- Closed Loop (Vertical, Horizontal, and Pond Loop), and
- Open Loop
Geothermal Heating and Cooling Market size was valued at USD 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 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.
Study Period
Base Year
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Largest Market
Fastest Growing Market
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.
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.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. Product Landscape |
3.6. New Product Launches |
3.7. Impact of COVID 19 on Market |
4.Global Geothermal Heating and Cooling Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5.Global Geothermal Heating and Cooling Market By Product Type , 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
5.1. Closed Loop |
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value 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. Open Loop |
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value 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 Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
6.1. Residential |
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Commercial |
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
7.Global Geothermal Heating and Cooling Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
7.1. North America |
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value 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 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 (APAC) |
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value 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. Middle East and Africa (MEA) |
7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value 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. Latin America |
7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.5.3. Market Opportunity Analysis |
8.North America Geothermal Heating and Cooling Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
8.1. Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
8.1.1.Closed Loop |
8.1.2.Open Loop |
8.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
8.2.1.Residential |
8.2.2.Commercial |
8.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
8.3.1.United States of America (USA) |
8.3.2.Canada |
9.Europe Geothermal Heating and Cooling Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
9.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.1.1.Closed Loop |
9.1.2.Open Loop |
9.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.2.1.Residential |
9.2.2.Commercial |
9.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.3.1.Germany |
9.3.2.France |
9.3.3.Italy |
9.3.4.United Kingdom (UK) |
9.3.5.Spain |
10.Asia Pacific (APAC) Geothermal Heating and Cooling Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
10.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.1.1.Closed Loop |
10.1.2.Open Loop |
10.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.2.1.Residential |
10.2.2.Commercial |
10.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.3.1.China |
10.3.2.India |
10.3.3.Australia and New Zealand (ANZ) |
10.3.4.Japan |
10.3.5.Rest of APAC |
11.Middle East and Africa (MEA) Geothermal Heating and Cooling Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
11.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.1.1.Closed Loop |
11.1.2.Open Loop |
11.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.2.1.Residential |
11.2.2.Commercial |
11.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.3.1.GCC Countries |
11.3.2.South Africa |
11.3.3.Rest of MEA |
12.Latin America Geothermal Heating and Cooling Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
12.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.1.1.Closed Loop |
12.1.2.Open Loop |
12.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.2.1.Residential |
12.2.2.Commercial |
12.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.3.1.Brazil |
12.3.2.Mexico |
12.3.3.Rest of LA |
13. Competition Landscape |
13.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
13.2.1.Stiebel Eltron |
13.2.2.Ingersoll Rand (Trane) |
13.2.3.Vaillant Group |
13.2.4.Viessmann |
13.2.5.Glen Dimplex |
13.2.6.Daikin |
13.2.7.NIBE |
13.2.8.Carrier |
13.2.9.ClimateMaster, Inc. |
13.2.10.Bard HVAC |
13.2.11.Spectrum Manufacturing |
13.2.12.Dandelion Energy |
13.2.13.Robert Bosch LLC |
13.2.14.Maritime Geothermal |
13.2.15.Hitachi |
14. Research Methodology |
15. Appendix and Abbreviations |