Geothermal Heat Pump Market Report: Trends, Forecast and Competitive Analysis to 2030

Geothermal Heat Pump Trends and Forecast

The future of the global geothermal heat pump market looks promising with opportunities in the residential, commercial, and industrial markets. The global geothermal heat pump market is expected to reach an estimated $16.2 billion by 2030 with a CAGR of 5.4% from 2024 to 2030. The major drivers for this market are increasing demand for reliable, cost-effective, and energy-efficient solutions, rising public awareness of climate change and greenhouse gas emissions, as well as, growing demand for renewable energy sources and strong government backing in the form of financial rewards, subsidies, and other incentives.

A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.

Geothermal Heat Pump by Segment

The study includes a forecast for the global geothermal heat pump by type, application, and region.

Geothermal Heat Pump Market by Type [Shipment Analysis by Value from 2018 to 2030]:

• Closed Loop
• Open Loop

Geothermal Heat Pump Market by Application [Shipment Analysis by Value from 2018 to 2030]:

• Residential
• Commercial
• Industrial
• Others

Geothermal Heat Pump Market by Region [Shipment Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Geothermal Heat Pump Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies geothermal heat pump companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the geothermal heat pump companies profiled in this report include-

• Stiebel Eltron
• Ingersoll Rand
• Vaillant
• Viessmann
• Glen Dimplex
• Daikin
• NIBE
• Carrier
• ClimateMaster
• Bard HVAC

Geothermal Heat Pump Market Insights

Lucintel forecasts that closed loop will remain the larger segment over the forecast period due to its excellent efficiency, minimal maintenance costs, and long life.

APAC will remain the largest region over the forecast period because it is gaining momentum in the economy and quick industrial and commercialization.

Features of the Global Geothermal Heat Pump Market

Market Size Estimates: Geothermal heat pump market size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Geothermal heat pump market size by type, application, and region in terms of value ($B).

Regional Analysis: Geothermal heat pump market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different type, application, and regions for the geothermal heat pump market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the geothermal heat pump market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q1. What is the geothermal heat pump market size?

Answer: The global geothermal heat pump market is expected to reach an estimated $16.2 billion by 2030.

Q2. What is the growth forecast for geothermal heat pump market?

Answer: The global geothermal heat pump market is expected to grow with a CAGR of 5.4% from 2024 to 2030.

Q3. What are the major drivers influencing the growth of the geothermal heat pump market?

Answer: The major drivers for this market are increasing demand for reliable, cost-effective, and energy-efficient solutions, rising public awareness of climate change and greenhouse gas emissions, as well as, growing demand for renewable energy sources and strong government backing in the form of financial rewards, subsidies, and other incentives.

Q4. What are the major segments for geothermal heat pump market?

Answer: The future of the global geothermal heat pump market looks promising with opportunities in the residential, commercial, and industrial markets.

Q5. Who are the key geothermal heat pump market companies?

Answer: Some of the key geothermal heat pump companies are as follows:

• Stiebel Eltron
• Ingersoll Rand
• Vaillant
• Viessmann
• Glen Dimplex
• Daikin
• NIBE
• Carrier
• ClimateMaster
• Bard HVAC

Q6. Which geothermal heat pump market segment will be the largest in future?

Answer: Lucintel forecasts that closed loop will remain the larger segment over the forecast period due to its excellent efficiency, minimal maintenance costs, and long life.

Q7. In geothermal heat pump market, which region is expected to be the largest in next 5 years?

Answer: APAC will remain the largest region over the forecast period because it is gaining momentum in the economy and quick industrial and commercialization.

Q.8 Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the geothermal heat pump market by type (closed loop and open loop), application (residential, commercial, industrial, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?