Geothermal Heat Pump Market Size Worth $16.4 Billion By 2027
SAN FRANCISCO, Aug. 31, 2020 /PRNewswire/ -- The global geothermal heat pumps market size is expected to reach USD 16.4 billion by 2027 registering a CAGR of 7.2%, according to a new report by Grand View Research, Inc. The growth can be attributed to the rising need for renewable energy sources coupled with extensive government support, in terms of incentives, subsidies, and other monetary benefits. The growth of the construction and housing industry for the single and multi-unit dwelling is anticipated to drive the demand for geothermal heat pumps (GHPs) during the forecast period.
Key suggestions from the report:
- Closed-loop type segment accounted for the largest share of 85% of the global GHP market in 2019 on account of high demand for these systems due to their enhanced equipment life and efficiency along with low maintenance costs
- Commercial application segment is anticipated to register the fastest CAGR of 7.4% over the forecast period on account of growing emphasis on highly energy-efficient and sustainable solutions for space heating and cooling in commercial establishments
- Asia Pacific is anticipated to be the largest and fastest-growing regional market from 2020 to 2027 due to growing construction sector in developing countries like China & India
- Europe is projected to witness robust growth over the forecast period owing to the high demand for energy-efficient heating products and favorable government policies regarding reducing the energy consumption in the region
- Key companies follow various initiatives, such as technology innovations, research & development, and merger & acquisitions, to strengthen their market position.
Read 126 page research report with ToC on "Geothermal Heat Pumps Market Size, Share & Trends Analysis Report By Type (Open Loop, Closed Loop), By Application (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/geothermal-heat-pumps-market
Rising spending in the hospitality and commercial sectors has led to the increasing demand for efficient buildings & establishments driving the demand for GHP. Growing demand for energy-efficient heating products in Europe, North America, and Asia Pacific are expected to boost market growth. Moreover, increased income levels, rapid urbanization, and climatic changes across the globe are expected to trigger the product demand in the coming years.
Grand View Research has segmented the global geothermal heat pump market on the basis of type, application, and region:
- Geothermal Heat Pump Type Outlook (Revenue, USD Million, 2016 - 2027)
- Closed Loop
- Open Loop
- Geothermal Heat Pump Application Outlook (Revenue, USD Million, 2016 - 2027)
- Geothermal Heat Pump Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- The Netherlands
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- List of Key Players of Geothermal Heat Pump Market
- Stiebel Eltron
- Ingersoll Rand (Trane)
- Vaillant Group
- Glen Dimplex
- ClimateMaster, Inc.
- Bard HVAC
- Spectrum Manufacturing
- Robert Bosch LLC
- Maritime Geothermal
Find more research reports on Advanced Interior Materials Industry , by Grand View Research:
- Residential Heat Pump Market – The global residential heat pump market size was valued at USD 8.2 billion in 2018. Due to rising awareness of global warming people have been focusing on clean and green energy for sustainable heating.
- Organic Rankine Cycle Market – The global organic rankine cycle market size was valued at USD 498.7 million in 2018, expected to grow at a CAGR 9.7%. It is used for generating power from low to medium temperature heat sources within a temperature range between 75 to 350°C.
- Heating Equipment Market – The global heating equipment market size was valued at USD 33.56 billion in 2018 and is expected to register a CAGR of 5.4% from 2019 to 2025 on account of growing installations of energy-efficient heating systems.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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