The geothermal heat pump market size was valued at $6.0 billion in 2021, and the geothermal heat pump industry is estimated to reach $12.5 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031. A central water heating system that uses geothermal energy to heat the water is known as a geothermal heat pump (GHP) or ground source heat pump. Geothermal heat pumps are popular in many heating applications for surface water, recycled water, retention basin stormwater, sewage treatment plants, and rainwater harvesting. They are also energy efficient. Geothermal heat pumps may be utilized alone or in conjunction with other hybrid systems, such as solar geothermal heat pumps. The hybrid setups have advantages in terms of cost and high performance. The earth's mild temperatures are used by geothermal heat pumps as cooling and heating sources. Instead of always coming from the center of the earth's crust, the geothermal heat pump's primary source of heat is the sun. Some of the other popular name for geothermal heat pump in various part of the world includes geo-exchange, earth energy systems, and earth-coupled heat pumps.
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The global geothermal heat pump market trends are being
driven by rising concerns among policymakers regarding energy security,
environmental sustainability, and the trend toward development and national
well-being based on the bio-economy. In addition, geothermal heat pumps reduce
energy usage and aid in reducing greenhouse gas (GHG) emissions, which benefits
the market even more. In addition, a geothermal water pump has lower long-term
costs than a conventional water heater system. A major obstacle to the
widespread adoption of this technology in the world's major developing nations
is the high installation cost of geothermal heat pump systems as well as the
lack of public understanding or confidence in the benefits of geothermal heat
pump systems. Moreover, the lack of technological advancement and technique
toward the cost and performance benefits of geothermal heat pumps is limiting
the geothermal heat pump market growth.
The geothermal heat pump market forecast is segmented on the
basis of technology, end-use, and region. Depending on the technology, the
market is categorized into open-loop systems and closed-loop systems (vertical
loops and horizontal loops). On the basis of end-user, the market is
categorized into residential (new building systems and retrofit systems),
commercial, and industrial. Region-wise, the market is studied across North
America, Europe, Asia-Pacific, and LAMEA.
Major players operating in the global geothermal heat pump
market include Bosch Terotechnology Ltd, Bostech Mechanical Ltd., Carrier
global Corporation, ClimateMaster Inc.., Daikin Industries, Ltd., Danfoss
Technologies, Dandelion Energy, De Dietrich Process Systems, Ecoforest S.A,
Energy Smart Alternatives, GeoComfort Geothermal systems, GeoSmart Energy Inc.,
Maritime Geothermal Ltd., Mitsubishi Electric Corporation, Pfister’s Energy,
Viessmann, and Wolf GmbH.
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Key findings of the study
- Asia-Pacific would exhibit a CAGR of 8.5% during
2022-2031.
- Japan contributes around 5.4% of the total geothermal heat pump market share
and would exhibit a CAGR of 7.6% during 2022-2031.
- South Korea contributes around 1.9% of the total market share and would
exhibit a CAGR of 9.1% during 2022-2031
- As per global geothermal heat pump market analysis, by technology, the closed
loop systems segment accounted for more than 80% of the market share in 2021.
- By end use, the residential segment is expected to possess a market share of
75.1% in 2031.
- By region, Europe was the leading segment in 2021, with a CAGR of 6.4% during
2022-2031
IMPACT OF COVID-19 ON THE GEOTHERMAL HEAT PUMP MARKET
- The outbreak of COVID-19 in China and its spread across
numerous countries globally, halted the manufacturing activities of industrial
sectors, which correspondingly hampered geothermal heat pump manufacturing as
well. Raw material procurement was also challenged owing to the outbreak of
COVID-19.
- The COVID-19 pandemic's global crises and commercial uncertainties have had a
substantial impact on the operations of many firms and their sales. The
implementation of lockdown restrictions in various nations along with the
closure of heat pump manufacturing operations had a detrimental effect on the
expansion of the domestic heat pump market. The supply of raw materials
including iron castings, stainless steel components, and aluminum tubing was
further impeded by travel restrictions, a closed border, and an import-export
prohibition.
- Governments in several nations have taken steps to restart the economy and
achieve the net zero carbon emission goal in the upcoming years in order to
cope with the slowing business growth caused by the COVID-19 epidemic. For
example, as per the news published in Electrical Times, an online news
publishing platform, in 2020, the UK government issued a 10-point plan 2020, to
meet its net-zero carbon objective by 2050. The government has planned to
install nearly 600,000 heat pumps by the end of 2028, along with investment in
renewable energy and other low-carbon technology.
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