the power plant and issues associated with leaks, water contamination, and the safety of geothermal heat pumps have created skepticism about their adoption. Market players are constantly involved in new technology development and design improvements to provide the end-users with safe and reliable heat pumps. Moreover, with new investments in geothermal power plants and electricity generation, the use of geothermal pumps is expected to accelerate in the coming years.

KEY MARKET STATISTICS
Base Year [2023]	USD 11.97 billion
Estimated Year [2024]	USD 12.82 billion
Forecast Year [2030]	USD 20.30 billion
CAGR (%)	7.83%

Regional Insights

The geothermal power & heat pump market in the Americas is growing, with several countries utilizing geothermal energy as an option to traditional energy sources. In the United States, geothermal resources have been tapped for electricity generation for over five decades, and the government continues to provide incentives for introducing new geothermal power plants in the region. Mexico, Chile, and Costa Rica are making investments in building established significant geothermal power plants. The European market is home to some major players with expertise in the technical aspects of geothermal power and the legal aspects of installing heat pump systems within European regulations. Climate objectives and energy security are important drivers for the shift to geothermal energy and the use of heat pumps in the European Union. In the Asia-Pacific region, Indonesia, the Philippines, Japan, China, India, and New Zealand have made strides toward adopting geothermal energy in their respective power grids.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Geothermal Power & Heat Pump Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Increasing focus on energy conservation and shift to geothermal electricity generation
- Government policies and incentives to expand geothermal power plant deployment
- Increasing need for energy-efficient heating and cooling solutions in the residential sector

Market Restraints
- High initial installation costs and need for severe above-ground alterations

Market Opportunities
- Technological advancements and design improvements in geothermal power & heat pumps
- New investments to develop geothermal power generation plants worldwide

Market Challenges
- Significant challenges related to drilling technology and efficiency of heat extraction in geothermal power & heat pump

Market Segmentation Analysis
- Type: Potential growth and application of hybrid systems for geothermal power generation
- Component: Upgradations and advancements in the components of heat distribution subsystem and heat pumps
- Rated Capacity: Rising R&D toward the development of systems to maintain effectiveness and efficiency across infrastructure projects
- Power Plant Type: Rising demand for flash steam power plants due to their efficiency and technological simplicity
- Deployment: Prospecting future energy solutions through offshore deployment of the geothermal plants
- Deployment Type: Rise in deployment of retrofitting and modernization for updating existing structure
- End-Use: Boost in demand for geothermal power & heat pumps across the residential sector

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Geothermal Power & Heat Pump Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Geothermal Power & Heat Pump Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Brightcore Energy Initiates Geothermal Project at Bard College

Brightcore Energy began constructing a cutting-edge geothermal heating and cooling system at Bard College in Annandale-on-Hudson, New York. Founded in 1860, Bard is a well-known private liberal arts college. This new initiative emphasizes a significant step toward sustainable energy solutions in educational institutions. [Published On: 2024-02-27]

Rendesco's Strategic Development of GBP 150 Million Pipeline for Ground-Source Heat Pump Rollout in the United Kingdom Housing

Rendesco, a developer in the United Kingdom's (UK) ground-source geothermal heat market, initiated a project involving an investment exceeding GBP 150 million to promote the adoption of low-carbon heat pumps in new housing developments. This move aligns with the UK Government's goal to install 600,000 heat pumps annually by 2028 and adheres to the upcoming Future Homes Standard. Effective from 2025, this standard mandates the installation of low-carbon heating solutions, primarily heat pumps, in all new-build homes, transitioning away from traditional gas-fired boilers and advancing the national agenda for sustainable housing. [Published On: 2024-02-15]

Daikin Air Conditioning UK Enhances Service Network Through Strategic Acquisition

Daikin Air Conditioning UK Ltd., a subsidiary of Daikin Industries, Ltd., expanded its service network by acquiring Robert Heath Heating Ltd., a UK-based service provider. This acquisition marks Daikin's investment in the UK, significantly reinforcing its capabilities in the residential heating sector. This move is a strategic part of Daikin's broader vision to position itself as a comprehensive heating, ventilation, air conditioning, and refrigeration provider, aiming to improve customer satisfaction and expand its market presence. [Published On: 2024-01-31]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Geothermal Power & Heat Pump Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Geothermal Power & Heat Pump Market, highlighting leading vendors and their innovative profiles. These include AltaRock Energy, Inc., Baker Hughes Company, Bostech Mechanical Ltd., Brightcore Energy LLC, Carrier Corporation, ClimateMaster, Inc. by NIBE Industrier AB, Daikin Industries, Ltd., Dandelion Energy, Inc., Danfoss A/S, De Dietrich by BDR Thermea France S.A.S., EnergySmart Alternatives, LLC, Fujitsu Limited, Geo-Flo Corporation, GeoComfort by Enertech Global, LLC, Geoflex Systems Inc., GeoSmart Energy, GeoStar, Haier Group Corporation, Hydro-Temp Corporation, Kensa Group Ltd, LG Electronics Inc., Maritime Geothermal Ltd., Menerga d.o.o., Miami Heat Pump, Mitsubishi Electric Corporation, OCHSNER Warmepumpen GmbH, Oilon Group Oy, Ormat Technologies, Inc., Power World Machinery Equipment Co., Ltd., Robert Bosch GmbH, Shuangliang Eco-energy Systems Co., Ltd., Siemens AG, STIEBEL ELTRON GmbH & Co. KG, TermoShop D.o.o., Toyesi Pty Ltd, Trane Technologies plc, and WaterFurnace International, Inc..

Market Segmentation & Coverage

This research report categorizes the Geothermal Power & Heat Pump Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Closed Looped Systems
  - Horizontal
  - Pond/Lake
  - Vertical

Hybrid Systems
Open Looped Systems

Component
- Heat Distribution Subsystem
- Heat Pump
- Underground Heat Collector

Rated Capacity
- 3 kW to 1500 kW
- Less than 3 kW
- More than 1,500 kW

Power Plant Type
- Binary Cycle
- Dry Steam
- Flash Steam

Deployment
- Offshore
- Onshore

Deployment Type
- New Deployment
- Retrofitting and Moderenization

End-Use
- Commercial
- Industrial
  - Agriculture
  - Energy & Power

Residential

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - Alaska
    - California
    - Hawaii
    - Idaho
    - Nevada
    - New Mexico
    - Oregon
    - Utah
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - New Zealand
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Iceland
- Israel
- Italy
- Kenya
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-710B1F0ABDB2

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing focus on energy conservation and shift to geothermal electricity generation
  - 5.1.1.2. Government policies and incentives to expand geothermal power plant deployment
  - 5.1.1.3. Increasing need for energy-efficient heating and cooling solutions in the residential sector
- 5.1.2. Restraints
  - 5.1.2.1. High initial installation costs and need for severe above-ground alterations
- 5.1.3. Opportunities
  - 5.1.3.1. Technological advancements and design improvements in geothermal power & heat pumps
  - 5.1.3.2. New investments to develop geothermal power generation plants worldwide
- 5.1.4. Challenges
  - 5.1.4.1. Significant challenges related to drilling technology and efficiency of heat extraction in geothermal power & heat pump
5.2. Market Segmentation Analysis
- 5.2.1. Type: Potential growth and application of hybrid systems for geothermal power generation
- 5.2.2. Component: Upgradations and advancements in the components of heat distribution subsystem and heat pumps
- 5.2.3. Rated Capacity: Rising R&D toward the development of systems to maintain effectiveness and efficiency across infrastructure projects
- 5.2.4. Power Plant Type: Rising demand for flash steam power plants due to their efficiency and technological simplicity
- 5.2.5. Deployment: Prospecting future energy solutions through offshore deployment of the geothermal plants
- 5.2.6. Deployment Type: Rise in deployment of retrofitting and modernization for updating existing structure
- 5.2.7. End-Use: Boost in demand for geothermal power & heat pumps across the residential sector
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Geothermal Power & Heat Pump Market, by Type

6.1. Introduction
6.2. Closed Looped Systems
6.3. Hybrid Systems
6.4. Open Looped Systems

7. Geothermal Power & Heat Pump Market, by Component

7.1. Introduction
7.2. Heat Distribution Subsystem
7.3. Heat Pump
7.4. Underground Heat Collector

8. Geothermal Power & Heat Pump Market, by Rated Capacity

8.1. Introduction
8.2. 3 kW to 1500 kW
8.3. Less than 3 kW
8.4. More than 1,500 kW

9. Geothermal Power & Heat Pump Market, by Power Plant Type

9.1. Introduction
9.2. Binary Cycle
9.3. Dry Steam
9.4. Flash Steam

10. Geothermal Power & Heat Pump Market, by Deployment

10.1. Introduction
10.2. Offshore
10.3. Onshore

11. Geothermal Power & Heat Pump Market, by Deployment Type

11.1. Introduction
11.2. New Deployment
11.3. Retrofitting and Moderenization

12. Geothermal Power & Heat Pump Market, by End-Use

12.1. Introduction
12.2. Commercial
12.3. Industrial
12.4. Residential

13. Americas Geothermal Power & Heat Pump Market

13.1. Introduction
13.2. Argentina
13.3. Brazil
13.4. Canada
13.5. Mexico
13.6. United States

14. Asia-Pacific Geothermal Power & Heat Pump Market

14.1. Introduction
14.2. Australia
14.3. China
14.4. India
14.5. Indonesia
14.6. Japan
14.7. Malaysia
14.8. New Zealand
14.9. Philippines
14.10. Singapore
14.11. South Korea
14.12. Taiwan
14.13. Thailand
14.14. Vietnam

15. Europe, Middle East & Africa Geothermal Power & Heat Pump Market

15.1. Introduction
15.2. Denmark
15.3. Egypt
15.4. Finland
15.5. France
15.6. Germany
15.7. Iceland
15.8. Israel
15.9. Italy
15.10. Kenya
15.11. Netherlands
15.12. Nigeria
15.13. Norway
15.14. Poland
15.15. Qatar
15.16. Russia
15.17. Saudi Arabia
15.18. South Africa
15.19. Spain
15.20. Sweden
15.21. Switzerland
15.22. Turkey
15.23. United Arab Emirates
15.24. United Kingdom

16. Competitive Landscape

16.1. Market Share Analysis, 2023
16.2. FPNV Positioning Matrix, 2023
16.3. Competitive Scenario Analysis
- 16.3.1. Brightcore Energy Initiates Geothermal Project at Bard College
- 16.3.2. Rendesco's Strategic Development of GBP 150 Million Pipeline for Ground-Source Heat Pump Rollout in the United Kingdom Housing
- 16.3.3. Daikin Air Conditioning UK Enhances Service Network Through Strategic Acquisition
- 16.3.4. Innovative Hybrid Energy System in South Korea Enhances Greenhouse Efficiency
- 16.3.5. Strategic Partnership Enhances Renewable Energy Access Through Solar and Geothermal Integration
- 16.3.6. Significant Advancement in UK's Renewable Energy Sector Through Major Ground Source Heat Pump Investment
- 16.3.7. Innovative Advancements in Heat Pump Technology and Cooling Solutions for Mission-Critical Environments
- 16.3.8. EHP Technology Company Unveils Innovative Geothermal Heating Solution
- 16.3.9. HANZA and Thermia Partnered on Geothermal Solutions
- 16.3.10. Strategic Alliance to Enhance Geothermal Energy and Storage Solutions
- 16.3.11. Equium's Innovative Thermo-Acoustic Heat Pump Core, a Leap in Heat Efficiency
16.4. Strategy Analysis & Recommendation
- 16.4.1. Baker Hughes Company
- 16.4.2. Carrier Corporation
- 16.4.3. ClimateMaster, Inc.
- 16.4.4. Kensa Group Ltd
- 16.4.5. LG Electronics Inc.

17. Competitive Portfolio

17.1. Key Company Profiles
17.2. Key Product Portfolio