Geothermal Heat Pump Global Market Report 2024

Global Geothermal Heat Pump Market Report 2024

Geothermal Heat Pump Global Market Report 2024 – By Technology (Open Loop System, Closed Loop System), By Application (Residential, Commercial, Industrial) – Market Size, Trends, And Global Forecast 2024-2033

Name: Geothermal Heat Pump Global Market Report 2024
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Geothermal Heat Pump Global Market Report 2024

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Geothermal Heat Pump Global Market Report 2024

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Geothermal Heat Pump Market Definition

The geothermal heat pump refers to a system with high-efficiency renewable energy technology that uses the earth's constant temperature to heat and cool buildings. Geothermal heat pumps are packaged in a single cabinet, which includes a compressor, loop-to-refrigerant heat exchanger, and controls.

The main type of geothermal heat pumps includes open-loop geothermal heat pumps and closed-loop geothermal heat pumps. The open-loop geothermal heat pumps refer to a heat pump that uses groundwater, which acts as a refrigerant to transfer thermodynamic energy for heating or cooling. They are widely used in residential, commercial, and industrial applications.

Geothermal Heat Pump Market Segmentation

The geothermal heat pump market covered in this report is segmented –

1) By Technology: Open Loop System, Closed Loop System

2) By Application: Residential, Commercial, Industrial

Global Geothermal Heat Pump Market Size 2023 to 2028: Graph

Geothermal Heat Pump Market Size 2024 And Growth Rate

The geothermal heat pump market size has grown strongly in recent years. It will grow from $4.06 billion in 2023 to $4.44 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to government initiatives to install heat pumps, increased adoption of renewable energy sources, and strong economic growth in emerging markets.

Geothermal Heat Pump Market Growth Forecast

The geothermal heat pump market size is expected to see strong growth in the next few years. It will grow to $6.15 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to government initiatives to install heat pumps, increased adoption of renewable energy sources, and strong economic growth in emerging markets. Major trends in the forecast period include focus on expanding their manufacturing operations, turning to pay-as-you-go business model, increasing investments, and undergoing partnerships and collaborations to improve their product offerings and to stay competitive in the market.

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Geothermal Heat Pump Market Driver: Government Initiatives To Curb Carbon Emissions Drive Growth In The Geothermal Heat Pumps Market

The increasing government initiatives to curb carbon emissions are driving the growth of the geothermal heat pumps market. Governments across the world are launching various initiatives to cut carbon emissions and some countries have made futuristic plans to target net-zero carbon emissions through the utilization of natural resources such as geothermal energy, nuclear energy, and others. Increasing government’s shift toward natural resources is expected to boost demand for geothermal heat pumps as they are increasingly being used for heating and cooling over carbon emissions-producing products such as electricity-powered air conditioning units, thermal-powered power plants, and others. For instance, according to the International Energy Agency, a France-based autonomous intergovernmental organization, there is a road map for net-zero carbon emissions by 2050 that requires all governments to significantly strengthen and then successfully implement their energy and climate policies. The number of countries that pledged to achieve net-zero emissions has grown rapidly over the last year and now (as of 2021) covers around 70% of global CO2 emissions. In addition, New Zealand Japan, Canada, and Korea have passed laws committing to achieving net zero by 2050 whereas Fiji, Ireland, and Chile have proposed legislation. The UK has a legally attached net-zero target by 2050 and new interim targets to reduce emissions by 78% by 2035. Therefore, increasing government initiatives to curb carbon emissions is expected to boost demand for geothermal heat pumps during the forecast period.

Geothermal Heat Pump Market Driver: Rising Fuel Prices Propel Demand For Geothermal Heat Pumps In The Market

Rising fuel prices are expected to drive the growth of the geothermal heat pump market during the forecast period. Increasing fuel prices have led to an increased demand for geothermal heat as these systems are more environmentally beneficial because they do not use fossil fuels. For example, according to the Bureau of Transportation Statistics, a US-based government agency, from January to June 2022, the price of regular motor gasoline rose 49% and the price of diesel fuel rose slightly more at 55%. Further, in August 2022, according to the British Broadcasting Corporation, a UK-based broadcasting company, fuel prices in Bangladesh have seen growth from 86 taka ($0.81) to 130 taka ($1.37) a liter. Diesel and kerosene have also risen by 42.5%. Therefore, the rising fuel prices will contribute to the growth of the geothermal heat pump market.

Global Geothermal Heat Pump Market Major Players

Major companies operating in the geothermal heat pump market report are Carrier Global Corporation, Bosch Thermotechnology, NIBE Group, Viessmann, Trane, Daikin Industries Ltd, Vaillant Group, Stiebel Eltron, Glen Dimplex, Maritime Geothermal Ltd., Guangdong Shunde O.S.B. Environmental Technology Co. Ltd, Shijiazhuang Industrial Pump Factory Co. Ltd, Xiamen Hysen Control Technology Co. Ltd, First Industrial Development Co. Ltd, Shenzhen E-Joy Tech Co. Ltd, Teccon Services Private Limited, Suntec Energy Systems, Mitsubishi Corporation, Nidec Servo, Yanmar Energy System Co, Enopsol ApS, Go Geothermal Ltd, Argoclima SpA, GT Energy, Kensa Heat Pumps, Tecnoclima Spa, HRS Heat Exchangers Ltd, Thermostahl Srl, Thermocold, KENO Pawel Grzegorczyk, Geo Star, Geothermal Products, Water Furnace International Inc, Miami Heat Pump, Climate Master Inc, Energy Smart Alternatives LLC, Alterra Power Corporation, Pfister Energy, Geo-Air Industries Inc, Geo Smart Energy, Hilliard Corporation, Solar Turbines Incorporated, Solartec SA, Capstone Turbine Corporation, ABO Wind Energias Renovables S.A, Ruf Maschinenbau GmbH & Co. KG, Enel Green Power, SAFARIO Cooling Factory LLC, Osso Ltd, Viessmann Werke GmbH & Co. KG, Roots - Sustainable Agricultural Technologies Ltd, Stellae Energy, Yokogawa South Africa (Pty) Ltd, Generac Power Systems, Mitsubishi Heavy Industries, Cummins Inc.

Global Geothermal Heat Pump Market Trend: Geothermal Heat Pump Market Embraces Technological Advancements For Enhanced Performance

Technological advancement is a key trend gaining popularity in the geothermal heat pump market. The key players operating in the geothermal heat pump market are focusing on developing new technologies with minimal complexities with enhanced operational and performance capabilities. For instance, in October 2021, Bosch Thermotechnik GmbH, a Germany-based manufacturer of energy-efficient heating products and hot water solutions, launched ultra-quiet heat pumps, the QV Series for commercial areas in multiple sizes and horizontal and vertical configurations. The product is based on Bosch-patented compressor encapsulation and offers comprehensive and sound performance combined with delivering a compact cabinet to fit into small spaces in commercial establishments.

Global Geothermal Heat Pump Market Trend: Geothermal Heat Pump Market Witnesses A Surge In Investments For Expansion And Innovation

Increasing investments is the key trend gaining popularity in the geothermal heat pump market. Major players in the geothermal heat pump market are focusing on investments to use geothermal energy technologies for heating and cooling buildings. For instance, in November 2022, Dandelion Energy, a US-based company offering geothermal heating installation, raised $70 million in a new funding round. Dandelion aimed to use the capital to invest in a broader range of products capable of serving more customers and geographies. Similarly, in February 2021, Dandelion raised $30 million in Series B financing to install geothermal systems in 10,000 houses each year. The new capital enabled the company to expand its horizons in Massachusetts, Connecticut, and New York, where many residential natural gas or fuel oil heating systems were ready to be replaced with geothermal heat pumps.

Geothermal Heat Pump Market Merger And Acquisition: Energy Machines Expands Global Presence With Acquisition Of Enopsol For Energy Systems Technologies

In January 2022, Energy Machines, a Danish company offering integrated energy systems for buildings acquired Enopsol for an undisclosed amount. With this acquisition, Energy Machines is focused on expanding its portfolio of energy systems technologies and increasing its business presence across the globe. Enopsol is a Danish company engaged in the design and installation of groundwater cooling and heating systems.

Regional Analysis For The Global Geothermal Heat Pump Market

Asia-Pacific was the largest region in the geothermal heat pump market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the geothermal heat pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the geothermal heat pump market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The geothermal heat pump market consists of sales of horizontal loop systems, vertical loop systems, well-water loop systems, pond/lake geothermal heat pump systems direct exchange, and hybrid systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The geothermal heat pump market research report is one of a series of new reports from The Business Research Company that provides geothermal heat pump market statistics, including the geothermal heat pump industry global market size, regional shares, competitors with a geothermal heat pump market share, detailed geothermal heat pump market segments, market trends, and opportunities, and any further data you may need to thrive in the geothermal heat pump industry. This geothermal heat pump market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Geothermal Heat Pump Report Forecast And Analysis

Report Attribute	Details
Market Size Value In 2024	$4.44 billion
Revenue Forecast In 2033	$6.15 billion
Growth Rate	CAGR of 8.5% from 2024 to 2033
Base Year For Estimation	2023
Actual Estimates/Historical Data	2018-2023
Forecast Period	2024 - 2028 - 2033
Market Representation	Revenue in USD Billion and CAGR from 2024 to 2033
Segments Covered	1) By Technology: Open Loop System, Closed Loop System 2) By Application: Residential, Commercial, Industrial
Regional Scope	Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Country Scope	The countries covered in the report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. Additional countries that can be covered in the report for an additional fee: Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, Mexico, Chile, Argentina, Colombia, Peru, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
Key Companies Profiled	Carrier Global Corporation; Bosch Thermotechnology; NIBE Group; Viessmann; Trane; Daikin Industries Ltd; Vaillant Group; Stiebel Eltron; Glen Dimplex; Maritime Geothermal Ltd.; Guangdong Shunde O.S.B. Environmental Technology Co. Ltd; Shijiazhuang Industrial Pump Factory Co. Ltd; Xiamen Hysen Control Technology Co. Ltd; First Industrial Development Co. Ltd; Shenzhen E-Joy Tech Co. Ltd; Teccon Services Private Limited; Suntec Energy Systems; Mitsubishi Corporation; Nidec Servo; Yanmar Energy System Co; Enopsol ApS; Go Geothermal Ltd; Argoclima SpA; GT Energy; Kensa Heat Pumps; Tecnoclima Spa; HRS Heat Exchangers Ltd; Thermostahl Srl; Thermocold; KENO Pawel Grzegorczyk; Geo Star; Geothermal Products; Water Furnace International Inc; Miami Heat Pump; Climate Master Inc; Energy Smart Alternatives LLC; Alterra Power Corporation; Pfister Energy; Geo-Air Industries Inc; Geo Smart Energy; Hilliard Corporation; Solar Turbines Incorporated; Solartec SA; Capstone Turbine Corporation; ABO Wind Energias Renovables S.A; Ruf Maschinenbau GmbH & Co. KG; Enel Green Power; SAFARIO Cooling Factory LLC; Osso Ltd; Viessmann Werke GmbH & Co. KG; Roots - Sustainable Agricultural Technologies Ltd; Stellae Energy; Yokogawa South Africa (Pty) Ltd; Generac Power Systems; Mitsubishi Heavy Industries; Cummins Inc.
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1. Executive Summary

2. Geothermal Heat Pump Market Characteristics

3. Geothermal Heat Pump Market Trends And Strategies

4. Geothermal Heat Pump Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market

4.2. Ukraine-Russia War Impact On The Market

4.3. COVID-19 Impact On The Market

5. Global Geothermal Heat Pump Market Size and Growth

5.1. Global Geothermal Heat Pump Market Drivers and Restraints

5.1.1. Drivers Of The Market

5.1.2. Restraints Of The Market

5.2. Global Geothermal Heat Pump Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)

5.3. Global Geothermal Heat Pump Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Geothermal Heat Pump Market Segmentation

6.1. Global Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Open Loop System

Closed Loop System

6.2. Global Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Residential

Commercial

Industrial

7. Geothermal Heat Pump Market Regional And Country Analysis

7.1. Global Geothermal Heat Pump Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

7.2. Global Geothermal Heat Pump Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Geothermal Heat Pump Market

8.1. Asia-Pacific Geothermal Heat Pump Market Overview

Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies

8.2. Asia-Pacific Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8.3. Asia-Pacific Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Geothermal Heat Pump Market

9.1. China Geothermal Heat Pump Market Overview

9.2. China Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

9.3. China Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Geothermal Heat Pump Market

10.1. India Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

10.2. India Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Geothermal Heat Pump Market

11.1. Japan Geothermal Heat Pump Market Overview

11.2. Japan Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11.3. Japan Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Geothermal Heat Pump Market

12.1. Australia Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12.2. Australia Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Geothermal Heat Pump Market

13.1. Indonesia Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13.2. Indonesia Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Geothermal Heat Pump Market

14.1. South Korea Geothermal Heat Pump Market Overview

14.2. South Korea Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14.3. South Korea Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Geothermal Heat Pump Market

15.1. Western Europe Geothermal Heat Pump Market Overview

15.2. Western Europe Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15.3. Western Europe Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Geothermal Heat Pump Market

16.1. UK Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16.2. UK Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Geothermal Heat Pump Market

17.1. Germany Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17.2. Germany Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Geothermal Heat Pump Market

18.1. France Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18.2. France Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Geothermal Heat Pump Market

19.1. Italy Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19.2. Italy Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Geothermal Heat Pump Market

20.1. Spain Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20.2. Spain Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Geothermal Heat Pump Market

21.1. Eastern Europe Geothermal Heat Pump Market Overview

21.2. Eastern Europe Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21.3. Eastern Europe Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Geothermal Heat Pump Market

22.1. Russia Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22.2. Russia Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Geothermal Heat Pump Market

23.1. North America Geothermal Heat Pump Market Overview

23.2. North America Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23.3. North America Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Geothermal Heat Pump Market

24.1. USA Geothermal Heat Pump Market Overview

24.2. USA Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24.3. USA Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Geothermal Heat Pump Market

25.1. Canada Geothermal Heat Pump Market Overview

25.2. Canada Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25.3. Canada Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Geothermal Heat Pump Market

26.1. South America Geothermal Heat Pump Market Overview

26.2. South America Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26.3. South America Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Geothermal Heat Pump Market

27.1. Brazil Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27.2. Brazil Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Geothermal Heat Pump Market

28.1. Middle East Geothermal Heat Pump Market Overview

28.2. Middle East Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28.3. Middle East Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Geothermal Heat Pump Market

29.1. Africa Geothermal Heat Pump Market Overview

29.2. Africa Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29.3. Africa Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Geothermal Heat Pump Market Competitive Landscape And Company Profiles

30.1. Geothermal Heat Pump Market Competitive Landscape

30.2. Geothermal Heat Pump Market Company Profiles

30.2.1. Carrier Global Corporation

30.2.1.1. Overview

30.2.1.2. Products and Services

30.2.1.3. Strategy

30.2.1.4. Financial Performance

30.2.2. Bosch Thermotechnology

30.2.2.1. Overview

30.2.2.2. Products and Services

30.2.2.3. Strategy

30.2.2.4. Financial Performance

30.2.3. NIBE Group

30.2.3.1. Overview

30.2.3.2. Products and Services

30.2.3.3. Strategy

30.2.3.4. Financial Performance

30.2.4. Viessmann

30.2.4.1. Overview

30.2.4.2. Products and Services

30.2.4.3. Strategy

30.2.4.4. Financial Performance

30.2.5. Trane

30.2.5.1. Overview

30.2.5.2. Products and Services

30.2.5.3. Strategy

30.2.5.4. Financial Performance

31. Geothermal Heat Pump Market Other Major And Innovative Companies

31.1. Daikin Industries Ltd

31.2. Vaillant Group

31.3. Stiebel Eltron

31.4. Glen Dimplex

31.5. Maritime Geothermal Ltd.

31.6. Guangdong Shunde O.S.B. Environmental Technology Co. Ltd

31.7. Shijiazhuang Industrial Pump Factory Co. Ltd

31.8. Xiamen Hysen Control Technology Co. Ltd

31.9. First Industrial Development Co. Ltd

31.10. Shenzhen E-Joy Tech Co. Ltd

31.11. Teccon Services Private Limited

31.12. Suntec Energy Systems

31.13. Mitsubishi Corporation

31.14. Nidec Servo

31.15. Yanmar Energy System Co

32. Global Geothermal Heat Pump Market Competitive Benchmarking

33. Global Geothermal Heat Pump Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Geothermal Heat Pump Market

35. Geothermal Heat Pump Market Future Outlook and Potential Analysis

35.1 Geothermal Heat Pump Market In 2028 - Countries Offering Most New Opportunities

35.2 Geothermal Heat Pump Market In 2028 - Segments Offering Most New Opportunities

35.3 Geothermal Heat Pump Market In 2028 - Growth Strategies

35.3.1 Market Trend Based Strategies

35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations

36.2. Currencies

36.3. Historic And Forecast Inflation Rates

36.4. Research Inquiries

36.5. The Business Research Company

36.6. Copyright And Disclaimer

List Of Tables

Table 1: Global Historic Market Growth, 2018-2023, $ Billion

Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion

Table 3: Global Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 4: Global Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 5: Global Geothermal Heat Pump Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 6: Global Geothermal Heat Pump Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 7: Asia-Pacific, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 8: Asia-Pacific, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 9: China, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 10: China, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 11: India, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 12: India, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 13: Japan, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 14: Japan, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 15: Australia, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 16: Australia, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 17: Indonesia, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 18: Indonesia, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 19: South Korea, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 20: South Korea, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 21: Western Europe, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 22: Western Europe, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 23: UK, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 24: UK, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 25: Germany, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 26: Germany, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 27: France, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 28: France, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 29: Italy, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 30: Italy, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 31: Spain, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 32: Spain, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 33: Eastern Europe, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 34: Eastern Europe, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 35: Russia, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 36: Russia, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 37: North America, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 38: North America, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 39: USA, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 40: USA, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 41: Canada, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 42: Canada, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 43: South America, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 44: South America, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 45: Brazil, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 46: Brazil, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 47: Middle East, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 48: Middle East, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 49: Africa, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 50: Africa, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 51: Carrier Global Corporation Financial Performance

Table 52: Bosch Thermotechnology Financial Performance

Table 53: NIBE Group Financial Performance

Table 54: Viessmann Financial Performance

Table 55: Trane Financial Performance

List Of Figures

Figure 1: Global Historic Market Growth, 2018-2023, $ Billion

Figure 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion

Figure 3: Global Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 4: Global Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 5: Global Geothermal Heat Pump Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 6: Global Geothermal Heat Pump Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 7: Asia-Pacific, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 8: Asia-Pacific, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 9: China, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 10: China, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 11: India, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 12: India, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 13: Japan, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 14: Japan, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 15: Australia, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 16: Australia, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 17: Indonesia, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 18: Indonesia, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 19: South Korea, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 20: South Korea, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 21: Western Europe, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 22: Western Europe, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 23: UK, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 24: UK, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 25: Germany, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 26: Germany, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 27: France, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 28: France, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 29: Italy, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 30: Italy, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 31: Spain, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 32: Spain, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 33: Eastern Europe, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 34: Eastern Europe, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 35: Russia, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 36: Russia, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 37: North America, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 38: North America, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 39: USA, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 40: USA, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 41: Canada, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 42: Canada, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 43: South America, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 44: South America, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 45: Brazil, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 46: Brazil, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 47: Middle East, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 48: Middle East, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 49: Africa, Geothermal Heat Pump Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 50: Africa, Geothermal Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Figure 51: Carrier Global Corporation Financial Performance

Figure 52: Bosch Thermotechnology Financial Performance

Figure 53: NIBE Group Financial Performance

Figure 54: Viessmann Financial Performance

Figure 55: Trane Financial Performance

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Frequently Asked Questions

What is the definition of the geothermal heat pump market?

How will the geothermal heat pump market drivers and restraints affect the geothermal heat pump market dynamics? What forces will shape the geothermal heat pump industry going forward?

The geothermal heat pump market major growth driver - Government Initiatives To Curb Carbon Emissions Drive Growth In The Geothermal Heat Pumps Market. For further insights on the geothermal heat pump market, request a sample here

What is the forecast market size or the forecast market value of the geothermal heat pump market?

The geothermal heat pump market size has grown strongly in recent years. It will grow from $4.06 billion in 2023 to $4.44 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to government initiatives to install heat pumps, increased adoption of renewable energy sources, and strong economic growth in emerging markets. The geothermal heat pump market size is expected to see strong growth in the next few years. It will grow to $6.15 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to government initiatives to install heat pumps, increased adoption of renewable energy sources, and strong economic growth in emerging markets. Major trends in the forecast period include focus on expanding their manufacturing operations, turning to pay-as-you-go business model, increasing investments, and undergoing partnerships and collaborations to improve their product offerings and to stay competitive in the market. For further insights on the geothermal heat pump market, request a sample here

How is the geothermal heat pump market segmented?

The geothermal heat pump market is segmented
1) By Technology: Open Loop System, Closed Loop System
2) By Application: Residential, Commercial, IndustrialFor further insights on the geothermal heat pump market, request a sample here

Which region has the largest share of the geothermal heat pump market? What are the other regions covered in the report?

Asia-Pacific was the largest region in the geothermal heat pump market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the geothermal heat pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. For further insights on the geothermal heat pump market, request a sample here.

Who are the major players in the geothermal heat pump market?

What are the key trends in the geothermal heat pump market?

Major trend in the geothermal heat pump market - Geothermal Heat Pump Market Embraces Technological Advancements For Enhanced Performance. For further insights on the geothermal heat pump market, request a sample here.

What are the major opportunities in the geothermal heat pump market? What are the strategies for the geothermal heat pump market?

For detailed insights on the major opportunities and strategies in the geothermal heat pump market, request a sample here.

How does the geothermal heat pump market relate to the overall economy and other similar markets?

For detailed insights on geothermal heat pump market's relation to the overall economy and other similar markets, request a sample here.

What are the latest mergers and acquisitions in the geothermal heat pump industry?

For detailed insights on the mergers and acquisitions in the geothermal heat pump industry, request a sample here.

What are the key dynamics influencing the geothermal heat pump market growth? SWOT analysis of the geothermal heat pump market.

For detailed insights on the key dynamics influencing the geothermal heat pump market growth and SWOT analysis of the geothermal heat pump industry, request a sample here.