Geothermal Heat Pump Market Analysis

Geothermal Heat Pump Market Analysis

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Closed loop geothermal heat pump market is anticipated to observe a growth rate of 4% between 2023 and 2032. Major factors boosting the geothermal heat pump deployment includes high efficiency, low energy consumption, and low operating & maintenance costs. The system uses antifreeze to transport ground warmth to the heat pump through a subterranean pipeline to generate heat. Key businesses are concentrating on plant integration to close the gap between the supply and demand for these products along with various government funded schemes & manufacturer incentive plans.

For instance, in summer 2021, Vermont introduced a growth incentive for the geothermal or ground source heat pump industry market since it will be vital to achieving decarbonization targets. Incentives for homeowners can encourage the use of the product in order to reduce greenhouse gas emissions, thereby benefitting the business scenario by 2032.

Structural renewal of households and mounting demand for HVAC systems will boost the industry growth. Growing demand for renovating and restoring traditional heating & cooling systems, commercial application is anticipated to occupy a prominent position across the application sector. Product usage will witness an increasing espousal trend led by its ability to seamlessly interface with HVAC systems in both existing and newly constructed government buildings. In addition, increasing funding for product renovation will hasten the business environment. Product innovation coupled with surging demand for energy efficient GHP systems for residential application will further augment the market growth.
 

The North America geothermal heat pump market is expected to attain 3.5% gains through 2032. Rising demand for space heating equipment’s which are eco-friendly and sustainable when compared to their alternatives including fossil fuel-based heating products specially in the U.S. geothermal heat pump sector will complement the industry scenario. However, the Canadian GHP market will witness a significant growth in upcoming years owing to high requirement for new building construction sector.

 The rising demand for reliable, and high-quality infrastructure in Canada owing to high standard of living will further sway the product requirement in both residential & commercial application segment. These parameters, along with favorable standards to encourage the establishment of net zero-emission buildings, will encourage the use of GHPs across the country.

Europe heat pump market is estimated to amass USD 1.5 billion by 2032. The rising funding towards building infrastructure along with migration of people towards from remote to urban area and strong economic growth. In addition, mounting efforts to reduce the dependency of fossil fuel energy resources along with rapidly developing residential infrastructure will further complement the regional business landscape. In Europe, Germany heat pump industry is likely to cross USD 2 billion by 2030.