Market Overview:
The global closed loop geothermal system market is expected to grow at a CAGR of 10.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for energy-efficient and environment-friendly heating and cooling systems across the globe. Additionally, growing awareness about the benefits of using closed loop geothermal systems is also propelling the growth of this market. The global closed loop geothermal system market can be segmented on the basis of type, application, and region. On the basis of type, it can be divided into vertical closed loop and horizontal closed loop systems.
Product Definition:
A closed loop geothermal system is a type of geothermal heating and cooling system that uses a series of pipes to circulate water or other heat transfer fluid through the ground. The fluid collects heat from the earth, which can then be used to heat your home or business in winter, or to cool it down in summer. Closed loop systems are important because they are one of the most efficient and cost-effective ways to use geothermal energy for heating and cooling.
Vertical Closed Loop:
Vertical closed loop is a closed-loop groundwater system that consists of a well, pump, and treatment plant. The water travels vertically in the loop from the aquifer to be pumped out by the well then it goes back to be filtered through various filters including sand & gravel, activated carbon or other filtration units before being delivered to the end users. There are very few components in common between open and vertical closed loops; however they both use groundwater for irrigation purposes.
Horizontal Closed Loop:
Horizontal closed loop (HCL) is a type of well that has its drilling equipment horizontal and the wellbore travels in an anticlockwise direction. The drill string is lowered into the borehole by means of a cable or chain attached to the bottom of the drill bit. As soon as possible after entering into soil, water or another formation fluid begins to flow back up through the drill hole towards surface where it is captured for use in subsequent cycles.
Application Insights:
The residential buildings segment accounted for the largest revenue share of over 50% in 2017. The growing population and rapid urbanization have resulted in increased demand for energy efficient geothermal systems that are designed and installed specifically for homes, apartments, and other residential buildings. These systems help in reducing electricity costs by recycling the waste heat into useful thermal energy. Various governments across various regions are taking initiatives to promote such installations by providing subsidies as well as tax credits to offset installation costs.
Regional Analysis:
Asia Pacific dominated the global closed loop geothermal system market in 2016 and is expected to continue its dominance over the forecast period. The region accounted for a share of more than 45% in 2016 owing to increasing awareness regarding CLT systems, growing population, rapid urbanization, and rising construction activities.
The presence of large-scale CLT manufacturers such as Ssangyong Engineering & Construction Co., Ltd., Hyundai Heavy Industries Co., Ltd. has positively influenced regional growth. Furthermore, favorable government initiatives coupled with increasing investments by private companies are anticipated to drive demand over the next eight years. For instance, In October 2017; Ormat announced plans for constructing a new geothermal power plant in Indonesia using Clustered Loop Technology (CLP). The project is expected to be operational by 2019/2020 timeframe and will have an annual capacity of around 240 MWth electricity production equivalent Geyser Per Hour (GPH).
Growth Factors:
- Increasing demand for energy due to population growth and industrialization
- Government policies and regulations supporting renewable energy sources
- Rising prices of traditional fuels such as oil, gas, and coal
- Technological advancements in Closed Loop Geothermal System that improve performance and reduce costs
- Growing awareness about the benefits of Closed Loop Geothermal System among consumers
Scope Of The Report
Report Attributes
Report Details
Report Title
Closed Loop Geothermal System Market Research Report
By Type
Vertical Closed Loop, Horizontal Closed Loop
By Application
Residential Buildings, Commercial Buildings
By Companies
Carrier, Vaillant, BDR Thermea, Modine, Nibe Industrier, Mitsubishi Electric, Viessmann, Trane, Stiebel Eltron, Danfoss Group, Weishaupt, Swegon, Wolf, OCHSNER Warmepumpen
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
243
Number of Tables & Figures
171
Customization Available
Yes, the report can be customized as per your need.
Global Closed Loop Geothermal System Market Report Segments:
The global Closed Loop Geothermal System market is segmented on the basis of:
Types
Vertical Closed Loop, Horizontal Closed Loop
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Residential Buildings, Commercial Buildings
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Carrier
- Vaillant
- BDR Thermea
- Modine
- Nibe Industrier
- Mitsubishi Electric
- Viessmann
- Trane
- Stiebel Eltron
- Danfoss Group
- Weishaupt
- Swegon
- Wolf
- OCHSNER Warmepumpen
Highlights of The Closed Loop Geothermal System Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Vertical Closed Loop
- Horizontal Closed Loop
- By Application:
- Residential Buildings
- Commercial Buildings
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Closed Loop Geothermal System Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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- Correctly Positioning New Products
- Market Entry Strategies
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- Consumer Insights
- Understanding Competition Scenario
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A closed loop geothermal system is a type of geothermal heating and cooling system that uses the earth's natural heat to provide thermal energy for buildings. The heat from the earth is circulated through a network of pipes and ducts, then used to generate hot water or cool air in buildings.
Some of the major companies in the closed loop geothermal system market are Carrier, Vaillant, BDR Thermea, Modine, Nibe Industrier, Mitsubishi Electric, Viessmann, Trane, Stiebel Eltron, Danfoss Group, Weishaupt, Swegon, Wolf, OCHSNER Warmepumpen.
The closed loop geothermal system market is expected to register a CAGR of 10.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Closed Loop Geothermal System Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Closed Loop Geothermal System Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Closed Loop Geothermal System Market - Supply Chain
4.5. Global Closed Loop Geothermal System Market Forecast
4.5.1. Closed Loop Geothermal System Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Closed Loop Geothermal System Market Size (000 Units) and Y-o-Y Growth
4.5.3. Closed Loop Geothermal System Market Absolute $ Opportunity
5. Global Closed Loop Geothermal System Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Closed Loop Geothermal System Market Size and Volume Forecast by Type
5.3.1. Vertical Closed Loop
5.3.2. Horizontal Closed Loop
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Closed Loop Geothermal System Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Closed Loop Geothermal System Market Size and Volume Forecast by Application
6.3.1. Residential Buildings
6.3.2. Commercial Buildings
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Closed Loop Geothermal System Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Closed Loop Geothermal System Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Closed Loop Geothermal System Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Closed Loop Geothermal System Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Closed Loop Geothermal System Demand Share Forecast, 2019-2026
9. North America Closed Loop Geothermal System Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Closed Loop Geothermal System Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Closed Loop Geothermal System Market Size and Volume Forecast by Application
9.4.1. Residential Buildings
9.4.2. Commercial Buildings
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Closed Loop Geothermal System Market Size and Volume Forecast by Type
9.7.1. Vertical Closed Loop
9.7.2. Horizontal Closed Loop
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Closed Loop Geothermal System Demand Share Forecast, 2019-2026
10. Latin America Closed Loop Geothermal System Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Closed Loop Geothermal System Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Closed Loop Geothermal System Market Size and Volume Forecast by Application
10.4.1. Residential Buildings
10.4.2. Commercial Buildings
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Closed Loop Geothermal System Market Size and Volume Forecast by Type
10.7.1. Vertical Closed Loop
10.7.2. Horizontal Closed Loop
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Closed Loop Geothermal System Demand Share Forecast, 2019-2026
11. Europe Closed Loop Geothermal System Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Closed Loop Geothermal System Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Closed Loop Geothermal System Market Size and Volume Forecast by Application
11.4.1. Residential Buildings
11.4.2. Commercial Buildings
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Closed Loop Geothermal System Market Size and Volume Forecast by Type
11.7.1. Vertical Closed Loop
11.7.2. Horizontal Closed Loop
11.8. Basis Pont Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Closed Loop Geothermal System Demand Share, 2019-2026
12. Asia Pacific Closed Loop Geothermal System Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Closed Loop Geothermal System Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Closed Loop Geothermal System Market Size and Volume Forecast by Application
12.4.1. Residential Buildings
12.4.2. Commercial Buildings
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Closed Loop Geothermal System Market Size and Volume Forecast by Type
12.7.1. Vertical Closed Loop
12.7.2. Horizontal Closed Loop
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Closed Loop Geothermal System Demand Share, 2019-2026
13. Middle East & Africa Closed Loop Geothermal System Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Closed Loop Geothermal System Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Closed Loop Geothermal System Market Size and Volume Forecast by Application
13.4.1. Residential Buildings
13.4.2. Commercial Buildings
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Closed Loop Geothermal System Market Size and Volume Forecast by Type
13.7.1. Vertical Closed Loop
13.7.2. Horizontal Closed Loop
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Closed Loop Geothermal System Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Closed Loop Geothermal System Market: Market Share Analysis
14.2. Closed Loop Geothermal System Distributors and Customers
14.3. Closed Loop Geothermal System Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Carrier
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Vaillant
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. BDR Thermea
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Modine
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Nibe Industrier
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Mitsubishi Electric
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Viessmann
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Trane
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Stiebel Eltron
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Danfoss Group
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Weishaupt
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. Swegon
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. Wolf
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. OCHSNER Warmepumpen
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
