U.S. Geothermal Heat Pump Market Size By Product (Open Loop, Closed Loop, Pond Loop), By Application (Residential, Commercial ), Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022

Description

List of Tables

The U.S geothermal heat pump market is expected to grow massively by 2028, driven by the rising awareness around environmental sustainability and a surging demand for reducing energy costs and carbon emissions. In addition, favorable government policies, tax regimes, and allowances for geothermal energy installation would also propel the market growth in the U.S.

According to the United States Department of Energy, every year, approximately 50,000 geothermal heat pumps are installed across the United States. The nation' government considers geothermal heat pumps the most environmentally clean, energy-efficient, and cost-effective heating system that can be used to heat and cool buildings.

These systems possess the ability to deliver heating efficiencies that are 50% to 70% higher than that of other heating systems while offering cooling efficiencies that are 20% to 40% higher than that of currently available air conditioners in the market.

Recently, notable emphasis on sustainability innovations that lower carbon emissions and turn residential and commercial applications into bio-economic infrastructures have garnered significant attention.

Recently, in April of 2022, the University of California, Berkeley, replaced its cogeneration plant with a 400 feet deep geothermal heat pump system powered by renewable energy. The sustainable shift in heating and cooling system is expected to promise it a carbon-free infrastructure by 2030.

To cite another instance, in November 2021, the City of Boise, Idaho announced its plans to expand the city's geothermal heating system by 40% to achieve its goal of becoming carbon-neutral by 2050. Similarly, in June 2021, the City of Milford, Utah finished one of three geothermal projects funded by the U.S department of Energy, to tap into a limitless supply of clean and reliable power sources.

The U.S geothermal heat pump market has been bifurcated based on application, product, and regional landscape.

The product segment has been further divided into open-loop, pond-loop, and closed-loop. Of these, the U.S geothermal heat thermal from pond-loop sub-segment is estimated to witness an overall growth rate of more than 3% by the end of 2028.

In the regional landscape, the geothermal heat pump market in Pacific States of the U.S is expected to witness a growth rate of over 4% by 2028 on account of a rapidly increasing demand for space heating and the presence of favorable tax credit schemes for heat pump installations.

Meanwhile, the U.S. Mountain States segment, which is inclusive of places like Nevada, Wyoming, and New Mexico, is estimated to witness a growth of over 5% by 2028 as a result of rising product adoption in the region. The higher shelf life and the low utility bills geothermal heat pumps offer are primarily driving the demand in these regional states.

Product Code: 3002

Chapter 1 Methodology & Scope

1.1 Methodology
1.2 Market definitions
1.3 Market estimates and forecast parameters
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 U.S. geothermal heat pump industry 360 degree synopsis, 2018 - 2028
- 2.1.1 Business trends
- 2.1.2 Product trends
- 2.1.3 Application trends
- 2.1.4 Regional trends

Chapter 3 US Geothermal Heat Pump Industry Insights

3.1 Industry ecosystem analysis
- 3.1.1 Vendor Matrix
3.2 Innovation & sustainability
- 3.2.1 Trane
- 3.2.2 Vaillant Group
- 3.2.3 Stiebel Eltron GmbH & Co
- 3.2.4 Bosch Thermotechnology Corp.
- 3.2.5 Danfoss
- 3.2.6 Daikin
- 3.2.7 Modine Manufacturing Company
- 3.2.8 WaterFurnace International, Inc.
- 3.2.9 ClimateMaster, Inc.
- 3.2.10 Glen Dimplex Group
- 3.2.11 Viessmann
- 3.2.12 Other innovations
3.3 Regulatory landscape
- 3.3.1 U.S.
  - 3.3.1.1 California Energy Commission: New Building Code, 2021
  - 3.3.1.2 International Ground Source Heat Pump Association
  - 3.3.1.3 Bipartisan Infrastructure Deal, 2021
  - 3.3.1.4 Fannie Mae Green Initiative
  - 3.3.1.5 Massachusetts Clean Energy Centre Ground-Source Heat Pump Grants
    - 3.3.1.5.1 Renewable Heat Incentives for residential, business, commercial, and industrial segments.
  - 3.3.1.6 Energy Improvement and Extension Act of 2008 (EIEA2008)
3.4 COVID- 19 impact on the industry outlook
- 3.4.1 Top 10 U.S. states impacted by COVID- 19
- 3.4.2 Overall view
3.5 Industry impact forces
- 3.5.1 Growth drivers
  - 3.5.1.1 Increasing demand for energy-efficient systems
  - 3.5.1.2 Favorable measures to reduce carbon footprints
- 3.5.2 Industry pitfalls & challenges
  - 3.5.2.1 High upfront cost
3.6 Growth potential analysis
3.7 Porter's Analysis
- 3.7.1 Bargaining power of suppliers
- 3.7.2 Bargaining power of buyers
- 3.7.3 Threat of new entrants
- 3.7.4 Threat of substitute
3.8 Competitive landscape, 2021
- 3.8.1 Strategy dashboard
  - 3.8.1.1 Trane
    - 3.8.1.1.1 Product launch
  - 3.8.1.2 Vaillant Group
    - 3.8.1.2.1 Product line extension
  - 3.8.1.3 Glen Dimplex Group
    - 3.8.1.3.1 Acquisition
  - 3.8.1.4 Stiebel Eltron GmbH & Co KG
    - 3.8.1.4.1 Product launch
  - 3.8.1.5 Bosch Thermotechnology Corp.
    - 3.8.1.5.1 Product launch
  - 3.8.1.6 Danfoss
    - 3.8.1.6.1 Product launch
    - 3.8.1.6.2 Acquisition
  - 3.8.1.7 Daikin
    - 3.8.1.7.1 Product launch
  - 3.8.1.8 Carrier
    - 3.8.1.8.1 Participation
    - 3.8.1.8.2 Partnership/Collaboration
  - 3.8.1.9 NIBE
    - 3.8.1.9.1 Acquisition
  - 3.8.1.10 Modine Manufacturing Company
    - 3.8.1.10.1 Partnership
    - 3.8.1.10.2 Product launch
  - 3.8.1.11 WaterFurnace International, Inc.
    - 3.8.1.11.1 Product launch
  - 3.8.1.12 ClimateMaster, Inc.
    - 3.8.1.12.1 Product launch
  - 3.8.1.13 Mitsubishi Electric Corporation
    - 3.8.1.13.1 Business Expansion
  - 3.8.1.14 Other strategies
    - 3.8.1.14.1 Business development
    - 3.8.1.14.2 Award
    - 3.8.1.14.3 Product launch
3.9 PESTEL Analysis

Chapter 4 US Geothermal Heat Pump Market, By Product

4.1 U.S. geothermal heat pump market share by product, 2021 & 2028
4.2 Open loop
- 4.2.1 U.S. market from open loop, 2018 - 2028
- 4.2.2 U.S. market from open loop, by region, 2018 - 2028
4.3 Closed loop
- 4.3.1 U.S. market from closed loop, 2018 - 2028
- 4.3.2 U.S. market from closed loop, by region, 2018 - 2028
- 4.3.3 Vertical
  - 4.3.3.1 U.S. market from vertical, 2018 - 2028
  - 4.3.3.2 U.S. market from vertical, by region, 2018 - 2028
- 4.3.4 Horizontal
  - 4.3.4.1 U.S. market from horizontal, 2018 - 2028
  - 4.3.4.2 U.S. market from horizontal, by region, 2018 - 2028
4.4 Pond loop
- 4.4.1 U.S. market from pond loop, 2018 - 2028
- 4.4.2 U.S. market from pond loop, by region, 2018 - 2028

Chapter 5 US Geothermal Heat Pump Market, By Application

5.1 U.S. geothermal heat pump market share by application, 2021 & 2028
5.2 Residential
- 5.2.1 U.S. market from residential, 2018 - 2028
- 5.2.2 U.S. market from residential, by region, 2018 - 2028
5.3 Commercial
- 5.3.1 U.S. market from commercial, 2018 - 2028
- 5.3.2 U.S. market from commercial, by region, 2018 - 2028
- 5.3.3 Government centres
  - 5.3.3.1 U.S. market from government centers, 2018 - 2028
  - 5.3.3.2 U.S. market from government centers, by region, 2018 - 2028
- 5.3.4 Office buildings
  - 5.3.4.1 U.S. market from office buildings, 2018 - 2028
  - 5.3.4.2 U.S. market from office buildings, by region, 2018 - 2028
- 5.3.5 Educational institutes
  - 5.3.5.1 U.S. market from educational institutes, 2018 - 2028
  - 5.3.5.2 U.S. market from educational institutes, by region, 2018 - 2028
- 5.3.6 Healthcare
  - 5.3.6.1 U.S. market from healthcare, 2018 - 2028
  - 5.3.6.2 U.S. market from healthcare, by region, 2018 - 2028
- 5.3.7 Hospitality
  - 5.3.7.1 U.S. market from hospitality, 2018 - 2028
  - 5.3.7.2 U.S. market from hospitality, by region, 2018 - 2028
- 5.3.8 Others
  - 5.3.8.1 U.S. market from others, 2018 - 2028
  - 5.3.8.2 U.S. market from others, by region, 2018 - 2028

Chapter 6 US Geothermal Heat Pump Market, By Region

6.1 U.S. geothermal heat pump market share by region, 2021 & 2028
6.2 East North Central
- 6.2.1 East North Central market, 2018 - 2028
- 6.2.2 East North Central market by product, 2018 - 2028
  - 6.2.2.1 East North Central market by closed loop, 2018 - 2028
- 6.2.3 East North Central market by application, 2018 - 2028
  - 6.2.3.1 East North Central market by commercial, 2018 - 2028
6.3 West South Central
- 6.3.1 West South Central market, 2018 - 2028
- 6.3.2 West South Central market by product, 2018 - 2028
  - 6.3.2.1 West South Central market by closed loop, 2018 - 2028
- 6.3.3 West South Central market by application, 2018 - 2028
  - 6.3.3.1 West South Central market by commercial, 2018 - 2028
6.4 South Atlantic
- 6.4.1 South Atlantic market, 2018 - 2028
- 6.4.2 South Atlantic market by product, 2018 - 2028
  - 6.4.2.1 South Atlantic market by closed loop, 2018 - 2028
- 6.4.3 South Atlantic market by application, 2018 - 2028
  - 6.4.3.1 South Atlantic market by commercial, 2018 - 2028
6.5 North East
- 6.5.1 North East market, 2018 - 2028
- 6.5.2 North East market by product, 2018 - 2028
  - 6.5.2.1 North East market by closed loop, 2018 - 2028
- 6.5.3 North East market by application, 2018 - 2028
  - 6.5.3.1 North East market by commercial, 2018 - 2028
6.6 East South Central
- 6.6.1 East South Central market, 2018 - 2028
- 6.6.2 East South Central market by product, 2018 - 2028
  - 6.6.2.1 East South Central market by closed loop, 2018 - 2028
- 6.6.3 East South Central market by application, 2018 - 2028
  - 6.6.3.1 East South Central market by commercial, 2018 - 2028
6.7 West North Central
- 6.7.1 West North Central market, 2018 - 2028
- 6.7.2 West North Central market by product, 2018 - 2028
  - 6.7.2.1 West North Central market by closed loop, 2018 - 2028
- 6.7.3 West North Central market by application, 2018 - 2028
  - 6.7.3.1 West North Central market by commercial, 2018 - 2028
6.8 Pacific States
- 6.8.1 Pacific States market, 2018 - 2028
- 6.8.2 Pacific States market by product, 2018 - 2028
  - 6.8.2.1 Pacific States market by closed loop, 2018 - 2028
- 6.8.3 Pacific States market by application, 2018 - 2028
  - 6.8.3.1 Pacific States market by commercial, 2018 - 2028
6.9 Mountain States
- 6.9.1 Mountain States market, 2018 - 2028
- 6.9.2 Mountain States market by product, 2018 - 2028
  - 6.9.2.1 Mountain States market by closed loop, 2018 - 2028
- 6.9.3 Mountain States market by application, 2018 - 2028
  - 6.9.3.1 Mountain States market by commercial, 2018 - 2028

Chapter 7 Company Profiles

7.1 Viessmann
- 7.1.1 Business Overview
- 7.1.2 Financial Data
- 7.1.3 Product Landscape
- 7.1.4 Strategic Outlook
- 7.1.5 SWOT Analysis
7.2 Weishaupt Group
- 7.2.1 Business Overview
- 7.2.2 Financial Data
- 7.2.3 Product Landscape
- 7.2.4 Strategic Outlook
- 7.2.5 SWOT Analysis
7.3 Trane
- 7.3.1 Business Overview
- 7.3.2 Financial Data
- 7.3.3 Product Landscape
- 7.3.4 SWOT Analysis
7.4 Vaillant Group
- 7.4.1 Business Overview
- 7.4.2 Financial Data
- 7.4.3 Product Landscape
- 7.4.4 Strategic Outlook
- 7.4.5 SWOT Analysis
7.5 GLEN DIMPLEX GROUP
- 7.5.1 Business Overview
- 7.5.2 Financial Data
- 7.5.3 Product Landscape
- 7.5.4 Strategic Outlook
- 7.5.5 SWOT Analysis
7.6 STIEBEL ELTRON GmbH & Co. KG
- 7.6.1 Business Overview
- 7.6.2 Financial Data
- 7.6.3 Product Landscape
- 7.6.4 Strategic Outlook
- 7.6.5 SWOT Analysis
7.7 Danfoss
- 7.7.1 Business Overview
- 7.7.2 Financial Data
- 7.7.3 Product Landscape
- 7.7.4 Strategic Outlook
- 7.7.5 SWOT Analysis
7.8 MODINE MANUFACTURING COMPANY
- 7.8.1 Business Overview
- 7.8.2 Financial Data
- 7.8.3 Product Landscape
- 7.8.4 Strategic Outlook
- 7.8.5 SWOT Analysis
7.9 Mitsubishi Materials Techno Co.
- 7.9.1 Business Overview
- 7.9.2 Financial Data
- 7.9.3 Product Landscape
- 7.9.4 SWOT Analysis
7.10 Daikin
- 7.10.1 Business Overview
- 7.10.2 Financial Data
- 7.10.3 Product Landscape
- 7.10.4 Strategic Outlook
- 7.10.5 SWOT Analysis
7.11 NIBE Industrier AB
- 7.11.1 Business Overview
- 7.11.2 Financial Data
- 7.11.3 Product Landscape
- 7.11.4 Strategic Outlook
- 7.11.5 SWOT Analysis
7.12 Carrier
- 7.12.1 Business Overview
- 7.12.2 Financial Data
- 7.12.3 Product Landscape
- 7.12.4 Strategic Outlook
- 7.12.5 SWOT Analysis
7.13 Bard HVAC
- 7.13.1 Business Overview
- 7.13.2 Financial Data
- 7.13.3 Product Landscape
- 7.13.4 Swot Analysis
7.14 OCHSNER
- 7.14.1 Business Overview
- 7.14.2 Financial Data
- 7.14.3 Product Landscape
- 7.14.4 Swot Analysis
7.15 CLIMATEMASTER, Inc
- 7.15.1 Business Overview
- 7.15.2 Financial Data
- 7.15.3 Product Landscape
- 7.15.4 Swot Analysis
7.16 Bosch Thermotechnology Corp.
- 7.16.1 Business Overview
- 7.16.2 Financial Data
- 7.16.3 Product Landscape
- 7.16.4 Swot Analysis
7.17 Nortek Global HVAC
- 7.17.1 Business Overview
- 7.17.2 Financial Data
- 7.17.3 Product Landscape
- 7.17.4 Strategic Outlook
- 7.17.5 SWOT Analysis
7.18 Bryant Heating & Cooling Systems.
- 7.18.1 Business Overview
- 7.18.2 Financial Data
- 7.18.3 Product Landscape
- 7.18.4 Strategic Outlook
- 7.18.5 SWOT Analysis
7.19 WaterFurnace International Inc.
- 7.19.1 Business Overview
- 7.19.2 Financial Data
- 7.19.3 Product Landscape
- 7.19.4 SWOT Analysis
7.20 De Dietrich.
- 7.20.1 Business Overview
- 7.20.2 Financial Data
- 7.20.3 Product Landscape
- 7.20.4 Strategic Outlook
- 7.20.5 SWOT Analysis