Geothermal Heat Pumps Market: Current Analysis and Forecast (2021-2027)

The Global Geothermal heat pump market w is expected to grow at CAGR of more than 5.6% during the forecast period (2021-2027). A geothermal heat pump (GHPs) or ground source heat pump is a central water heating system that uses geothermal energy to heat the water. Geothermal heat pumps are energy efficient and are widely used in various heating applications across surface water, recycled water, retention basin stormwater, sewage treatment plant, and harvested rainwater.

The stimulating growth of the geothermal heat pump market is attributed due to the growing concern towards energy security and environmental sustainability along with shifting trends for bioeconomy-based infrastructure will impel the market expansion of geothermal heat pump (GHP) globally. Furthermore, favorable government policies & protocols in line with an aim to reduce carbon emissions are predicted to further sway the industry's growth.

ClimateMaster, WaterFurnace International Inc., Geomasters Heating and Cooling LLC., Carrier Corporation, Hydro-Temp Corporation, Mammoth Inc., Ingersoll-Rand plc, Modine Manufacturing Company, Robert Bosch GmbH, Danfoss A/S. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

"Amongst type, closed loop segment holds the major share"

Based on type, the geothermal heat pump market is segmented into an open, loop, and closed loop. The closed loop caters to extensive market share in the geothermal heat pump market. It is mainly its high efficiency, less energy consumption, and low operating & maintenance cost are some of the vital parameters which will stimulate market penetration.

"Amongst application, commercial segment holds the major share"

Based on application, the geothermal heat pump market is classified into residential, commercial, and industrial. The commercial segment caters to an extensive share of the geothermal heat pump market. It is mainly owing to the rising demand for refurbishing and restoring conventional systems coupled with the product capability to effortlessly integrate with HVAC systems across current, as well as newly built government buildings would escalate its market demand.

"North America represents one of the extensive market shares of global geothermal heat pump Market"

For a better understanding of the market dynamics of the global geothermal heat pumps. North America caters to a substantial share in the geothermal heat pump market over the past few years and is expected to have an influential growth rate in the forecasted period as well. It is mainly attributed to the growing focus on the construction of new building infrastructure along with a renovation of old buildings will further spur the overall industry trend.

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Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

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Deep dive regional level analysis of the industry.

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