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Commercial Geothermal Heat Pump Market Trends

Report ID: GMI7910
Published Date: Jan 2024
Report Format: PDF

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Commercial Geothermal Heat Pump Market Trends

Availability of financial incentive policies, tax credits, and low interest loan programs promoting the adoption of energy-efficient and low-carbon heating systems will shape the market dynamics. Moreover, positive outlook for building automation systems, allowing for better control, monitoring, and optimization of heating & cooling processes coupled with the rising investments towards construction of new commercial building establishments will favor boost the industry dynamics.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of commercial geothermal heat pump was reached USD 2.9 billion in 2023 and is projected to record 4.1% CAGR through 2032, driven by a shift towards the decarbonization of heating and cooling systems in building infrastructures and stringent building emission standards & norms.

The healthcare segment is expected to witness a growth of above 4% through 2032, driven by the construction of newly developed government buildings coupled with consistent demand for temperature control in healthcare facilities.

North America commercial geothermal heat pump industry surpassed USD 1.8 billion in 2023 and is set to register significant growth over the coming years, propelled by the increasing awareness of sustainable and energy-efficient heating & cooling solutions across commercial establishments.

Bosch Thermotecghnology, Carrier, Enertech Global, LLC, Finn Geotherm UK Limited, Guangdong Shunde O.S.B. Environmental Technology Co., Ltd., Guangzhou SPRSUN New Energy Technology Development Co., Ltd., Kensa Heat Pumps, Mastertherm, Mitsubishi Electric Corporation, Nordic Heat Pumps are some of the major industry contenders.