Global sales of geothermal heat pumps were valued at USD 9.4 billion in 2019; from 2020 to 2027, they are projected to increase at a CAGR of 7.2%. Over the course of the forecast period, a rising need for dependable, affordable, and energy-efficient solutions is anticipated to propel market expansion. The geothermal heat pump (GHP) uses ground heat to generate hot water, heat spaces, and chill spaces. Such a pump uses a horizontal or vertical collector to extract heat. Typically, a hydronic distribution system is used to transfer the extracted heat. Due to the advantage of a geothermal subsoil heat source’s consistent temperature, a GHP delivers greater efficiency than an air-source system. One of the major markets for a geothermal heat pump is the United States. Consumer usage of renewable heat sources increased as a result of rising carbon emissions and fluctuating energy prices, which is anticipated to fuel product demand in the nation.
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 demand for energy-saving devices, such geothermal heat pumps, in the industrial and residential sectors is also anticipated to rise as a result of government regulations and emission requirements, supporting market expansion.
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Trends in the Geothermal Heat Pump Market
Geothermal heat pumps are a well-liked substitute for many industrial applications in the residential, commercial, and industrial sectors since they are more efficient at cooling and heating the room, help to minimise air pollution, and require no fuel. Over the course of the projection period, geothermal heat pumps are anticipated to gain in popularity due to rising demand for technologically sophisticated systems and pleasant housing options as a result of increasing disposable income.
Positive government measures encouraging the adoption of energy-saving technologies are anticipated to speed up the development of environmentally friendly and energy-efficient products. Space heating and cooling systems are also a major contributor to global warming. Due to its high level of energy efficiency and environmental friendliness, geothermal heat pumps are expected to see an increase in demand throughout the course of the forecast period.
Regulations and emission standards are also expected to increase demand for energy-saving solutions in the industrial and residential sectors. By creating 4 KW of thermal energy for every KW of energy it uses, a heat pump comes close to having a 300% efficiency. According to the IEA, heat pumps reduce CO2 consumption, which results in an annual decrease of 9.16 million tonnes of CO2 emissions across the EU. As a result of the increased need for energy-efficient solutions and a growing carbon footprint globally, the market for geothermal heat pumps is estimated to grow over the projected period.
In 2019, the closed-loop type category held an 85% market share, reflecting the significant demand for these goods because of their effectiveness, low maintenance requirements, and high durability. The several loops of interconnecting pipe used in closed-loop GHP are buried underground. The pipe continuously has a water or antifreeze solution flowing through it. The solution running in the closed-loop absorbs geothermal heat.
Closed-loop GHP can be installed either horizontally or vertically, depending on the type of land and space that are available. The quantity of ground space needed for a horizontal layout is significant. The horizontal loop pipes are buried in 100–400 foot long, 6–10 foot deep trenches. To provide a larger surface for heat transfer, the pipe of the horizontal loop is typically coiled and stacked.
Due to the rising demand for products that are designed for space heating, cooling, and hot water generation applications in homes and apartments, the residential application segment led the market in 2019 with a revenue share of 49.7%. The residential application sector makes extensive use of horizontal closed-loop GHPs.
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- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa