The global geothermal heat pump (GHP) market is estimated to grow at a CAGR of more than 3.5% during the forecast period. Increasing demand for renewable energy technologies, rising industrialization across the globe, and increasing focus on energy efficiency protocols are the major factors leading the demand for GHP systems. The GHP is a highly efficient renewable energy technology which is gaining significance in both commercial and residential buildings. These pumps are used for space cooling and heating, as well as water heating. The advantages of GHPs are they concentrate naturally available heat, instead of producing heat through fossil fuel combustion.
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As per the National Renewable Energy Laboratory (NREL), the US government invests nearly $8 billion annually on its energy requirement. To minimize the use of energy in Federal buildings, in June 1999, President Bill Clinton issued Executive Order 13123, which aims the reduction of 35% in Federal energy use from 1985 levels by 2010. As a result, the demand for GHPs has significantly increased in federal buildings to accomplish the energy savings goal of up to 40%. Nearly a dozen federal agencies including the Bureau of Indian Affairs, Veteran’s Administration, the Department of Defense (DOD), US Postal Service, Housing and Urban Development, and Environmental Protection Agency (EPA), have installed GHP systems in some of their buildings.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
GHP Market Segmentation
By Type
- Closed-Loop Systems
- Open-Loop Systems
- Hybrid Systems
By Application
- Residential
- Commercial
- Industrial
GHP Market – Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
The Report Covers
- Market value data analysis of 2018 and forecast to 2025.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global GHP market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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