Geothermal Heat Pumps MarketSize and Trends

The global geothermal heat pumps market size was valued at US$ 11.20 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 7.7% from 2023 to 2030. The global geothermal heat pumps market is expected to grow rapidly over the forecast period due to the growing electricity consumption in the developing nations along with the rising concerns regarding the climate change. Moreover, growing demand for green technology is again expected to augment market growth. The aging residential housing stock is also expected to spur the adoption of geothermal energy for heating and cooling purposes.

Global Geothermal Heat Pumps Market Trends:

Growing trend of home automation and digitalization

The availability of financial support for the installation of geothermal heat pump systems is enhancing the market growth. In the residential sector, energy savings, as well as tax refunds, are driving the demand for these products. Incorporation of machine learning and artificial intelligence into its heat pump solutions can improve the efficiency. These advances are expected to simplify the operation and maintenance of heat pumps, which is a crucial factor for boosting their sales. In the commercial sector.

Rising popularity of closed loop heat pumps

The most common type of geothermal heat pump is a closed loop. This system utilizes a mixture of water and antifreeze to transfer heat from the ground to the building. This system works best in soils that are dense and have a heavy composition of rock or clay.

Figure 1. Global Geothermal Heat Pumps Market, By Region, 2023