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Europe Closed Loop Geothermal Heat Pump Market Size
Europe Closed Loop Geothermal Heat Pump Market was valued at USD 800 million in 2023 and is likely to register around 5.1% CAGR from 2024 to 2032. Rising energy efficiency standards along with favourable government incentives & policy towards heat pump adoption is fuelling the market growth. With the EU pushing for higher energy efficiency standards in residential and commercial buildings, closed-loop geothermal heat pumps offer a sustainable solution. These systems provide consistent energy savings and meet stringent environmental regulations, making them popular in both new construction and retrofits.
Geothermal or ground source heat pumps transfer heat between buildings and the ground for heating and cooling. The industry is growing due to energy security concerns, new product launches, environmental awareness, and bioeconomy advancements. In February 2024, Kensa Heat Pumps launched compact heat pumps five times more efficient than gas boilers. Government policies supporting carbon reduction further boost the industry's prospects.
How does the vertical closed-loop geothermal heat pump segment contribute to market growth?
The vertical closed-loop geothermal heat pump industry is expected to exceed USD 900 million by 2032. These systems are gaining popularity due to their space-efficient installation and suitability for areas with limited land availability, boosting their adoption.
What is the projected market size of the Europe closed-loop geothermal heat pump market?
The market size of Europe closed-loop geothermal heat pump will cross USD 800 million by 2032 and is growing at a CAGR of 5.1% from 2024 to 2032, driven by rising energy efficiency standards, favorable government incentives, and policies promoting the adoption of heat pumps.
What is the growth outlook for residential applications of geothermal heat pumps in Europe?
The residential segment is set to grow at a CAGR of over 5.5% through 2032. The rising demand for renovating traditional heating and cooling systems is driving growth, especially in the integration of geothermal systems with existing HVAC setups.
How is Germany shaping the closed-loop geothermal heat pump market?
The Germany market for closed-loop geothermal heat pump will surpass USD 300 million by 2032. The government
Which are the key market players in the Europe closed-loop geothermal heat pump industry?
Some of the key players include Bard, Carrier, Daikin, De Dietrich, Ecoforest, Kensa Heat Pump, Mitsubishi Electric, Modine, NIBE, Ochsner, Oilon, Trane, Thermia Heat Pumps, and Viessmann.