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Europe Closed Loop Geothermal Heat Pump Market Trends

Report ID: GMI11489
Published Date: Sep 2024
Report Format: PDF

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Europe Closed Loop Geothermal Heat Pump Market Trends

Advances in geothermal drilling and installation techniques are lowering the upfront costs of closed-loop systems. This, combined with long-term energy savings and the increasing availability of financing options, is making the technology more affordable to a broader market segment. In addition, the product offers near-zero emissions and a highly efficient energy solution and with increased awareness of climate change and environmental sustainability, the European consumers and businesses are leaning toward cleaner alternatives like geothermal systems.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

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.

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.

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.

The Germany market for closed-loop geothermal heat pump will surpass USD 300 million by 2032. The government’s policies, such as the acceleration of geothermal plant expansion and easing of approval procedures, are promoting the adoption of large heat pumps and heat storage facilities.

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.