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Geothermal Heat Pump Market Size

Report ID: GMI370
Published Date: May 2023
Report Format: PDF

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Geothermal Heat Pump Market Size

Geothermal Heat Pump Market was valued at USD 4.3 billion in 2023 and is estimated to observe 4.4% CAGR from 2024 to 2032.

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Rising environmental concerns and government initiatives in the construction industry to limit the carbon emissions are the prime factors influencing the product deployment worldwide. In addition, the government's regulation of energy-efficient practises to lessen carbon footprints worldwide will also improve the prospects for the sector. The aforementioned factors are therefore expected to accelerate industry growth in the upcoming years.

Geothermal Heat Pump Market Report Attributes
Report Attribute	Details
Base Year:	2023
Geothermal Heat Pump Market Size in 2023:	USD 4.3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4.4%
2032 Value Projection:	USD 6.2 Billion
Historical Data for:	2019 to 2023
No. of Pages:	350
Tables, Charts & Figures:	443
Segments covered:	Product & Application
Growth Drivers:	North America Increasing demand for energy-efficient systems Favorable measures to reduce carbon footprints. Europe Surging demand for space heating Strict framework for green energy building Asia Pacific Rapid urbanization and commercialization Positive outlook toward renewable energy
Pitfalls & Challenges:	High upfront cost

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The global geothermal heat pump market scenario will be boosted by growing concerns catering energy security and environmental sustainability along with changing trends for infrastructure based on the bioeconomy. The prognosis for the industry will also be influenced by favourable government policies and protocols that aim to reduce carbon emissions. The global ductless heat pump industry is poised to surpass USD 21 Billion by 2032.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size of geothermal heat pump crossed USD 4.3 billion in 2023 and is predicted to be worth more than USD 6.2 billion by 2032, due to growing environmental concerns and an increased emphasis on limiting carbon emissions from the construction sector..

The overall industry share from the closed loop segment is expected to expand at 4.3% CAGR from 2024 to 2032, credited to the high efficiency, low energy consumption, and low operating & maintenance costs associated with closed loop heat pumps.

North America geothermal heat pump sector is anticipated to reach more than USD 3.6 billion by 2032 due to an accelerating shift from fossil fuel-based heating products toward eco-friendly and sustainable heating technologies.

Prominent companies in the geothermal heat pump industry are Weishaupt Group, Viessmann, Trane, STIEBEL ELTRON GmbH & Co. KG, Vaillant Group, Danfoss, Mitsubishi Materials Techno Co., Modine Manufacturing Company, NIBE Energy Systems Ltd, Daikin, Carrier, Bard HVAC, Bryant Heating & Cooling Systems, OCHSNER, and others.