Geothermal heat pump use is anticipated to soar between 2021 and 2031 at an astounding CAGR of 13.1%. According to a recent market study by Fact.MR, the market for geothermal heat pumps was valued at US$ 115.74 billion in 2020 and is expected to grow to US$ 505.5 billion by the end of 2031.
Sales of geothermal heat pumps are being driven by the trend towards renewable energy generation, which has gained significant momentum in light of the rising energy demand and deteriorating weather conditions. Geothermal energy systems will be installed in more homes and businesses, which will support market growth. It is also anticipated that favourable government actions to increase the use of renewable energy and encourage the deployment of renewable energy generating will benefit the shipments of geothermal heat pumps through 2031.
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Key geothermal heat pump manufacturers are focusing on increasing awareness regarding renewable energy sources through several initiatives that will help them push their sales of geothermal heat pumps. Geothermal heat pump suppliers are also investing in mergers and collaborations to further advance their product portfolios and bolster business operations.
- In January 2022, Vattenfall a Swedish multinational power organization, in partnership with Feenstra, a Dutch heating technology firm, announced that they will be launching their first electric heat pumps in the Netherlands by the end of the year and later on foray into the U.K. market.
Key Takeaways from Market Study
- The geothermal heat pumps market in 2020 held a net value of US$ 115.74 Bn.
- Sales of geothermal heat pumps are projected to rise at an astronomical CAGR of 13.1% from 2021 to 2031.
- In 2031, shipments of geothermal heat pumps are expected to amount to a revenue of US$ 505.5 Bn.
- The closed loop technology segment is projected to account for around 88% of the global geothermal heat pumps market share by the end of 2031.
- Rising popularity of renewable energy generation, government subsidies for installation, and increasing focus on sustainability are some of the major trends that will influence the sales of geothermal heat pumps over the coming years.
- Europe is anticipated to account for a dominant market share of over 59% in the global geothermal heat pumps industry.
Winning Strategy
Geothermal heat pump manufacturers are investing in the research and development of pumps with new and advanced technologies that are more efficient, as demand for these pumps is increasing on a global scale. Geothermal heat pump suppliers are adopting various strategies to boost their sales across all direct and indirect sales platforms.
Rising encouragement from governments to adopt and deploy renewable energy systems is expected to aid geothermal heat pumps market players to boost their sales and revenue generation potential across the forecast period.
Industry Research
- Geothermal Heat Pumps Market by Technology:
- Open Loop Systems
- Closed Loop Systems
- Vertical Loops
- Horizontal Loops
- Pond/Lake Systems
- Geothermal Heat Pumps Market by End User:
- Geothermal Heat Pumps for Residential Use
- New Building Systems
- Retrofit Systems
- Geothermal Heat Pumps for Commercial Use
- New Building Systems
- Retrofit Systems
- Geothermal Heat Pumps for Residential Use
- Geothermal Heat Pumps Market by Region:
- North America Geothermal Heat Pumps Market
- Latin America Geothermal Heat Pumps Market
- Europe Geothermal Heat Pumps Market
- East Asia Geothermal Heat Pumps Market
- South Asia & Oceania Geothermal Heat Pumps Market
- MEA Geothermal Heat Pumps Market
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global geothermal heat pumps market, presenting historical demand data (2017-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of technology (open loop systems, closed loop systems) and end user (residential, commercial), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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