Geothermal Heating and Cooling Market size was valued at USD 9.5 billion in 2021 and is expected to grow at a significant CAGR of 7.5% from 2022–2028. 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 USD 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.
In October 2021, Bosch Thermotechnology unveiled its new QV Series of ultra-quiet heat pumps for commercial spaces in numerous sizes and horizontal & vertical layouts.
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