Geothermal Heat Pumps Market
Geothermal Heat Pumps Market Analysis by Technology (Open Loop Systems, Closed Loop Systems), by End User (Residential, Commercial), by Region - Global Forecast 2021 to 2031
Analysis of Geothermal Heat Pumps market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Geothermal Heat Pumps Market Outlook (2021 to 2031)
Worldwide shipments of geothermal heat pumps accounted for a value of US$ 115.74 Billion in 2020, and this market valuation is expected to surge to US$ 505.5 Billion by the end of 2031.
Global geothermal heat pump consumption is projected to increase at a stellar CAGR of 13.1% over the decade.
Rising focus on renewable energy and increasing popularity of geothermal systems are expected to boost the sales of dual-source heat pumps over the years to come.
| Report Attributes | Details |
|---|---|
| Market Size in 2020 | US$ 115.74 Billion |
| Projected Year Value (2031F) | US$ 505.5 Billion |
| Global Market Growth Rate (2021 to 2031) | 13.1% CAGR |
| Market Share of Closed Loop Systems | 88% |
| Key Companies Profiled | GeoMaster LLC; WaterFurnace International; Danfoss Heat Pumps U.K.; Florida Heat Pump Manufacturing; Kensa Heat Pumps Ltd. |
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Demand Analysis of Geothermal Heat Pumps (2017 to 2020) in Comparison to Market Forecasts (2021 to 2031)
The population of the world has increased substantially, and this has subsequently driven demand for renewable energy generation as the current energy generation infrastructure isn’t equipped to fulfil this increasing need.
Increasing demand for renewable and sustainable substitutes for energy generation is expected to majorly fuel demand for ground-source heat pumps. Rising consumer awareness for clean energy and supportive government initiatives to encourage the adoption of renewable energy sources are expected to prominently drive the shipments of geothermal heat pumps over the coming years.
Rising use of ground-source heat pumps in residential settings for space heating and hot water generation will also boost market potential in the future.
On the flip side, high initial costs for the installation of geothermal heat pumps are expected to have a constraining effect on overall GHP market growth through 2031.
Overall, sales of geothermal heat pumps are anticipated to progress at an astounding CAGR of 13.1% from 2021 to 2031.
Will Increasing Demand for Clean Energy Impact Geothermal Heat Pumps Market Growth?
“Rising Popularity of Geothermal Energy Generation to Boost Market Potential”
Increasing prices of crude oil and depleting reserves fossil fuels have advanced the need for electricity, as it is being seen as the major energy to drive world growth in the future. Generation of electricity by conventional means causes a lot of pollution, and in this era of sustainability, it is not desirable by governments as well as consumers.
Hence, renewable energy has emerged as a popular alternative and has seen a robust increase in popularity in a short period of time. While solar and wind energy generation lead the market, increasing awareness is driving the popularity of geothermal energy generation as well.
This is giving rise to the demand for products such as water-source heat pumps, earth-coupled pumps, and ground-source heat pumps.
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What Could Hamper Geothermal Heat Pump Shipments?
“High Initial Costs of Installation to Restrain GHP Sales Growth”
Consumption of geothermal heat pumps is anticipated to rise at an impressive pace over the coming years but the sales will be restricted by the high costs of installation of GHPs. This factor will slow down the adoption of geothermal heat pumps in economies with low spending potential.
Other factors such as low consumer confidence and less developed technology are also expected to have a restraining effect on overall geothermal heat pump demand growth.
Which Regional Markets Should Geothermal Heat Pump Manufacturers Focus On?
“Europe to Lead Sales of Geothermal Heat Pumps through 2031”
Europe is anticipated to be the most lucrative region for geothermal heat pump providers over the coming years. The geothermal heat pumps market in Europe will majorly be driven by the high adoption of geothermal energy systems and increasing awareness of renewable energy generation.
Governments of countries such as Germany, the U.K., and France in this region are providing subsidies and encouraging the adoption of GHPs to attain zero carbon footprint. The market in Europe will hold a dominant share of 59.2% in the global geothermal heat pumps industry landscape by the end of 2031. Sales of water-source heat pumps and dual-source heat pumps are expected to have a bright outlook in this region.
Rising focus on sustainability and increasing demand for electricity is expected to boost use of geothermal heat pumps in the regions of South Asia and East Asia as well. Increasing urbanization and industrialization are prominent trends that will drive the adoption of geothermal energy generation systems in these regions.
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Country-wise Insights
How Will Sales of Geothermal Heat Pumps Play Out in the U.K?
“Supportive Government Initiatives to Boost Geothermal Heat Pump Demand”
The U.K. has seen a substantial rise in focus on sustainable energy and this trend is expected to favor the geothermal heat pumps market potential as well.
Government initiatives are promoting companies and consumers to adopt geothermal energy generation and this will positively impact sales of products such as earth-coupled pumps and ground-source heat pumps in the nation.
- For instance, in March 2022, the Green Heat Network Fund of around US$ 311 Mn opened for businesses and citizens in England to promote the next generation of clean heating projects. Under this scheme, businesses and households can bid for their projects and get them funded by the government, if approved.
Category-wise Insights
Which Technology Will Hold a Dominant Outlook?
“Closed Loop Technology to Account for Major Market Share”
Closed loop geothermal heat pumps are expected to account for a dominant market share over the forecast period. This can be attributed to the low cost of installation of this technology as compared to open loop technology.
The closed loop systems segment is anticipated to account for a market share of around 88% by the end of 2031.
Which End User Will Lead Consumption of GHPs?
“Residential Sector Exhibits Bright Outlook for Market Players”
Adoption of geothermal energy systems in buildings has increased in the past few years owing to rising awareness about their benefits for the general HVAC systems of the infrastructure. While the use of geothermal heat pumps is high in commercial applications, the residential segment leads the market growth and is expected to maintain this stance through 2031.
Increasing use of geothermal heat pumps for space heating and hot water generation in residential applications is expected to bolster the growth of the residential segment. This segment held a market share of 58.07% in 2020 in the global geothermal heat pumps marketplace.
How Did the Geothermal Heat Pumps Market Perform in 2020?
The pandemic of 2020 resulted in a negative growth trend for the geothermal heat pumps market. As coronavirus infections spread across the world and created a pandemic situation, lockdowns were imposed to curb the spread of these infections. Lockdown restrictions hampered manufacturing and sales activities as the whole demand and supply chains were disrupted.
Lack of skilled workforce, closed manufacturing facilities, and supply shortage of raw materials were other factors that dented geothermal heat pump consumption in 2020. Sales of earth-coupled pumps and dual-source heat pumps also witnessed a downward trend.
Shipments of geothermal heat pumps are expected to see high increase in the post-pandemic era as restrictions are lifted across the world. Increasing focus on clean energy and rising demand from the growing population will majorly propel GHP sales in the post-pandemic era through 2031.
Competitive Landscape:
Key geothermal heat pumps market players are focusing on expanding the scope of their offerings in order to increase their market presence on a global scale.
Geothermal heat pump suppliers are adopting various strategies to boost the expansion of their sales and services.
- In March 2021, Dandelion Energy, a renowned residential geothermal organization based in the United States, announced that it would now be providing its services to the complete state of Connecticut along with the signing of a lease for a 21,000 square foot facility to manage its operations in this region.
Key Segments Covered in Industry Research
-
By Technology:
- Open Loop Systems
- Closed Loop Systems
- Vertical Loops
- Horizontal Loops
- Pond/Lake Systems
-
By End User:
- Residential Use
- New Building Systems
- Retrofit Systems
- Commercial Use
- New Building Systems
- Retrofit Systems
- Residential Use
-
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA Geothermal
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Key Market Trends
- 4. Key Success Factors
- 5. Market Background
- 6. Global Market Volume (Units) Analysis 2017 to 2020 and Forecast, 2021 to 2031
- 7. Global Market - Pricing Analysis
- 8. Global Market Value Analysis 2017 to 2020 and Forecast, 2021 to 2031
- 9. Global Market Analysis 2017 to 2020 and Forecast 2021 to 2031, by Technology
- 9.1. Open Loop Systems
- 9.2. Closed Loop Systems
- 10. Global Market Analysis 2017 to 2020 and Forecast 2021 to 2031, by End User
- 10.1. Residential
- 10.2. Commercial
- 11. Global Market Analysis 2017 to 2020 and Forecast 2021 to 2031, by Region
- 11.1. North America
- 11.2. Latin America
- 11.3. Europe
- 11.4. East Asia
- 11.5. South Asia
- 11.6. Oceania
- 11.7. Middle East and Africa (MEA)
- 12. North America Market Analysis 2017 to 2020 and Forecast 2021 to 2031
- 13. Latin America Market Analysis 2017 to 2020 and Forecast 2021 to 2031
- 14. Europe Market Analysis 2017 to 2020 and Forecast 2021 to 2031
- 15. South Asia Market Analysis 2017 to 2020 and Forecast 2021 to 2031
- 16. East Asia Market Analysis 2017 to 2020 and Forecast 2021 to 2031
- 17. Oceania Market Analysis 2017 to 2020 and Forecast 2021 to 2031
- 18. Middle East and Africa Market Analysis 2017 to 2020 and Forecast 2021 to 2031
- 19. Key and Emerging Countries Market Analysis 2017 to 2020 and Forecast 2021 to 2031
- 20. Market Structure Analysis
- 21. Competition Analysis
- 21.1. GeoMaster LLC
- 21.2. WaterFurnace International
- 21.3. Danfoss Heat Pumps U.K.
- 21.4. Florida Heat Pump Manufacturing
- 21.5. Kensa Heat Pumps Ltd.
- 22. Assumptions and Acronyms Used
- 23. Research Methodology
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List Of Table
Table 01: Global Market Volume (‘000 Units) Analysis and Opportunity Assessment 2016 to 2031, By Technology
Table 02: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2016 to 2031, By Technology
Table 03: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2016 to 2031, By End User
Table 04: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2016 to 2031, By Region
Table 05: North America Market Value (US$ Mn) Analysis 2017 to 2020 and Forecast 2021 to 2031, By Country
Table 06: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2016 to 2031, By Technology
Table 07: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2016 to 2031, By End User
Table 08: Latin America Market Value (US$ Mn) Analysis 2017 to 2020 and Forecast 2021 to 2031, By Country
Table 09: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2016 to 2031, By Technology
Table 10: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2016 to 2031, By End User
Table 11: Europe Market Value (US$ Mn) Analysis 2017 to 2020 and Forecast 2021 to 2031, By Country
Table 12: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2016 to 2031, By Technology
Table 13: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2016 to 2031, By End User
Table 14: South Asia Market Value (US$ Mn) Analysis 2017 to 2020 and Forecast 2021 to 2031, By Country
Table 15: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2016 to 2031, By Technology
Table 16: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2016 to 2031, By End User
Table 17: East Asia Market Value (US$ Mn) Analysis 2017 to 2020 and Forecast 2021 to 2031, By Country
Table 18: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2016 to 2031, By Technology
Table 19: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2016 to 2031, By End User
Table 20: Oceania Market Value (US$ Mn) Analysis 2017 to 2020 and Forecast 2021 to 2031, By Country
Table 21: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2016 to 2031, By Technology
Table 22: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2016 to 2031, By End User
Table 23: Middle East and Africa Market Value (US$ Mn) Analysis 2017 to 2020 and Forecast 2021 to 2031, By Country
Table 24: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2016 to 2031, By Technology
Table 25: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2016 to 2031, By End User
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List Of Figures
Figure 01: Global Market Volume (in 000' Units) Analysis, 2017 to 2020
Figure 02: Global Market Volume Forecast (in 000' Units), 2021 to 2031
Figure 03: Pricing Analysis (US$) Per Product, By Region, 2020
Figure 04: Pricing Analysis (US$) Per Product, By Region, 2020
Figure 05: Global Market Value Analysis (US$ Mn), 2017 to 2020
Figure 06: Global Market Value Forecast (US$ Mn), 2021 to 2031
Figure 07: Global Market Absolute $ Opportunity, 2021 to 2031
Figure 08: Global Market Share Analysis (%), By Technology, 2021 to 2031
Figure 09: Global Market Y-o-Y Analysis (%), By Technology, 2021 to 2031
Figure 10: Global Market Attractiveness Analysis by Technology, 2021 to 2031
Figure 11: Global Market Share Analysis (%), By End User, 2021 to 2031
Figure 12: Global Market Y-o-Y Analysis (%), By End User, 2021 to 2031
Figure 13: Global Market Attractiveness Analysis by End User, 2021 to 2031
Figure 14: Global Market Share Analysis (%), By Region, 2021 to 2031
Figure 15: Global Market Y-o-Y Analysis (%), By Region, 2021 to 2031
Figure 16: Global Market Attractiveness Analysis by Region, 2021 to 2031
Figure 17: North America Market Value Share, By Technology, 2021 (E)
Figure 18: North America Market Value Share, By End User, 2021 (E)
Figure 19: North America Market Value Share, By Country, 2021 (E)
Figure 20: North America Market Value Analysis (US$ Mn), 2017 to 2020
Figure 21: North America Market Value Forecast (US$ Mn), 2021 to 2031
Figure 22: North America Market Attractiveness Analysis by Technology, 2021 to 2031
Figure 23: North America Market Attractiveness Analysis by End User, 2021 to 2031
Figure 24: North America Market Attractiveness Analysis by Country, 2021 to 2031
Figure 25: Latin America Market Value Share, By Technology, 2021 (E)
Figure 26: Latin America Market Value Share, By End User, 2021 (E)
Figure 27: Latin America Market Value Share, By Country, 2021 (E)
Figure 28: Latin America Market Value Analysis (US$ Mn), 2017 to 2020
Figure 29: Latin America Market Value Forecast (US$ Mn), 2021 to 2031
Figure 30: Latin America Market Attractiveness Analysis by Technology, 2021 to 2031
Figure 31: Latin America Market Attractiveness Analysis by End User, 2021 to 2031
Figure 32: Latin America Market Attractiveness Analysis by Country, 2021 to 2031
Figure 33: Europe Market Value Share, By Technology, 2021 (E)
Figure 34: Europe Market Value Share, By End User, 2021 (E)
Figure 35: Europe Market Value Share, By Country, 2021 (E)
Figure 36: Europe Market Value Analysis (US$ Mn), 2017 to 2020
Figure 37: Europe Market Value Forecast (US$ Mn), 2021 to 2031
Figure 38: Europe Market Attractiveness Analysis by Technology, 2021 to 2031
Figure 39: Europe Market Attractiveness Analysis by End User, 2021 to 2031
Figure 40: Europe Market Attractiveness Analysis by Country, 2021 to 2031
Figure 41: South Asia Market Value Share, By Technology, 2021 (E)
Figure 42: South Asia Market Value Share, By End User, 2021 (E)
Figure 43: South Asia Market Value Share, By Country, 2021 (E)
Figure 44: South Asia Market Value Analysis (US$ Mn), 2017 to 2020
Figure 45: South Asia Market Value Forecast (US$ Mn), 2021 to 2031
Figure 46: South Asia Market Attractiveness Analysis by Technology, 2021 to 2031
Figure 47: South Asia Market Attractiveness Analysis by End User, 2021 to 2031
Figure 48: South Asia Market Attractiveness Analysis by Country, 2021 to 2031
Figure 49: East Asia Market Value Share, By Technology, 2021 (E)
Figure 50: East Asia Market Value Share, By End User, 2021 (E)
Figure 51: East Asia Market Value Share, By Country, 2021 (E)
Figure 52: East Asia Market Value Analysis (US$ Mn), 2017 to 2020
Figure 53: East Asia Market Value Forecast (US$ Mn), 2021 to 2031
Figure 54: East Asia Market Attractiveness Analysis by Technology, 2021 to 2031
Figure 55: East Asia Market Attractiveness Analysis by End User, 2021 to 2031
Figure 56: East Asia Market Attractiveness Analysis by Country, 2021 to 2031
Figure 57: Oceania Market Value Share, By Technology, 2021 (E)
Figure 58: Oceania Market Value Share, By End User, 2021 (E)
Figure 59: Oceania Market Value Share, By Country, 2021 (E)
Figure 60: Oceania Market Value Analysis (US$ Mn), 2017 to 2020
Figure 61: Oceania Market Value Forecast (US$ Mn), 2021 to 2031
Figure 62: Oceania Market Attractiveness Analysis by Technology, 2021 to 2031
Figure 63: Oceania Market Attractiveness Analysis by End User, 2021 to 2031
Figure 64: Oceania Market Attractiveness Analysis by Country, 2021 to 2031
Figure 65: Middle East and Africa Market Value Share, By Technology, 2021 (E)
Figure 66: Middle East and Africa Market Value Share, By End User, 2021 (E)
Figure 67: Middle East and Africa Market Value Share, By Country, 2021 (E)
Figure 68: Middle East and Africa Market Value Analysis (US$ Mn), 2017 to 2020
Figure 69: Middle East and Africa Market Value Forecast (US$ Mn), 2021 to 2031
Figure 70: Middle East and Africa Market Attractiveness Analysis by Technology, 2021 to 2031
Figure 71: Middle East and Africa Market Attractiveness Analysis by End User, 2021 to 2031
Figure 72: Middle East and Africa Market Attractiveness Analysis by Country, 2021 to 2031
Figure 73: U. S. Market Value Analysis (US$ Mn), 2021 & 2031
Figure 74: U. S. Market Value Share, By Technology, 2021 (E)
Figure 75: U. S. Market Value Share, By End User, 2021 (E)
Figure 76: Canada Market Value Analysis (US$ Mn), 2021 & 2031
Figure 77: Canada Market Value Share, By Technology, 2021 (E)
Figure 78: Canada Market Value Share, By End User, 2021 (E)
Figure 79: Mexico Market Value Analysis (US$ Mn), 2021 & 2031
Figure 80: Mexico Market Value Share, By Technology, 2021 (E)
Figure 81: Mexico Market Value Share, By End User, 2021 (E)
Figure 82: Brazil Market Value Analysis (US$ Mn), 2021 & 2031
Figure 83: Brazil Market Value Share, By Technology, 2021 (E)
Figure 84: Brazil Market Value Share, By End User, 2021 (E)
Figure 85: U. K. Market Value Analysis (US$ Mn), 2021 & 2031
Figure 86: U. K. Market Value Share, By Technology, 2021 (E)
Figure 87: U. K. Market Value Share, By End User, 2021 (E)
Figure 88: Germany Market Value Analysis (US$ Mn), 2021 & 2031
Figure 89: Germany Market Value Share, By Technology, 2021 (E)
Figure 90: Germany Market Value Share, By End User, 2021 (E)
Figure 91: France Market Value Analysis (US$ Mn), 2021 & 2031
Figure 92: France Market Value Share, By Technology, 2021 (E)
Figure 93: France Market Value Share, By End User, 2021 (E)
Figure 94: Italy Market Value Analysis (US$ Mn), 2021 & 2031
Figure 95: Italy Market Value Share, By Technology, 2021 (E)
Figure 96: Italy Market Value Share, By End User, 2021 (E)
Figure 97: Spain Market Value Analysis (US$ Mn), 2021 & 2031
Figure 98: Spain Market Value Share, By Technology, 2021 (E)
Figure 99: Spain Market Value Share, By End User, 2021 (E)
Figure 100: Russia Market Value Analysis (US$ Mn), 2021 & 2031
Figure 101: Russia Market Value Share, By Technology, 2021 (E)
Figure 102: Russia Market Value Share, By End User, 2021 (E)
Figure 103: China Market Value Analysis (US$ Mn), 2021 & 2031
Figure 104: China Market Value Share, By Technology, 2021 (E)
Figure 105: China Market Value Share, By End User, 2021 (E)
Figure 106: Japan Market Value Analysis (US$ Mn), 2021 & 2031
Figure 107: Japan Market Value Share, By Technology, 2021 (E)
Figure 108: Japan Market Value Share, By End User, 2021 (E)
Figure 109: South Korea Market Value Analysis (US$ Mn), 2021 & 2031
Figure 110: South Korea Market Value Share, By Technology, 2021 (E)
Figure 111: South Korea Market Value Share, By End User, 2021 (E)
Figure 112: India Market Value Analysis (US$ Mn), 2021 & 2031
Figure 113: India Market Value Share, By Technology, 2021 (E)
Figure 114: India Market Value Share, By End User, 2021 (E)
Figure 115: ASEAN Market Value Analysis (US$ Mn), 2021 & 2031
Figure 116: ASEAN Market Value Share, By Technology, 2021 (E)
Figure 117: ASEAN Market Value Share, By End User, 2021 (E)
Figure 118: Australia Market Value Analysis (US$ Mn), 2021 & 2031
Figure 119: Australia Market Value Share, By Technology, 2021 (E)
Figure 120: Australia Market Value Share, By End User, 2021 (E)
Figure 121: New Zealand Market Value Analysis (US$ Mn), 2021 & 2031
Figure 122: New Zealand Market Value Share, By Technology, 2021 (E)
Figure 123: New Zealand Market Value Share, By End User, 2021 (E)
Figure 124: GCC Countries Market Value Analysis (US$ Mn), 2021 & 2031
Figure 125: GCC Countries Market Value Share, By Technology, 2021 (E)
Figure 126: GCC Countries Market Value Share, By End User, 2021 (E)
Figure 127: Turkey Market Value Analysis (US$ Mn), 2021 & 2031
Figure 128: Turkey Market Value Share, By Technology, 2021 (E)
Figure 129: Turkey Market Value Share, By End User, 2021 (E)
Figure 130: South Africa Market Value Analysis (US$ Mn), 2021 & 2031
Figure 131: South Africa Market Value Share, By Technology, 2021 (E)
Figure 132: South Africa Market Value Share, By End User, 2021 (E)
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
What will be the value of the global geothermal heat pumps market by 2031?
The geothermal heat pumps market is expected to attain a net worth of US$ 505.5 Billion by the end of 2031.
What is the geothermal heat pumps market growth over the forecast period?
From 2021 to 2031, global sales of geothermal heat pumps are estimated to rise at a phenomenal CAGR of 13.1%.
Who are the key geothermal heat pump manufacturers profiled in this analysis?
Companies such as GeoMaster LLC, WaterFurnace International, Danfoss Heat Pumps U.K., Florida Heat Pump Manufacturing, and Kensa Heat Pumps Ltd have been profiled in this geothermal heat pumps market research report.
What are the benefits of using closed loop geothermal heat pumps?
Closed loop geothermal heat pumps are more cost-effective and have higher efficiency than open loop geothermal heat pumps.
Geothermal Heat Pumps Market