Geothermal Heat Pump Market size in the U.S. worth over $3bn by 2028

Published Date: April 22, 2022

U.S. Geothermal Heat Pump Market size is set to surpass USD 3 billion by 2028, according to a new research report by Global Market Insights Inc.

The market growth is attributed to the rising demand for energy-efficient systems along with the product’s cost-effectiveness. Increasing public & private investments in renewable energy sources to boost green building infrastructures along with the introduction of energy efficiency guidelines to reduce greenhouse gas emissions will complement the business dynamics.

The impact of COVID-19 has drastically hit the region as the economy witnessed delays in operations owing to labor shortages, ceased facilities, and processes along with disruptions in distribution networks. Despite the COVID-19 impact, the construction, operation & maintenance of renewable infrastructures were actively followed with no exclusions by the governments on the construction of renewable energy projects. However, some projects have witnessed slight delays, which could be commissioned during the forecast timeframe as respective governments have uplifted restrictions on global movement. This factor will positively influence the industry progression.

Growing space heating & cooling demand in conjunction with rising sustainable energy integration will drive the open loop segment growth

The open-loop segment in the U.S. geothermal heat pump market is poised to register significant growth due to the ongoing technological advancements coupled with increasing awareness of renewable sources of energy. High shelf-life along with minimal system maintenance will enhance the market dynamics. Furthermore, favorable government tax incentives along with reliable after-sales service from key manufacturers will add growth opportunities to the business landscape.

Browse key industry insights spread across 170 pages with 237 market data tables & 33 figures & charts from the report, “U.S. Geothermal Heat Pump Market Size, By Product (Open Loop, Closed Loop {Vertical, Horizontal}, Pond Loop), By Application (Residential, Commercial {Government Centers, Office Buildings, Educational Institutes, Healthcare, 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/us-geothermal-heat-pump-market

Rising infrastructure development coupled with growing concerns to reduce carbon emissions will sway the commercial scale GHP industry trends

The residential geothermal heat pump market is projected to attain a 4% growth rate through 2028. Energy efficiency coupled with rising product demand for space heating & cooling will propel the industrial potential.  Moreover, the availability of free space coupled with favorable tax incentives in residential applications will foster the industry scenario. Extensive product applicability coupled with government investments to install heat pumps in residential apartments & multi-story buildings to promote the use of clean energy sources for space heating & cooling will augment the industry growth.

Strong consumer base along with an increasing number of immigrants in the U.S. will spur the GHP market progression

Growing investments in economic development along with the rising number of immigrants across the West North Central region will increase the U.S. geothermal heat pump market demand. Escalating public and private fundings to develop energy-efficient systems along with stringent targets to incorporate green energy across the renewable mix will accelerate the market expansion. In addition, the shifting focus toward reducing dependency on conventional fuel energy together with the upgrading consumer lifestyles to install smart energy-efficient systems will complement the industry landscape.

Eminent players operating across the U.S. geothermal heat pump market include Viessmann, Weishaupt Group, Trane, Vaillant, STIEBEL ELTRON GmbH & Co., KG, GLEN DIMPLEX GROUP, Danfoss, Mitsubishi Materials Techno Co., Modine Manufacturing Company, Daikin, Carrier, Bard HVAC, NIBE Industrier AB, OCHSNER, CLIMATEMASTER Inc., Bosch Thermotechnology Corp., Bryant Heating & Cooling Systems., Nortek Global HVAC, WaterFurnace International Inc, and De Dietric.