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Closed Loop Geothermal Heat Pump Market Trends

Report ID: GMI8401
Published Date: Mar 2024
Report Format: PDF

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Closed Loop Geothermal Heat Pump Market Trends

The rising adoption of heat pumps leveraging stable ground or water temperatures for building heating and cooling is driving market expansion. This energy-efficient and eco-friendly alternative to conventional systems is propelled by mounting environmental concerns and the imperative to curb carbon emissions, shaping the industry's trajectory positively. Increasing advancements in technology and growing concerns about energy efficiency are contributing to the rising adoption of closed-loop geothermal heat pump systems in both residential and commercial applications.

The significant rise in incentives and rebates provided by governments and utility companies is another key factor influencing product adoption, driving its uptake exponentially.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

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.