Market Overview:
The global geothermal heat pump (GHP) systems 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, government initiatives and regulations supporting the adoption of GHPs are also contributing to the growth of this market. The global GHP systems market is segmented on the basis of type, application, and region. On the basis of type, GHPs are classified into surface water heat pumps (SWHSs), hybrid heat pumps (HHPs), and other types such as air-source heat pumps (ASHPs) and ground-source heat pumps (GSHSs). SWHSs held a major share in 2017 owing to their high efficiency levels as compared to other types of GHPs. However, HGHs are expected to witness higher growth rates during the forecast period due to their ability to provide both heating and cooling services simultaneously using a single unit. On the basis of application, GHP systems are used in residential buildings, government centers & institutions such as hospitals & schools, office buildings & commercial complexes including malls & hotels; among others applications segments . Residential buildings held a dominant share in 2017 owingto growing awareness about energy conservation among consumers coupled with rising disposable incomes across emerging economies worldwide .
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Product Definition:
A geothermal heat pump (GHP) is a central heating and cooling system that uses the earth as a thermal battery to provide efficient, sustainable heating and cooling. GHPs use the constant temperature of the earth to exchange energy with the building, providing savings in energy costs compared to traditional HVAC systems.
Surface Water Heat Pump:
The global surface water heat pump (SWHP) market size was valued at USD 8.5 million in 2016 and is expected to grow at a CAGR of XX% over the forecast period. Increasing demand for clean and renewable energy, rising awareness regarding environmental degradation, depletion of groundwater resources, and stringent government regulations are some major factors driving the growth of this industry globally.
Hybrid Heat Pump:
Hybrid heat pump is a mechanical device that works on the principle of thermodynamics. It uses two sources of energy, one source being from outside the system and other source being from within the system. The working fluid in this device has no thermal conductivity and therefore it can transfer both kinds of energy at same time; namely, heat generated by one source to another without any change in temperature.
Application Insights:
The commercial application segment accounted for the largest share of over 50% in 2017. The growing demand for geothermal heat pumps in data centers, office buildings and hospitals is expected to drive the market growth over the forecast period. Geothermal heat pump systems are used across a wide range of commercial applications including food processing plants, bottling facilities, ice rinks and sports arenas among others.
The residential sector is projected to witness significant growth owing to rising awareness about energy efficient products coupled with government initiatives such as Feed-in Tariffs (FiT) that provide financial subsidies on installing renewable energy technologies such as solar photovoltaic panels and wind turbines among other GHP systems. FiT program was first introduced in Germany in 2009 under which anyone can get credits for generating their own electricity through solar panels or wind turbines installed at their homes or business premises.
Regional Analysis:
North America dominated the global market in 2017 owing to increasing awareness about geothermal heating systems and a rise in demand for energy-efficient products. The region is expected to witness significant growth over the forecast period, with U.S. being at the forefront of innovation and development of geothermal technology across the globe.
Asia Pacific is projected to be one of fastest-growing regional markets from 2018 to 2030 due its large population base coupled with rapidly expanding commercial sector especially in India, China, Indonesia, Malaysia Philippines Thailand.
Growth Factors:
- Increasing demand for energy-efficient technologies: The global market for geothermal heat pump (GHP) systems is expected to grow at a CAGR of over 9% from 2016 to 2024, owing to the increasing demand for energy-efficient technologies across the world.
- Rising awareness about environment-friendly solutions: There is a growing awareness among consumers about environment-friendly solutions and their benefits, which is driving the adoption of GHP systems globally.
- Technological advancements in GHP systems: The technological advancements in GHP systems are resulting in higher efficiency and performance, which is aiding the growth of this market.
- Growing investments in renewable energy projects: Governments and private investors are increasingly investing in renewable energy projects, such as geothermal power plants, which is propelling the growth of the global GHP systems market.
Scope Of The Report
Report Attributes
Report Details
Report Title
Geothermal Heat Pump (GHP) Systems Market Research Report
By Type
Surface Water Heat Pump, Hybrid Heat Pump, Other
By Application
Residential, Government Center, Office Buildings, Educational Institutes, Commercial
By Companies
Bosch Thermotechnology, 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
204
Number of Tables & Figures
143
Customization Available
Yes, the report can be customized as per your need.
Global Geothermal Heat Pump (GHP) Systems Market Report Segments:
The global Geothermal Heat Pump (GHP) Systems market is segmented on the basis of:
Types
Surface Water Heat Pump, Hybrid Heat Pump, Other
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, Government Center, Office Buildings, Educational Institutes, Commercial
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:
- Bosch Thermotechnology
- Carrier
- Vaillant
- BDR Thermea
- Modine
- Nibe Industrier
- Mitsubishi Electric
- Viessmann
- Trane
- Stiebel Eltron
- Danfoss Group
- Weishaupt
- Swegon
- Wolf
- OCHSNER Warmepumpen
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Highlights of The Geothermal Heat Pump (GHP) Systems 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:
- Surface Water Heat Pump
- Hybrid Heat Pump
- Other
- By Application:
- Residential
- Government Center
- Office Buildings
- Educational Institutes
- Commercial
- 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 Geothermal Heat Pump (GHP) Systems 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.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
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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 geothermal heat pump (GHP) system uses the earth's natural heat to transfer thermal energy from one location to another. The earth's temperature varies over time, so a GHP can use this variation to create a constant flow of thermal energy. This allows the system to more easily and efficiently distribute thermal energy where it is needed most, such as in homes or businesses.
Some of the key players operating in the geothermal heat pump (ghp) systems market are Bosch Thermotechnology, Carrier, Vaillant, BDR Thermea, Modine, Nibe Industrier, Mitsubishi Electric, Viessmann, Trane, Stiebel Eltron, Danfoss Group, Weishaupt, Swegon, Wolf, OCHSNER Warmepumpen.
The geothermal heat pump (ghp) systems market is expected to register a CAGR of 10.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Geothermal Heat Pump (GHP) Systems Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Geothermal Heat Pump (GHP) Systems Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Geothermal Heat Pump (GHP) Systems Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Geothermal Heat Pump (GHP) Systems Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Geothermal Heat Pump (GHP) Systems Market Size & Forecast, 2020-2028
4.5.1 Geothermal Heat Pump (GHP) Systems Market Size and Y-o-Y Growth
4.5.2 Geothermal Heat Pump (GHP) Systems Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Surface Water Heat Pump
5.2.2 Hybrid Heat Pump
5.2.3 Other
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Residential
6.2.2 Government Center
6.2.3 Office Buildings
6.2.4 Educational Institutes
6.2.5 Commercial
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Geothermal Heat Pump (GHP) Systems Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Geothermal Heat Pump (GHP) Systems Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Surface Water Heat Pump
9.6.2 Hybrid Heat Pump
9.6.3 Other
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Residential
9.10.2 Government Center
9.10.3 Office Buildings
9.10.4 Educational Institutes
9.10.5 Commercial
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Surface Water Heat Pump
10.6.2 Hybrid Heat Pump
10.6.3 Other
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Residential
10.10.2 Government Center
10.10.3 Office Buildings
10.10.4 Educational Institutes
10.10.5 Commercial
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Surface Water Heat Pump
11.6.2 Hybrid Heat Pump
11.6.3 Other
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Residential
11.10.2 Government Center
11.10.3 Office Buildings
11.10.4 Educational Institutes
11.10.5 Commercial
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Surface Water Heat Pump
12.6.2 Hybrid Heat Pump
12.6.3 Other
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Residential
12.10.2 Government Center
12.10.3 Office Buildings
12.10.4 Educational Institutes
12.10.5 Commercial
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size 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 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Surface Water Heat Pump
13.6.2 Hybrid Heat Pump
13.6.3 Other
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Residential
13.10.2 Government Center
13.10.3 Office Buildings
13.10.4 Educational Institutes
13.10.5 Commercial
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Geothermal Heat Pump (GHP) Systems Market: Competitive Dashboard
14.2 Global Geothermal Heat Pump (GHP) Systems Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Bosch Thermotechnology
14.3.2 Carrier
14.3.3 Vaillant
14.3.4 BDR Thermea
14.3.5 Modine
14.3.6 Nibe Industrier
14.3.7 Mitsubishi Electric
14.3.8 Viessmann
14.3.9 Trane
14.3.10 Stiebel Eltron
14.3.11 Danfoss Group
14.3.12 Weishaupt
14.3.13 Swegon
14.3.14 Wolf
14.3.15 OCHSNER Warmepumpen
