Categories: Industry

Global Geothermal Heat Pump Market Outlook: Forecasted

The Geothermal Heat Pump Global Market Report 2023 by The Business Research Company, provides geothermal heat pump market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/geothermal-heat-pump-global-market-report

According to The Business Research Company’s Geothermal Heat Pump Global Market Report 2023, the global geothermal heat pump market size grew from $3.74 billion in 2022 to $4.16 billion in 2023 at a compound annual growth rate (CAGR) of 11.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The the market size of the geothermal heat pump market is expected to grow to $5.74 billion in 2027 at a CAGR of 8.4%.

The increasing government initiatives to curb carbon emissions are driving the growth of the geothermal heat pumps market. Governments across the world are launching various initiatives to cut carbon emissions and some countries have made futuristic plans to target net-zero carbon emissions through the utilization of natural resources such as geothermal energy, nuclear energy, and others. Increasing government’s shift toward natural resources is expected to boost demand for geothermal heat pumps as they are increasingly being used for heating and cooling over carbon emissions-producing products such as electricity-powered air conditioning units, thermal-powered power plants and others.

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The geothermal heat pump market is segmented:

1) By Technology: Open Loop System, Closed Loop System

2) By Application: Residential, Commercial, Industrial

Technological advancement is a key trend gaining popularity in the geothermal heat pump market. The key players operating in the geothermal heat pump market are focusing on developing new technologies with minimal complexities with enhanced operational and performance capabilities. For instance, in October 2021, Bosch Thermotechnik GmbH, a Germany-based manufacturer of energy-efficient heating products and hot water solutions, launched ultra-quiet heat pumps, the QV Series for commercial areas in multiple sizes and horizontal and vertical configurations. The product is based on Bosch-patented compressor encapsulation and offers comprehensive and sound performance combined with delivering a compact cabinet to fit into small spaces in commercial establishments.

The geothermal heat pump market report table of contents includes: