PUBLISHER: Grand View Research | PRODUCT CODE: 1300952
PUBLISHER: Grand View Research | PRODUCT CODE: 1300952
U.S. Geothermal Heat Pump Market Size, Share & Trends Analysis Report By Type (Closed Loop, Open Loop, Hybrid), By Application, And Segment Forecasts, 2023 - 2030
U.S. Geothermal Heat Pump Market Growth & Trends
The U.S. geothermal heat pump market size is expected to reach USD 3.54 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.1% from 2023 to 2030. The market is projected to observe substantial growth over the estimated period owing to the increasing reliance on gas in residential, commercial, and industrial applications. Owing to a surge in the implementation of various energy efficiency standards, the presence of different government incentives and tax credits, and a rise in awareness among homeowners about the benefits of geothermal heat pumps is expected to create demand for the product in the U.S.
The closed loop was the dominant segment in 2022 and is expected to maintain its position over the forecast period. A closed-loop geothermal heat pump has a continuous loop of underground piping to circulate a heat transfer fluid, such as water or a mixture of water and antifreeze. This loop is buried in the ground and can be installed horizontally or vertically, depending on the site conditions wherein it is to be used.
Geothermal heat pumps provide significant energy savings and can be installed in a wide range of commercial facilities, including office buildings, medical facilities, schools, courthouses, and training facilities. Increasing usage of large geothermal heat pumps in commercial buildings for space cooling or heating is expected to be one of the major factors influencing the growth of the market.
Moreover, the adoption of geothermal heat pumps in industrial applications is rising in the country owing to potential energy savings, cost reduction, and environmental benefits offered by them. These pumps are used in process heating and cooling, food processing, and manufacturing industrial applications. Geothermal heat pumps are also used for heating and cooling industrial buildings and process equipment. They are also employed to preheat or precool process fluids, thereby reducing energy consumption and costs.
U.S. Geothermal Heat Pump Market Report Highlights
- In terms of volume, the commercial application segment accounted for a prominent share of the market in 2022 and is expected to continue witnessing steady growth over the forecast period
- Based on type, the closed loop segment accounted for the largest share of 86.40% in 2022, in terms of volume. Closed-loop geothermal heat pumps are popular in the country as they are highly efficient and reliable
- Various strategic initiatives recorded over the past few years have contributed to the growth of the market. For instance; In April 2023, Stiebel Eltron announced an expansion in Germany by investing USD 491 million in a manufacturing facility located in Holzminden, Germany
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market Segmentation & Scope
- 1.2 Information Procurement
- 1.2.1 Purchased Database
- 1.2.2 GVR's Internal Database
- 1.2.3 Secondary Sources
- 1.2.4 Third-Party Perspective
- 1.2.5 Primary Research
- 1.3 Information Analysis
- 1.3.1 Data Analysis Models
- 1.4 Market Formulation and Data Visualization
- 1.5 Data Validation and Publishing
Chapter 2 Executive Summary
- 2.1 Market Snapshot
- 2.2 Segment Snapshot
- 2.3 Competitive Landscape Snapshot
Chapter 3 Market Variables, Trends, & Scope
- 3.1 Penetration & Growth Prospect Mapping
- 3.2 Industry Value Chain Analysis
- 3.3 Regulatory Framework
- 3.3.1 Policies and Plans by Major Countries
- 3.3.2 Standards & Compliances
- 3.3.3 Tax Incentive Schemes
- 3.4 Technology Framework
- 3.5 Market Dynamics
- 3.5.1 Market Driver Impact Analysis
- 3.5.1.1 Rise in construction activity and favorable government policies
- 3.5.1.2 Increasing demand for energy-efficient solutions
- 3.5.2 Market Restraint Impact Analysis
- 3.5.2.1 High initial costs
- 3.5.3 Industry Challenges
- 3.5.4 Industry opportunities
- 3.5.1 Market Driver Impact Analysis
- 3.6 Business Environment Analysis: U.S. Geothermal Heat Pump Market
- 3.6.1 Industry Analysis - Porter's
- 3.6.2 Macro Economic Environment Analysis
- 3.7 Pricing Analysis, 2018 - 2030
- 3.8 Vendor Landscape
- 3.8.1 List of Key Raw Material Providers
- 3.8.2 List of Manufacturers
- 3.8.3 List of Key Distributors
Chapter 4 U.S. Geothermal Heat Pump Market: Type Estimates & Trend Analysis
- 4.1 Type Movement Analysis & Market Share, 2022 & 2030
- 4.2 Type Movement Analysis & Market Share, 2022 & 2030
- 4.3 U.S. Geothermal Heat Pumps Market Estimates & Forecast, By Type (USD Million)
- 4.3.1 Closed-loop
- 4.3.1.1 Horizontal
- 4.3.1.2 Vertical
- 4.3.2 Open-Loop
- 4.3.3 Hybrid
- 4.3.1 Closed-loop
Chapter 5 U.S. Geothermal Heat Pump Market: Application Estimates & Trend Analysis
- 5.1 Application Movement Analysis & Market Share, 2022 & 2030
- 5.2 Application Movement Analysis & Market Share, 2022 & 2030
- 5.3 U.S. Geothermal Heat Pumps Market Estimates & Forecast, By Application (USD Million)
- 5.3.1 Residential
- 5.3.2 Commercial
- 5.3.3 Industrial
Chapter 6 U.S. Geothermal Heat Pump Market: Competitive Landscape
- 6.1 Recent Developments & Their Impact Analysis, by Key Market Participants
- 6.2 Company Categorization
- 6.3 Participant's Overview
- 6.3.1 Bard HVAC
- 6.3.2 Carrier
- 6.3.3 ClimateMaster, Inc
- 6.3.4 Daikin
- 6.3.5 Dandelion
- 6.3.6 Encon Heating & AC
- 6.3.7 Glen Dimplex
- 6.3.8 Ingersoll Rand (Trane)
- 6.3.9 Maritime Geothermal
- 6.3.10 NIBE
- 6.3.11 Robert Bosch LLC
- 6.3.12 Stiebel Eltron
- 6.3.13 Vaillant Group
- 6.3.14 Viessmann
- 6.3.15 Spectrum Manufacturing
- 6.4 Financial Performance
- 6.5 Product Benchmarking
- 6.6 Company Market Positioning (Optional)
- 6.7 Company Heat Map Analysis
- 6.8 Company Market Share Analysis, 2022
- 6.9 Strategy Mapping
- 6.9.1 expansions
- 6.9.2 mergers & acquisitions
- 6.9.3 collaborations
- 6.9.4 new facility/product launches
- 6.9.5 partnerships/Joint Ventures
- 6.9.6 Research and Development
List of Tables
- Table 1 Mandates and Incentive Programs.
- Table 2 U.S. Geothermal Heat Pump Market estimates and forecasts, by Closed Loop, 2018 - 2030 (Thousand Units) (USD Million)
- Table 3 U.S. Geothermal Heat Pump Market estimates and forecasts, by Horizontal, 2018 - 2030 (Thousand Units) (USD Million)
- Table 4 U.S. Geothermal Heat Pump Market estimates and forecasts, by Vertical, 2018 - 2030 (Thousand Units) (USD Million)
- Table 5 U.S. Geothermal Heat Pump Market estimates and forecasts, by Open Loop, 2018 - 2030 (Thousand Units) (USD Million)
- Table 6 U.S. Geothermal Heat Pump Market estimates and forecasts, by Hybrid, 2018 - 2030 (Thousand Units) (USD Million)
- Table 7 U.S. Geothermal Heat Pump Market estimates and forecasts, by Residential, 2018 - 2030 (Thousand Units) (USD Million)
- Table 8 U.S. Geothermal Heat Pump Market estimates and forecasts, by Commercial application, 2018 - 2030 (Thousand Units) (USD Million)
- Table 9 U.S. Geothermal Heat Pump Market estimates and forecasts, by Industrial application, 2018 - 2030 (Thousand Units) (USD Million)
List of Figures
- Fig. 1 U.S. Geothermal Heat Pumps Market Segmentation
- Fig. 2 Information procurement
- Fig. 3 Primary research pattern
- Fig. 4 Primary research process
- Fig. 5 Primary research approaches
- Fig. 6 Market Snapshot
- Fig. 7 Segment Snapshot
- Fig. 8 Competitive Landscape Snapshot
- Fig. 9 Market Value, 2022 (USD Million)
- Fig. 10 Industry Value Chain Analysis
- Fig. 11 U.S. Geothermal Heat Pumps Market - Market Dynamics
- Fig. 12 U.S. annual construction spending (USD Billion)
- Fig. 13 Residential Energy Consumption by End Use, 2022
- Fig. 14 U.S. Geothermal Heat Pumps Market- Porter's Analysis
- Fig. 15 U.S. Geothermal Heat Pumps Market- Macro Economic Environment Analysis
- Fig. 16 U.S. Geothermal Heat Pumps Market, by Type: Key Takeaways
- Fig. 17 U.S. Geothermal Heat Pumps Market, by Type: Market Share, 2022 & 2030
- Fig. 18 U.S. Geothermal Heat Pumps Market, by Type: Market Share, 2022 & 2030
- Fig. 19 U.S. closed-loop geothermal heat pumps market estimates & forecasts, 2018 - 2030 (Thousand Units) (USD Million)
- Fig. 20 U.S. horizontal closed-loop geothermal heat pumps market estimates & forecasts, 2018 - 2030 (Thousand Units) (USD Million)
- Fig. 21 U.S. vertical closed-loop geothermal heat pumps market estimates & forecasts, 2018 - 2030 (Thousand Units) (USD Million)
- Fig. 22 U.S. open-loop geothermal heat pumps market estimates & forecasts, 2018 - 2030 (Thousand Units) (USD Million)
- Fig. 23 U.S. hybrid geothermal heat pumps market estimates & forecasts, 2018 - 2030 (Thousand Units) (USD Million)
- Fig. 24 U.S. Geothermal Heat Pumps Market, by Application: Key Takeaways
- Fig. 25 U.S. Geothermal Heat Pumps Market, Market Share, by Application, 2022 & 2030
- Fig. 26 U.S. Geothermal Heat Pumps Market, Market Share, by Application, 2022 & 2030
- Fig. 27 U.S. geothermal heat pumps market estimates & forecasts for residential, 2018 - 2030 (Thousand Units) (USD Million)
- Fig. 28 U.S. geothermal heat pumps market estimates & forecasts for commercial, 2018 - 2030 (Thousand Units) (USD Million)
- Fig. 29 Industrial U.S. geothermal heat pumps market estimates & forecasts for industrial, 2018 - 2030 (Thousand Units) (USD Million)
- Fig. 30 Key Company Categorization
- Fig. 31 Company Market Positioning
- Fig. 32 Company Market Share Analysis, 2022
- Fig. 33 Strategic Framework
