The market for geothermal heat pumps is expected to reach US$ 505.5 billion by the end of 2031, up from 2020’s estimated value of US$ 115.74 billion in global exports.
Sales of geothermal heat pumps are being driven by the trend towards renewable energy generation, which has gained significant momentum in light of the rising energy demand and deteriorating weather conditions. Geothermal energy systems will be installed in more homes and businesses, which will support market growth.
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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.
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.
Geothermal Heat Pumps Industry Research
- Market Growth: The geothermal heat pumps industry has been experiencing steady growth in recent years due to increasing awareness about energy efficiency and environmental concerns. The market is driven by factors such as government incentives, favorable regulations, and rising demand for sustainable heating and cooling solutions.
- Energy Efficiency and Cost Savings: Geothermal heat pumps are known for their high energy efficiency and cost savings potential. Research in the industry focuses on improving system performance, optimizing heat transfer, and developing advanced control strategies to enhance energy efficiency and reduce operating costs.
- Environmental Benefits: Geothermal heat pumps produce lower greenhouse gas emissions compared to traditional heating and cooling systems. Research in the industry explores methods to further minimize environmental impact, such as the use of eco-friendly refrigerants and geothermal systems’ integration with renewable energy sources.
- Technological Advancements: Ongoing research efforts aim to develop innovative geothermal heat pump technologies. This includes advancements in heat exchanger designs, materials, and drilling techniques to improve system performance and reduce installation costs. Researchers are also investigating hybrid systems that combine geothermal heat pumps with other renewable energy technologies for enhanced energy production.
- System Optimization and Monitoring: Optimization and monitoring of geothermal heat pump systems play a crucial role in ensuring their long-term performance. Research focuses on developing advanced modeling and simulation tools, as well as sensor technologies for real-time monitoring and control of geothermal systems, enabling better system operation and maintenance.
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 2022-2033.
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).
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