U.S. Geothermal Heat Pump Market Analysis

U.S. Geothermal Heat Pump Market Analysis

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Based on product, the closed loop geothermal heat pump market is anticipated to cross over USD 940 million by 2032. Advancements in technology have led to improvements in efficiency, durability, and stability, making them more attractive for variety of applications. The continuous technology boundaries push will enhancement the system performance and accessibility, thereby driving the product adoption.

Based on application, the commercial geothermal heat pump industry will grow at a CAGR of over 4.5% through 2032. Government and respective authorities have also introduced favorable schemes for the adoption of ground source heat pumps including tax benefits, incentive schemes and grants further augmenting the product deployment.

East North Central region in the U.S. is anticipated to exceed over USD 236 million by 2032. West South-Central region witnessed substantial growth owing to the increasing demand for space heating & cooling by states including Illinois, Indiana, Michigan, Ohio, and Wisconsin. In addition, favorable government policies to curb down the carbon emissions & lowering the residential energy costs is anticipated to complement the industry potential.

The U.S. geothermal heat pump industry is consolidated around a positive regulatory regime supported by a multitude of fiscal support schemes and policies. For instance, the country has introduced the Renewable Energy and Efficiency Act with an aim to build a clean energy future by establishing a national target of 25% renewable energy and 15% energy efficiency standard by 2025.