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Geothermal Heating and Cooling Market: By Product, and Open Loop), By Application, By Distribution Channel and Geography
Geothermal Heating and Cooling Market: By Product, and Open Loop), By Application, By Distribution Channel and Geography
Geothermal Heating and Cooling Market size was valued at US$ 9.5 billion in 2022. It is poised to grow at a significant CAGR of 7.5% from 2023-2029. Over the forecast period, the market is predicted to be driven by the growing demand for renewable energy sources and considerable government assistance in subsidies, incentives, and other financial benefits. Global energy consumption has increased rapidly due to the rising population and fast industrialization. The growing use of fossil fuels for heating, such as coal, oil, and natural gas, has a detrimental effect on the environment. The demand for energy-efficient goods and solutions is anticipated to increase with growing awareness about climate change and greenhouse gas emissions.
The market for energy-saving devices, such as geothermal heat pumps in the industrial and residential sectors is also anticipated to rise due to government regulations and emission requirements, supporting market expansion. Commercial applications are anticipated to account for a sizeable portion of revenue, driven by rising demand for restoring and upgrading conventional heating and cooling systems. Government buildings that have recently been constructed and the product's flexibility to interact with different HVAC systems will help it gain traction in the commercial market. Furthermore, key players' new product releases and technological developments will further speed up market expansion. For instance, Bosch Thermotechnology unveiled its new QV Series of ultra-quiet heat pumps for commercial spaces in numerous sizes and horizontal & vertical layouts in October 2021.
The product provides thorough and sound performance in addition to a small cabinet that can fit into tight places in commercial buildings. The industry's potential will increase with product advancements using better design strategies to make heating systems small and quiet for commercial and residential uses. As a result of more attention being paid to preserving energy security, together with strong economic growth, carbon footprints will be reduced, which will increase income in the Northeast market. Additionally, the widespread availability of stable shallow ground temperatures, particularly in the Scranton/Wilkes-Barre areas by private investments, would support the overall business environment. For instance, Microsoft co-founder and investor Bill Gates committed US$ 30 million to energy startups in February 2021. With the opportunity to replace conventional systems with geothermal ones with about 5.6 million houses by 2021, the investment aided geothermal home heating solutions.
Study Period
2024-2030Base Year
2023CAGR
7.5%Largest Market
North AmericaFastest Growing Market
Asia-Pacific
There is critical demand for energy alternatives due to rising electricity and energy expenses and rising oil prices. Alternative energy sources have recently become popular due to their affordability and dependability, and results in significant rise in the geothermal heat pump market worldwide. Additionally, the industrial perspective will be boosted by increasing consumer awareness of the need to cut carbon emissions and supportive governmental frameworks and regulations. Geothermal heat pump (GHP) systems are being installed by an increasing number of owners of commercial buildings in both developed and emerging parts of the world, motivated by the numerous benefits of technology in terms of space heating and cooling. The main obstacles in this sector are high installation prices and poor installations.
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2022 |
US$ 9.5 billion |
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Market CAGR |
7.5% |
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By Product |
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By Application |
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By Distribution Channel |
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By Region |
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Download Free Sample Report
The Geothermal Heating and Cooling Market is projected to expand at a CAGR of 7.5% during the forecast period
Stiebel Eltron, Ingersoll Rand (Trane), Vaillant Group, Viessmann, Glen Dimplex, Daikin, NIBE
Asia Pacific is the fastest-growing region for Geothermal Heating and Cooling Market
| 1. Executive Summary |
| 2. Global Geothermal Heating and Cooling Market Introduction |
| 2.1. Global Geothermal Heating and Cooling Market - Taxonomy |
| 2.2. Global Geothermal Heating and Cooling Market - Definitions |
| 2.2.1. Product Type |
| 2.2.2. Application |
| 2.2.3. Distribution Channel |
| 2.2.4. Region |
| 3. Global Geothermal Heating and Cooling Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Key Developments |
| 4. Global Geothermal Heating and Cooling Market By Product Type, 2019-2023 and Forecast 2024-2030 (Sales Value and Volume USD Million) |
| 4.1. Closed Loop |
| 4.1.1. Vertical |
| 4.1.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value and Volume USD Million) |
| 4.1.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 4.1.1.3. Market Opportunity Analysis |
| 4.1.2. Horizontal |
| 4.1.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value and Volume USD Million) |
| 4.1.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 4.1.2.3. Market Opportunity Analysis |
| 4.1.3. Pond Loop |
| 4.1.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value and Volume USD Million) |
| 4.1.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 4.1.3.3. Market Opportunity Analysis |
| 4.2. Open Loop |
| 4.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value and Volume USD Million) |
| 4.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 4.2.3. Market Opportunity Analysis |
| 4.9.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value and Volume USD Million) |
| 4.9.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 4.9.3. Market Opportunity Analysis |
| 5. Global Geothermal Heating and Cooling Market By Application, 2019-2023 and Forecast 2024-2030 (Sales Value and Volume USD Million) |
| 5.1. Residential |
| 5 1 1 Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value and Volume USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Commercial |
| 5.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value and Volume USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 6. Global Geothermal Heating and Cooling Market By Distribution Channel, 2019-2023 and Forecast 2024-2030 (Sales Value and Volume USD Million) |
| 6.1. Distributors |
| 6.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value and Volume USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 7. Global Geothermal Heating and Cooling Market By Region, 2019-2023 and Forecast 2024-2030 (Sales Value and Volume USD Million) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value and Volume USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value and Volume USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia Pacific |
| 7.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value and Volume USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Latin America |
| 7.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value and Volume USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. MEA |
| 7.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value and Volume USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 7.6. Global Geothermal Heating and Cooling Market - Opportunity Analysis Index, By Application, Product Type, Distribution Channel and Region, 2024-2030 |
| 8. North America Geothermal Heating and Cooling Market, 2019-2023 and Forecast 2024-2030 (Sales Value and Volume USD Million) |
| 8.1. Product Type Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1. Closed Loop |
| 8.1.1.1. Vertical |
| 8.1.1.2. Horizontal |
| 8.1.1.3. Pond Loop |
| 8.1.2. Open Loop |
| 8.2. Application Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1. Residential |
| 8.2.2. Commercial |
| 8.3. Distribution Channel Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.3.1. Distributors |
| 8.4. Country Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.4.1. USA |
| 8.4.2. Canada |
| 9. Europe Geothermal Heating and Cooling Market, 2019-2023 and Forecast 2024-2030 (Sales Value and Volume USD Million) |
| 9.1. Product Type Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. Closed Loop |
| 9.1.1.1. Vertical |
| 9.1.1.2. Horizontal |
| 9.1.1.3. Pond Loop |
| 9.1.2. Open Loop |
| 9.2. Application Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1. Residential |
| 9.2.2. Commercial |
| 9.3. Distribution Channel Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1. Distributors |
| 9.4. Country Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.4.1. Germany |
| 9.4.2. France |
| 9.4.3. Italy |
| 9.4.4. Spain |
| 9.4.5. UK |
| 9.4.6. Rest of Europe |
| 10. Asia Pacific Geothermal Heating and Cooling Market, 2019-2023 and Forecast 2024-2030 (Sales Value and Volume USD Million) |
| 10.1. Product Type Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Closed Loop |
| 10.1.1.1. Vertical |
| 10.1.1.2. Horizontal |
| 10.1.1.3. Pond Loop |
| 10.1.2. Open Loop |
| 10.2. Application Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1. Residential |
| 10.2.2. Commercial |
| 10.3. Distribution Channel Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1. Distributors |
| 10.4. Country Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1. China |
| 10.4.2. Japan |
| 10.4.3. South Korea |
| 10.4.4. India |
| 10.4.5. Rest of APAC |
| 11. Latin America Geothermal Heating and Cooling Market, 2019-2023 and Forecast 2024-2030 (Sales Value and Volume USD Million) |
| 11.1. Product Type Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Closed Loop |
| 11.1.1.1. Vertical |
| 11.1.1.2. Horizontal |
| 11.1.1.3. Pond Loop |
| 11.1.2. Open Loop |
| 11.2. Application Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1. Residential |
| 11.2.2. Commercial |
| 11.3. Distribution Channel Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1. Distributors |
| 11.4. Country Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1. Brazil |
| 11.4.2. Mexico |
| 11.4.3. Argentina |
| 11.4.4. Rest of Latin America |
| 12. MEA Geothermal Heating and Cooling Market, 2019-2023 and Forecast 2024-2030 (Sales Value and Volume USD Million) |
| 12.1. Product Type Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Closed Loop |
| 12.1.1.1. Vertical |
| 12.1.1.2. Horizontal |
| 12.1.1.3. Pond Loop |
| 12.1.2. Open Loop |
| 12.2. Application Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1. Residential |
| 12.2.2. Commercial |
| 12.3. Distribution Channel Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1. Distributors |
| 12.4. Country Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value and Volume USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1. GCC Countries |
| 12.4.2. South Africa |
| 12.4.3. Rest of MEA |
| 13. Competition Landscape |
| 13.1. Strategic Dashboard of Top Market Players |
| 13.2. Company Profiles (Introduction, Financial Analysis, Product Offerings, Key Developments, Strategies, and SWOT Analysis) |
| 13.2.1. STIEBEL ELTRON GmbH & Co. KG |
| 13.2.2. BOSCH |
| 13.2.3. Trane |
| 13.2.4. Carrier |
| 13.2.5. Dandelion Energy |
| 13.2.6. AAON |
| 13.2.7. Celsius Energy |
| 13.2.8. ClimateMaster, Inc. |
| 13.2.9. EcoSmart Solution |
| 13.2.10. Endurant Energy |
| 13.2.11. Enertech Global, LLC |
| 13.2.12. GeoVention, Inc. |
| 13.2.13. LoopTech Geothermal, LLC |
| 13.2.14. Unilux HVAC Industries |
| 14. Research Methodology |
| 15. Key Assumptions and Acronyms |
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.