Global Geothermal Heat Pumps Market Growth, Share, Size, Trends and Forecast (2024 - 2030)
Segmented by Type;
Closed Loop - Horizontal and Vertical, Open Loop.Segmented by Application;
Residential, Commercial and Industrial.Segmented by Geography;
North America, Europe, Asia Pacific, Middle East and Africa and Latin America - Report Timeline (2020 - 2030).Introduction
Global Geothermal Heat Pumps Market (USD Million), 2020 - 2030
# | Global |
---|---|
2020 | 89.5 |
2021 | 97.0 |
2022 | 114.7 |
2023 | 116.3 |
2024 | 138.6 |
2025 | 153.9 |
2026 | 171.8 |
2027 | 178.2 |
2028 | 184.7 |
2029 | 210.7 |
2030 | 241.9 |
In the year 2023, the Global Geothermal Heat Pumps Market was valued at USD 44,884.05 million. The size of this market is expected to increase to USD 83,643.68 million by the year 2030, while growing at a Compounded Annual Growth Rate (CAGR) of 9.3%.
Global Geothermal Heat Pumps Market Report Snapshot
Parameters | Description |
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Market | Global Geothermal Heat Pumps Market |
Study Period | 2020 - 2030 |
Base Year (for Geothermal Heat Pumps Market Size Estimates) | 2023 |
Study Scope |
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Market Segmentation |
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Geographical Coverage |
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Company Coverage |
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Premium Insights |
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Market Analysis
This report extensively covers different segments of Global Geothermal Heat Pumps Market and provides an in depth analysis (including revenue analysis for both historic and forecast periods) for all the market segments. In this report, the analysis for every market segment is substantiated with relevant data points and, insights that are generated from analysis of these data points (data trends and patterns). The global geothermal heat pump market is expected to grow significantly due to rising demand for cost-effective energy solutions as a result of rising conventional fuel prices. The flexible seasonality of geothermal heat pumps, which allows heating or cooling in inverse to external conditions in residential, industrial, and other applications, is expected to be a major factor driving market growth.
Global Geothermal Heat Pumps Market Analysis
In this report, the Global Geothermal Heat Pumps Market has been segmented by Type, Application and Geography.
Global Geothermal Heat Pumps Market, Segmentation by Type
The Global Geothermal Heat Pumps Market has been segmented by Type into Closed Loop and Open Loop. The complete Global Geothermal Heat Pumps Market segmentation by Type can be seen below:
- Global Geothermal Heat Pumps Market, By Type
- Closed Loop
- Horizontal
- Vertical
- Open Loop
- Closed Loop
This report provides market size in USD Million and Year on Year (YOY) growth analysis for all the Types mentioned above for historic (2020 - 2023) and forecast (2024 - 2030) periods with 2023 considered as the base year.
The report also provides an analysis of why the market size of the various segments by Type is increasing or decreasing with time along with the reasons for changes in the YOY growth with time.
Global Geothermal Heat Pumps Market, by Type (USD Million), 2020 - 2030
# | Closed Loop | Open Loop |
---|---|---|
2020 | 67.5 | 90.7 |
2021 | 72.2 | 91.8 |
2022 | 78.8 | 98.6 |
2023 | 79.5 | 113.1 |
2024 | 91.8 | 125.8 |
2025 | 104.7 | 150.7 |
2026 | 125.2 | 156.2 |
2027 | 138.2 | 170.6 |
2028 | 151.7 | 185.6 |
2029 | 165.2 | 221.4 |
2030 | 187.2 | 227.1 |
Global Geothermal Heat Pumps Market, Segmentation by Application
The Global Geothermal Heat Pumps Market has been segmented by Application into Residential, Commercial and Industrial. The complete Global Geothermal Heat Pumps Market segmentation by Application can be seen below:
- Global Geothermal Heat Pumps Market, By Application
- Residential
- Commercial
- Industrial
This report provides market size in USD Million and Year on Year (YOY) growth analysis for all the Applications mentioned above for historic (2020 - 2023) and forecast (2024 - 2030) periods with 2023 considered as the base year.
The report also provides an analysis of why the market size of the various segments by Application is increasing or decreasing with time along with the reasons for changes in the YOY growth with time.
Global Geothermal Heat Pumps Market, by Application (USD Million), 2020 - 2030
# | Residential | Commercial | Industrial |
---|---|---|---|
2020 | 101.5 | 89.5 | 91.2 |
2021 | 118.3 | 106.1 | 107.0 |
2022 | 130.7 | 116.5 | 115.4 |
2023 | 146.4 | 124.9 | 133.3 |
2024 | 167.3 | 142.4 | 144.0 |
2025 | 189.0 | 146.0 | 146.2 |
2026 | 221.9 | 152.1 | 150.5 |
2027 | 240.5 | 171.2 | 177.5 |
2028 | 242.6 | 175.2 | 203.2 |
2029 | 290.6 | 183.3 | 223.4 |
2030 | 306.9 | 198.0 | 244.6 |
Global Geothermal Heat Pumps Market, Segmentation by Geography
In this report, the Global Geothermal Heat Pumps Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
Global Geothermal Heat Pumps Market Share (%), by Geographical Region, 2023
North America | Europe | Asia Pacific | Middle East & Africa | Latin America |
---|---|---|---|---|
20 | 10 | 15 | 5 | 50 |
Find below the list of Countries covered in each of the aforementioned geographical regions:
North America - United States, Canada and Mexico
Latin America - Brazil, Argentina and Rest of Latin America
Europe - Germany, United Kingdom, France, Italy, Spain and Rest of Europe
Asia Pacific - Japan, China, India, Australia & New Zealand, South Korea, ASEAN (Association of South East Asian Nations) and Rest of Asia Pacific
Middle East & Africa - GCC Countries, Egypt, Israel, South Africa, Rest of Middle East & Africa
This report provides market size in USD Million and Year on Year (YOY) percentage growth analysis for the Geothermal Heat Pumps Market in all the Regions and Countries (specified above) for historic (2020 - 2023) and forecast (2024 - 2030) Periods with 2023 considered as the base year.
This report also provides an analysis of why the market size of Geothermal Heat Pumps in various regions and countries is increasing or decreasing with time along with the reasons for changes in the YOY growth with time.
Market Dynamics
This report provides an in depth analysis of various factors that impact the dynamics of Global Geothermal Heat Pumps Market. These factors include; Market Drivers, Restraints and Opportunities Analysis, Market Opportunity Mapping, PEST (Political, Economic, Social and Technological) Analysis and Porter's Five Forces Analysis.
Drivers, Restraints and Opportunity Analysis
- The factors driving the growth of Global Geothermal Heat Pumps Market will be discussed in detail in the full report.
- The factors hindering the growth of Global Geothermal Heat Pumps Market will be discussed in detail in the full report.
- The new opportunities in Global Geothermal Heat Pumps Market will be discussed in detail in the full report.
- Global Geothermal Heat Pumps Market Drivers will be discussed in detail in the full report.
- Global Geothermal Heat Pumps Market Restraints will be discussed in detail in the full report.
- Global Geothermal Heat Pumps Market Opportunities will be discussed in detail in the full report.
Market Opportunity Map
This report provides market opportunity map for Geothermal Heat Pumps Market. The opportunity map (by market segments; Type and Application) is calculated based on current year market estimates, CAGR and collective revenue over the forecast period. Since, CAGR has been estimated considering all the factors impacting the market; starting from the company's presence, buyer behaviour, to government interference or support. The opportunity map inherently considers all the aforementioned factors impacting the market. The bubble size reflects the estimated opportunity for a particular segment or region, therefore, bigger the bubble size, larger the opportunity.
Global Geothermal Heat Pumps Market, Opportunity Map, By Region (2020 - 2030)
North America | Europe | Asia Pacific | Middle East & Africa | Latin America |
---|---|---|---|---|
20 | 10 | 15 | 5 | 50 |
PEST (Political, Economic, Social and Technological) Analysis
This report provides PEST analysis of Geothermal Heat Pumps Market. Various factors such as government interference in the market such as regulations (which include but are not limited to pricing and intellectual property policies) that might impact the market are analysed.
This report also provides an analysis of Economic factors affecting the market such as; purchasing power, which directly influences the market growth.
This report also provides an analysis of social factors such as social norms or cultural beliefs inhibiting or promoting the growth of the market
As part of PEST analysis, this report also provides analysis of the impact of Technological factors on growth or decline of a market.
- In depth analysis and insights about the impact of political factors on this market will be provided in the final report.
- In depth analysis and insights about the impact of economic factors on this market will be provided in the final report.
- In depth analysis and insights about the impact of social factors on this market will be provided in the final report.
- In depth analysis and insights about the impact of technological factors on this market will be provided in the final report.
Porter's Five Force Analysis
This report provides Porter's Five Forces analysis of Global Geothermal Heat Pumps Market, which include; Bargaining Power of Suppliers, Bargaining Power of Buyers, Threat of New Entrants, Threat of Substitutes and Competitive Rivalry.
Bargaining Power of Suppliers:
Various factors such as; Supplier Switching Costs Relative to Firm Switching Costs, Supplier Competition and Possibility of Forward Integration, Presence of Substitute Inputs, Strength of Distribution Channels, and Supplier Concentration to Firm Concentration Ratio would be analysed to estimate bargaining power of suppliers in the Global Geothermal Heat Pumps Market. Bargaining power of suppliers will be reported on a scale of 0-10 with 0 being the lowest value and 10 being the highest value.
Bargaining Power of Suppliers
Supplier Switching Costs Relative To Firm Switching Costs | Strength of Distribution Channels | Supplier Concentration to firm Concentration Ratio | Presence of Substitute Inputs | Supplier Competition and Possibly of Forward Integration |
---|---|---|---|---|
20 | 10 | 15 | 5 | 50 |
Bargaining Power of Buyers:
Various factors such as; Buyer Concentration to Firm Concentration Ratio, Buyer Switching Costs, Availability of Existing Substitute Products, Buyer Price Sensitivity, and Degree of Dependency upon Existing Channels of Distribution would be analysed to estimate bargaining power of buyers in the Global Geothermal Heat Pumps Market. Bargaining power of buyers will be reported on a scale of 0-10 with 0 being the lowest value and 10 being the highest value.
Bargaining Power of Buyers
Buyer Competition to Firm Concentration Ratio | Buyer Switching Costs | Availability of existing Substitute Products | Buyer Price Sensitivity | Degree of Dependency upon Existing Channels of Distribution |
---|---|---|---|---|
10 | 15 | 25 | 45 | 32 |
Threat of Substitutes:
Various factors such as; Availability of Substitutes, Number of Available Substitutes, Price of Substitute Products, Buyer Switching Costs, and Buyer Propensity to Substitute would be analysed to estimate threat of substitutes in the Global Geothermal Heat Pumps Market. Threat of substitutes will be reported on a scale of 0-10 with 0 being the lowest value and 10 being the highest value.
Threat of Substitutes:
Availability of Substitutes | Number of Available Substitutes | Price of Substitute Products | Buyer Switching Costs | Buyer Propensity to Substitute |
---|---|---|---|---|
20 | 35 | 10 | 2 | 5 |
Threat of New Entrants:
Various factors such as; Barriers to Entry, Economies of Scale, Product Differentiation, Customer Loyalty, Network Effect, and Access to Distribution Channels would be analysed to estimate threat of new entrants in the Global Geothermal Heat Pumps Market. Threat of new entrants will be reported on a scale of 0-10 with 0 being the lowest value and 10 being the highest value.
Threat of New Entrants:
Barriers to entry | Economics of scale | Product Differentiation | Customer Loyalty | Network Effect | Access to Ditribution Channels |
---|---|---|---|---|---|
2 | 35 | 25 | 10 | 15 | 55 |
Competitive Rivalry:
Various factors such as; Firm concentration Ratio, Level of Advertising Expense, Sustainable Competitive Advantage through Innovation, Competitive Strategy and Degree of Transparency would be analysed to estimate competitive rivalry in the Global Geothermal Heat Pumps Market. Competitive rivalry will be reported on a scale of 0-10 with 0 being the lowest value and 10 being the highest value.
Industry Rivalry:
Firm Concentration Ratio | Level of Advertising Expense | Sustainable Competitive Adavantage through Innovation | Degree of Transparency | Competitive strategy |
---|---|---|---|---|
5 | 10 | 15 | 35 | 45 |
Competitive Landscape Analysis
Key players in Global Geothermal Heat Pumps Market include, Stiebel Eltron, Ingersoll Rand (Trane), Vaillant Group, Viessmann, Glen Dimplex, Daikin and NIBE.
In this report, the profile of each market player provides following information:
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
Company SWOT Analysis
This report also provides Heat map analysis of Products/Services Offered by different companies operating in this market.
Competitors Products/Services Heat Map Analysis
Company Vs. Product/Service | Company 1 | Company 2 | Company 3 | Company 4 | Company 5 | Company 6 | Company 7 | Company 8 | Company 9 | Company 10 |
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Product 1/Service 1 | ||||||||||
Product 2/Service 2 | ||||||||||
Product 3/Service 3 | ||||||||||
Product 4/Service 4 | ||||||||||
Product 5/Service 5 | ||||||||||
Product 6/Service 6 | ||||||||||
Product 7/Service 7 | ||||||||||
Product 8/Service 8 |
- Introduction
- Research Objectives and Assumptions
- Research Methodology
- Abbreviations
- Market Definition & Study Scope
- Executive Summary
- Market Snapshot, By Type
- Market Snapshot, By Application
- Market Snapshot, By Region
- Market Opportunity Map
- Global Geothermal Heat Pumps Market Dynamics
- Drivers, Restraints and Opportunities
- Drivers
- Restraints
- Opportunities
- PEST Analysis
- Political Analysis
- Economic Analysis
- Social Analysis
- Technological Analysis
- Porter's Analysis
- Bargaining Power of Suppliers
- Bragaining Power of Buyers
- Threat of Substitutes
- Threat of New Entrants
- Industry Rivalry
- Drivers, Restraints and Opportunities
- Market Segmentation
- Global Geothermal Heat Pumps Market, By Type, 2022 - 2032 (USD Million)
- Introduction
- Market Share Analysis, 2024 and 2030 (%)
- Y-o-Y Growth Analysis, 2021 - 2030
- Segment Trends
- Closed Loop
- Introduction
- Market Share Analysis, 2024 and 2030 (%)
- Y-o-Y Growth Analysis, 2021 - 2030
- Segment Trends
- Horizontal
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020 - 2030 (USD Million)
- Vertical
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020 - 2030 (USD Million)
- Horizontal
- Open Loop
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020 - 2030 (USD Million)
- Closed Loop
- Global Geothermal Heat Pumps Market, By Application, 2022 - 2032 (USD Million)
- Introduction
- Market Share Analysis, 2024 and 2030 (%)
- Y-o-Y Growth Analysis, 2021 - 2030
- Segment Trends
- Residential
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020 - 2030 (USD Million)
- Commercial
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020 - 2030 (USD Million)
- Industrial
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020 - 2030 (USD Million)
- Residential
- Global Geothermal Heat Pumps Market, By Geography, 2022 - 2032 (USD Million)
- Introduction
- Market Share Analysis, 2024 and 2030 (%)
- Y-o-Y Growth Analysis, 2021 - 2030
- Regional Trends
- North America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- U.S
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- Canada
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- U.S
- Europe
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- Germany
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- United Kingdom
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- France
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- Italy
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- Spain
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- Rest of Europe
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- Germany
- Asia Pacific
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- Japan
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- China
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- India
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- Australia & New Zealand
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- South Korea
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- ASEAN (Association of South East Asian Countries)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- Rest of Asia Pacific
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- Japan
- Middle East & Africa
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- GCC
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- Israel
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- South Africa
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- Rest of Middle East & Africa
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- GCC
- Latin America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- Brazil
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- Mexico
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- Argentina
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- Rest of Latin America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020 - 2030 (USD Million)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020 - 2030 (USD Million)
- Brazil
- North America
- Global Geothermal Heat Pumps Market, By Type, 2022 - 2032 (USD Million)
- Competitive Landscape
- Heat Map Analysis
- Company Profiles
- Stiebel Eltron
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- Ingersoll Rand (Trane)
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- Vaillant Group
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- Viessmann
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- Glen Dimplex
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- Daikin
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- NIBE
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- Stiebel Eltron
- Analyst Views
- Future Outlook of the Market
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