“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.
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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.
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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
Geothermal Heat Pumps Market by End User:
Geothermal Heat Pumps for Residential Use
New Building Systems
Geothermal Heat Pumps for Commercial Use
New Building 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
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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.
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