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Closed Loop Geothermal Heat Pump Market was valued at USD 3 billion in 2023 and is estimated to grow at over 4.3% CAGR between 2024 and 2032. Increasing environmental awareness and governmental efforts within the construction sector to curb carbon emissions are key drivers shaping product adoption worldwide. Additionally, global initiatives aimed at regulating energy-efficient practices to reduce carbon footprints will further bolster the business outlook.
The geothermal/ground source heat pump is an electric device utilized in central heating or cooling systems, transferring heat to or from the ground. The global geothermal heat pump industry is poised for growth due to increasing concerns regarding energy security and environmental sustainability, as well as evolving technological advancements aligned with the bioeconomy. Additionally, the industry's outlook will also be shaped by supportive government policies and protocols aimed at minimizing carbon emissions across the globe.
The market size of closed loop geothermal heat pump was reached USD 3 billion in 2023 and is expected to register over 4.3% CAGR from 2024 to 2032, owing to the increasing environmental awareness and governmental efforts within the construction sector to curb carbon emissions worldwide.
Closed loop geothermal heat pump industry from the residential segment will observe gains at nearly 4.5% up to 2032, due to increasing demand for renovating and restoring traditional heating and cooling systems.
North America closed loop geothermal heat pump industry surpassed USD 2.4 billion in 2023 and is expected to register a commendable CAGR from 2024 to 2032, due to the rising demand for eco-friendly and sustainable space heating equipment in the region.
Bard HVAC, Carrier, Daikin, Dandelion, De Dietrich, Ecoforest, Kensa Heat Pumps, Mitsubishi Electric Corporation, MODINE MANUFACTURING COMPANY, NIBE Energy Systems Ltd, and Nortek Global HVAC, are some of the major closed loop geothermal heat pump companies worldwide.