Geothermal heat pumps use long loops of liquid-filled pipes to transfer heat between a home and the earth, saving homeowners money on heating and cooling. A system that uses a geothermal heat pump can reduce energy consumption and emissions by 40 percent to 70 percent when compared to standard systems. Geothermal systems work by pulling heat from the earth to warm homes in the winter and dumping excess warmth into the ground in summer. While conventional air-source systems struggle to scavenge the available heat in freezing winter air or sweltering summer air, geothermal heat pumps can rely on the constant temperature of the ground.

Market Dynamics:

Geothermal heat pumps market is expected to witness significant growth on account of rising demand for clean energy source, rising environmental concerns, heightened carbon emission regulations, and strict government emission norms. Moreover, increasing consumption of fossil fuels to meet heating and cooling needs is creating severe climate change issues, encouraging the use of geothermal energy as an alternative. Geothermal heat pumps consume less water and power, resulting in reduced environmental impact as compared to traditional energy sources, which is driving the global market for these products.

On the other hand, high initial cost is expected to hamper the market growth over the forecast period.

Key features of the study:

• This report provides in-depth analysis of the global geothermal heat pumps market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global geothermal heat pumps market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include STIEBEL ELTRON GmbH & Co. KG, Ingersoll Rand, Vaillant Group, Viessmann Group, Glen Dimplex, and Daikin Industries, Ltd.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global geothermal heat pumps market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global geothermal heat pumps market

Detailed Segmentation:

• Global Geothermal Heat Pumps Market, By Type
  • Closed-Loop
    • Horizontal
    • Vertical
  • Open-Loop
• Global Geothermal Heat Pumps Market, By Application
  • Residential
  • Commercial
  • Industrial
• Global Geothermal Heat Pumps Market, By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles
  • STIEBEL ELTRON GmbH & Co. KG
  • Ingersoll Rand
  • Vaillant Group
  • Viessmann Group
  • Glen Dimplex
  • Daikin Industries, Ltd.