Geothermal Heat Pump Market size worth over $5bn by 2028

Geothermal Heat Pump Market size is set to surpass USD 5 billion by 2028, as reported in the latest study by Global Market Insights Inc.
 

The market growth is anticipated to observe substantial growth owing to the increasing energy efficient systems demand along with the measures to minimize the carbon footprints. The geothermal heat pump is an electrical component that transfers heat in centralized cooling or heating systems to or from the ground. Moreover, surging funding for renewable energy sources to yield green building infrastructure combined with introduction of energy efficiency regulations aiming to reduce greenhouse gas emission which will complement the business dynamics.
 

Despite the COVID-19 impact, the construction, operation & maintenance of renewable infrastructure were active followed by no exclusions by the governments on the construction of renewable energy projects. However, some projects have witnessed slight delay which can be commissioned in the upcoming years.
 

Growing sustainable energy integration along with surging space heating demand will drive the open loop segment expansion

Open loop geothermal heat pump market is predicted to grow significantly propelled by the ongoing technological advancements to install high efficiency products coupled with low installation and operation costs. Government events to endorse the implementation of green technologies with minimal energy consumption along with rigorous norms affecting to GHG emissions will further expand the market outlook.

Browse key industry insights spread across 250 pages with 387 market data tables & 41 figures & charts from the report, “Geothermal Heat Pump Market Size, By Product (Open Loop, Closed Loop {Vertical, Horizontal}, Pond Loop), By Application (Residential, Commercial {Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/geothermal-heat-pump-market
 

Rising infrastructure development coupled with growing concern to reduce the carbon emissions will stimulate the commercial application segment growth

Commercial based geothermal heat pump market is projected to register 4% growth rate through 2028. Wide applicability of heat pumps across hospitality, retail, healthcare, logistics & transportation, offices, and education sectors will complement the product demand. Introduction of federal standards and codes towards green building infrastructure to reduce the carbon emissions by encouraging the renewable technologies will continue to entail the unit deployment. In May 2021, the government of Germany announced new strategy to reduce the rate of carbon emissions, by achieving the target of reaching net zero emissions by 2045, instead of 2050. Stringent regulatory norms to cater ongoing GHG emission along with deployment of sustainable generation sources will foster the market value.
 

Growing inclination towards energy-efficient systems along with ongoing commercialization will accelerate the geothermal heat pump market progression

Rising funding towards growing economical development coupled with upgrading lifestyle of the customers will augment the industry scenario. Reducing the dependency on fossil fuel energy coupled with energy efficiency regulations and protocols will further enhance the business landscape. Rising public and private fundings along with strict targets to integrate green energy across the renewable mix will thrust the industry demand.
 

Eminent companies operating in the market include Danfoss, GLEN DIMPLEX GROUP, Trane, Viessmann, Weishaupt Group, Vaillant, STIEBEL ELTRON GmbH & Co. KG, Daikin, Green Planet Supply Technologies, CLIMATEMASTER, Inc, OCHSNER, Mitsubishi Materials Techno Co., Bard HVAC, FINN GEOTHERM UK Limited, Kensa Heat Pumps, NIBE Industrier AB, WaterFurnace International Inc., Carrier, WOLF GmbH, Bryant Heating & Cooling Systems, De Dietrich, Modine Manufacturing Company, Nortek Global HVAC, and Bosch Thermotechnology Corp.