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Europe Geothermal Heat Pump Market Trends

Report ID: GMI5851
Published Date: Nov 2024
Report Format: PDF

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Europe Geothermal Heat Pump Market Trends

The growing focus on research and development for product innovation, along with the introduction of advanced systems, is expected to drive increased demand. The growing focus on decarbonization and the implementation of stringent EU regulations aimed at reducing carbon emissions, which is prompting both residential and commercial sectors to adopt geothermal systems. Continued innovation, coupled with the rising demand for energy-efficient GHP systems in residential applications, is set to further stimulate market growth. In addition, the growing demand for HVAC systems, driven by rapid urbanization and the increasing development of residential buildings, coupled with rising investments in technological advancements, is expected to drive industry growth.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The European geothermal heat pump market was valued at USD 1 billion in 2024 and is projected to grow at a 4.9% CAGR from 2025 to 2034, driven by the increasing adoption of clean energy solutions in residential and commercial sectors.

The closed-loop geothermal heat pump market is expected to surpass USD 1.3 billion by 2034, fueled by the rising demand for efficient space heating and cooling solutions.

Germany's geothermal heat pump industry is anticipated to exceed USD 550 million by 2034, driven by efforts to reduce greenhouse gas emissions and the demand for low-carbon energy systems.

Key companies in the European geothermal heat pump market include Bosch Thermotechnology, Carrier, CeraPhi, Daikin, Danfoss, De Dietrich, Finn Geotherm, Kensa Heat Pumps, Mitsubishi Materials Techno, Modine Manufacturing, Nibe Group, and Nortek Global HVAC.