Increasing Demand for Clean Energy to Drive Sales of Geothermal Heat Pumps: Fact.MR Research Findings

·6 min read

“Supportive government funding and rising popularity of renewable energy will boost consumption of geothermal heat pumps across the world,” says a Fact.MR analyst

United States, Rockville, MD, June 28, 2022 (GLOBE NEWSWIRE) -- Consumption of geothermal heat pumps is projected to surge at an impressive CAGR of 13.1% from 2021 to 2031. This new geothermal heat pumps market research report by Fact.MR found the market to be worth US$ 115.74 Bn in 2020, and predicts it to reach a valuation of US$ 505.5 Bn by the end of 2031.

Amidst the increasing demand for energy and deteriorating climatic conditions, the trend for renewable energy generation has picked up massive impetus and is driving the sales of geothermal heat pumps. Increasing deployment of geothermal energy systems in residential and commercial buildings will supplement market expansion.

Supportive government initiatives to boost the use of renewable energy and promote the deployment of renewable energy generation are also expected to favor the shipments of geothermal heat pumps through 2031. However, the high cost of initial installation is anticipated to slow dent market growth to some extent.

For more insights into the Market, Get A Sample of this Report!

Key geothermal heat pump manufacturers are focusing on increasing awareness regarding renewable energy sources through several initiatives that will help them push their sales of geothermal heat pumps. Geothermal heat pump suppliers are also investing in mergers and collaborations to further advance their product portfolios and bolster business operations.

  • In January 2022, Vattenfall a Swedish multinational power organization, in partnership with Feenstra, a Dutch heating technology firm, announced that they will be launching their first electric heat pumps in the Netherlands by the end of the year and later on foray into the U.K. market.

Key Takeaways from Market Study

  • The geothermal heat pumps market in 2020 held a net value of US$ 115.74 Bn.

  • Sales of geothermal heat pumps are projected to rise at an astronomical CAGR of 13.1% from 2021 to 2031.

  • In 2031, shipments of geothermal heat pumps are expected to amount to a revenue of US$ 505.5 Bn.

  • The closed loop technology segment is projected to account for around 88% of the global geothermal heat pumps market share by the end of 2031.

  • Rising popularity of renewable energy generation, government subsidies for installation, and increasing focus on sustainability are some of the major trends that will influence the sales of geothermal heat pumps over the coming years.

  • Europe is anticipated to account for a dominant market share of over 59% in the global geothermal heat pumps industry.

For Comprehensive Insights Ask An Analyst Here

Winning Strategy

Geothermal heat pump manufacturers are investing in the research and development of pumps with new and advanced technologies that are more efficient, as demand for these pumps is increasing on a global scale. Geothermal heat pump suppliers are adopting various strategies to boost their sales across all direct and indirect sales platforms.

Rising encouragement from governments to adopt and deploy renewable energy systems is expected to aid geothermal heat pumps market players to boost their sales and revenue generation potential across the forecast period.

Key Segments Covered in Geothermal Heat Pumps Industry Research

  • Geothermal Heat Pumps Market by Technology:

    • Open Loop Systems

    • Closed Loop Systems

      • Vertical Loops

      • Horizontal Loops

      • Pond/Lake Systems

  • Geothermal Heat Pumps Market by End User:

    • Geothermal Heat Pumps for Residential Use

      • New Building Systems

      • Retrofit Systems

    • Geothermal Heat Pumps for Commercial Use

      • New Building Systems

      • Retrofit Systems

  • Geothermal Heat Pumps Market by Region:

    • North America Geothermal Heat Pumps Market

    • Latin America Geothermal Heat Pumps Market

    • Europe Geothermal Heat Pumps Market

    • East Asia Geothermal Heat Pumps Market

    • South Asia & Oceania Geothermal Heat Pumps Market

    • MEA Geothermal Heat Pumps Market

Get Customization on this Report for Specific Research Solutions

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global geothermal heat pumps market, presenting historical demand data (2017-2020) and forecast statistics for the period of 2021-2031.

The study divulges essential insights on the market on the basis of technology (open loop systems, closed loop systems) and end user (residential, commercial), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

About the Industrial Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the prominent end use industries across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.

Check out more studies related to Industrial Goods, conducted by Fact.MR:

Basalt Fiber Market - Basalt Fiber Market Analysis Report By Product Type (Roving, Chopped Strands, Fabric, Mesh and Grids), By Usage (Composites, Non-Composites), By End Use Industry (Building and construction, Automotive, Aerospace and defense), By Region - Global Insights 2022-2032

Leak Detection and Repair Market - Leak Detection and Repair Market Analysis by Component (Equipment, Services), by Product (Handheld Gas Detectors, UAV-based Detectors, Vehicle-based Detectors), by Technology (Acoustic Leak Detection, Optical Gas Imaging) & Region - Global Forecast 2022-2032

Precision Guided Munition Market - Precision Guided Munition Market Analysis by Product (Tactical Missile, Guided Ammunition, Guided Rockets, Loitering Munition) By Technology (Anti-Radiation, Radar Homing, Global Positioning System, Inertial Navigation System, Semi-Active Lasers, Infrared) By Region- Global Forecast 2022-2032

Agricultural Tractors Market -Agricultural Tractors Market Analysis by Engine Power (Less than 40 HP, between 41 to 100 HP, More than 100 HP), by Driveline Type (2WD Agricultural Tractors, 4WD Agricultural Tractors), by Region - Global Forecast 2022-2032

Fire Safety Equipment Market - Fire Safety Equipment Market Analysis by Application (Residential, Commercial, and Industrial), by Solution (Fire Suppression Equipment, Fire Detection Equipment), by Region - Global Forecast 2022-2032

Residential Air Purifier Market - Residential Air Purifier Market Trend Analysis by Type (In-Duct, Standalone/Portable), by Technology (Ionic Filters, Activated Carbon, HEPA, Others), by Region- Global Forecast 2022-2032

Fire Suppression Systems Market - Fire Suppression Systems Market Analysis by Product (Fire Extinguisher, Fire Sprinkler), by Fire Extinguisher Type (Gas, Water, Dry Chemical Powder, Others), by Application (Commercial, Industrial, Residential) and by Region- 2022 to 2032

Pre-Painted Steel Coil Market - Pre-Painted Steel Coil Market Size, Share & Trends Analysis Report By Application (Metal Buildings, Post-frame Buildings), By Region, And Segment Forecast, 2022 - 2032

Fire Protection Systems Market - Fire Protection Systems Market Analysis by Product (Fire Analysis, Fire Detection, Fire Suppression), by Service (Managed Fire Protection Service, Fire Protection Systems Maintenance Service), by Application & Region - Global Forecast 2022-2032

Agriculture Equipment Market - Agriculture Equipment Market Size, Share & Trends Analysis Report By Product (Agriculture Tractors, Harvesters, Planting Equipment), By Application (Harvesting & Threshing, Sowing & Planting), By Region, and Segment - Global Forecasts 2022 - 2032

About Us:

Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.


Mahendra Singh

US Sales Office:

11140 Rockville Pike

Suite 400

Rockville, MD 20852


Tel: +1 (628) 251-158

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting