Market Overview:
The global ground source heat pump market is expected to grow at a CAGR of 10.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for energy-efficient and environment-friendly heating and cooling systems. Additionally, the growing awareness about the benefits of ground source heat pumps is also contributing to the growth of this market. The direct exchange (DX) segment is expected to dominate the global ground source heat pump market during the forecast period. This segment accounted for more than two-thirds of the total share in 2017 and is projected to maintain its dominance during 2018–2030 owing to its high efficiency and low installation cost as compared with other types of ground source heat pumps. In terms of application, household applications are expected to account for majority share in global ground source heat pump market during 2018–2030 followed by commercial applications.
Product Definition:
A ground source heat pump (GSHP) is a type of thermal solar energy storage system that uses the earth as a heat sink to store thermal energy. Thermal energy collected from the sun during the summer is used to heat water and/or other fluids, which are circulated through pipes buried in the ground. In winter, this stored thermal energy is used to produce heat for buildings or homes.
Direct Exchange (DX):
Direct Exchange (DX) is a method of exchanging heat between two systems without using any pumps or fluids. It uses thermodynamic principles and the laws of thermodynamics to achieve high energy efficiency in heating and cooling applications. The Direct Exchange Heating & Cooling Systems are designed to transfer heat from one system to another with no loss, through conduction, convection or radiation.
Closed Loop:
Closed-loop systems are used to transfer heat from one place to another without any loss of energy. In GSHP, the closed-loop system is used for heating and cooling purpose. The main advantage of using this technology is that there is no need for additional refrigerant as it works through the natural temperature differences existing between different areas in a building or an estate.
Application Insights:
The global ground source heat pump market has been segmented on the basis of application into residential, commercial and industrial. The other applications include transportation, healthcare and food & beverage. The household sector was estimated to be the largest application segment in 2017 owing to rising disposable income levels across developing countries including China, India and Brazil. This is expected to further drive demand over the forecast period.
The commercial sector includes large scale manufacturing facilities with high energy costs and low natural temperatures that require a GSHP for heating or cooling purposes respectively.
Regional Analysis:
North America dominated the global market in 2017. The region is expected to witness a growth rate of over 6% from 2018 to 2030. This can be attributed to increasing awareness regarding the product, rising adoption by commercial and industrial establishments for maintaining consistent temperature in buildings, and government initiatives promoting energy-efficient technologies among residential customers.
The Asia Pacific regional market is anticipated to grow at a significant rate over the forecast period owing to rapid urbanization, growing population, improving standard of living coupled with increasing disposable income levels resulting in increased spending on household comfort items including heating & cooling equipment.
Growth Factors:
- Increasing demand for energy-efficient and environment-friendly technologies
- Government initiatives and subsidies for the adoption of GSHP systems
- Rising prices of traditional fuels such as natural gas and oil
- Growing awareness about the benefits of GSHP systems among consumers and builders/developers
- Technological advancements that have made GSHP systems more efficient, reliable, and affordable
Scope Of The Report
Report Attributes
Report Details
Report Title
Ground Source Heat Pump Market Research Report
By Type
Direct Exchange (DX), Closed Loop, Open Loop
By Application
Household, Commercial, Industrial, Other
By Companies
Bosch, Carrier, Climatemaster, NEURA, OCHSNER Warmepumpen, Spectrum Manufacturing, Dimplex, EarthLinked Technologies, Enertech Global, Finn Geotherm, Kensa Heat Pumps, WaterFurnace Renewable Energy, Danfoss Group, Trane, Bryant Heating and Cooling Systems
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
242
Number of Tables & Figures
170
Customization Available
Yes, the report can be customized as per your need.
Global Ground Source Heat Pump Market Report Segments:
The global Ground Source Heat Pump market is segmented on the basis of:
Types
Direct Exchange (DX), Closed Loop, Open 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
Household, Commercial, Industrial, Other
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
- Carrier
- Climatemaster
- NEURA
- OCHSNER Warmepumpen
- Spectrum Manufacturing
- Dimplex
- EarthLinked Technologies
- Enertech Global
- Finn Geotherm
- Kensa Heat Pumps
- WaterFurnace Renewable Energy
- Danfoss Group
- Trane
- Bryant Heating and Cooling Systems
Highlights of The Ground Source Heat Pump 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:
- Direct Exchange (DX)
- Closed Loop
- Open Loop
- By Application:
- Household
- Commercial
- Industrial
- Other
- 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 Ground Source Heat Pump 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
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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 ground source heat pump is a type of heating and cooling system that uses the earth's thermal energy to transfer heat from one location to another. The system typically uses a network of underground pipes or tubes to circulate hot water or air around a building, keeping it at an even temperature.
Some of the key players operating in the ground source heat pump market are Bosch, Carrier, Climatemaster, NEURA, OCHSNER Warmepumpen, Spectrum Manufacturing, Dimplex, EarthLinked Technologies, Enertech Global, Finn Geotherm, Kensa Heat Pumps, WaterFurnace Renewable Energy, Danfoss Group, Trane, Bryant Heating and Cooling Systems.
The ground source heat pump market is expected to grow at a compound annual growth rate of 10.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Ground Source Heat Pump 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. Ground Source Heat Pump Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Ground Source Heat Pump Market - Supply Chain
4.5. Global Ground Source Heat Pump Market Forecast
4.5.1. Ground Source Heat Pump Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Ground Source Heat Pump Market Size (000 Units) and Y-o-Y Growth
4.5.3. Ground Source Heat Pump Market Absolute $ Opportunity
5. Global Ground Source Heat Pump 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. Ground Source Heat Pump Market Size and Volume Forecast by Type
5.3.1. Direct Exchange (DX)
5.3.2. Closed Loop
5.3.3. Open Loop
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Ground Source Heat Pump 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. Ground Source Heat Pump Market Size and Volume Forecast by Application
6.3.1. Household
6.3.2. Commercial
6.3.3. Industrial
6.3.4. Other
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Ground Source Heat Pump 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. Ground Source Heat Pump 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 Ground Source Heat Pump 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. Ground Source Heat Pump 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 Ground Source Heat Pump Demand Share Forecast, 2019-2026
9. North America Ground Source Heat Pump 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 Ground Source Heat Pump 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 Ground Source Heat Pump Market Size and Volume Forecast by Application
9.4.1. Household
9.4.2. Commercial
9.4.3. Industrial
9.4.4. Other
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Ground Source Heat Pump Market Size and Volume Forecast by Type
9.7.1. Direct Exchange (DX)
9.7.2. Closed Loop
9.7.3. Open 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 Ground Source Heat Pump Demand Share Forecast, 2019-2026
10. Latin America Ground Source Heat Pump 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 Ground Source Heat Pump 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 Ground Source Heat Pump Market Size and Volume Forecast by Application
10.4.1. Household
10.4.2. Commercial
10.4.3. Industrial
10.4.4. Other
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Ground Source Heat Pump Market Size and Volume Forecast by Type
10.7.1. Direct Exchange (DX)
10.7.2. Closed Loop
10.7.3. Open 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 Ground Source Heat Pump Demand Share Forecast, 2019-2026
11. Europe Ground Source Heat Pump 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 Ground Source Heat Pump 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 Ground Source Heat Pump Market Size and Volume Forecast by Application
11.4.1. Household
11.4.2. Commercial
11.4.3. Industrial
11.4.4. Other
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Ground Source Heat Pump Market Size and Volume Forecast by Type
11.7.1. Direct Exchange (DX)
11.7.2. Closed Loop
11.7.3. Open Loop
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Groth 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 Ground Source Heat Pump Demand Share, 2019-2026
12. Asia Pacific Ground Source Heat Pump 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 Ground Source Heat Pump 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 Ground Source Heat Pump Market Size and Volume Forecast by Application
12.4.1. Household
12.4.2. Commercial
12.4.3. Industrial
12.4.4. Other
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Ground Source Heat Pump Market Size and Volume Forecast by Type
12.7.1. Direct Exchange (DX)
12.7.2. Closed Loop
12.7.3. Open 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 Ground Source Heat Pump Demand Share, 2019-2026
13. Middle East & Africa Ground Source Heat Pump 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 Ground Source Heat Pump 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 Ground Source Heat Pump Market Size and Volume Forecast by Application
13.4.1. Household
13.4.2. Commercial
13.4.3. Industrial
13.4.4. Other
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Ground Source Heat Pump Market Size and Volume Forecast by Type
13.7.1. Direct Exchange (DX)
13.7.2. Closed Loop
13.7.3. Open 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 Ground Source Heat Pump Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Ground Source Heat Pump Market: Market Share Analysis
14.2. Ground Source Heat Pump Distributors and Customers
14.3. Ground Source Heat Pump Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Bosch
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Carrier
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Climatemaster
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. NEURA
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. OCHSNER Warmepumpen
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Spectrum Manufacturing
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Dimplex
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. EarthLinked Technologies
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Enertech Global
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Finn Geotherm
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Kensa Heat Pumps
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. WaterFurnace Renewable Energy
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. Danfoss Group
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. Trane
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. Bryant Heating and Cooling Systems
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
