Geothermal Heat Pumps Market Size, Share, Growth Report 2032

The global geothermal heat pumps market size was worth around USD 12.04 billion in 2023 and is predicted to grow to around USD 19.74 billion by 2032 with a compound annual growth rate (CAGR) of roughly 5.65% between 2024 and 2032.

Request Free Sample

The report covers a global and regional level estimation and analysis for the geothermal heat pumps market. The study provides forecast from 2024 to 2032 along with a historical data from 2018 to 2022 based on revenue (USD Billion).

Geothermal Heat Pumps Market: Overview

Geothermal heat pumps are used are used as central cooling and heating systems for the heat transfer to or from the ground.

Geothermal heat energy is an economical energy source as compared to fossil and other fuels and geothermal heat energy is pollution-free energy source; hence it is expected to drive the global geothermal heat pumps market. Moreover, the production cost is competitive thus the demand for geothermal heat pumps market is expected to increase in the years to come. However, difficult terrain and high initial cost are projected to impede the growth of the market. Nevertheless, enhanced geothermal systems (EGS) help significantly to reduce cost and the rising investments in EGS are likely to set new wings to the global geothermal heat pumps market during the upcoming years.

The study includes major drivers and restraints for the geothermal heat pumps market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the geothermal heat pumps market on a global level.

For providing the users of this report a comprehensive view of the geothermal heat pumps, we have included a product portfolio of key vendors and a detailed competitive scenario. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the geothermal heat pumps market has also been included. The geothermal heat pumps market report covers an in-depth study of global and regional market and market attractiveness analysis, wherein technology and end-user segments are benchmarked based on their growth rate, general attractiveness and market size.

Request Free Sample

Geothermal Heat Pumps Market: Segmentation

The study provides a decisive view of the geothermal heat pumps market by segmenting the market based on technology and end-user. The market is estimated from 2024 to 2032 and all the segments have been analyzed based on the future and present trends.

On the basis of technology, the market has been segmented into open loop systems and closed loop systems. In the technology segment, closed-loop systems accounted for the largest market share in 2023 owing to the larger demand from the commercial and residential sectors.

On the basis of the end-user, the market has been segmented into residential and commercial. Residential application accounted for the largest market share in 2023. Rising investment in infrastructure and increasing urbanization is anticipated to fuel the geothermal heat pump market in the near future. 

Geothermal Heat Pumps Market: Report Scope

Geothermal Heat Pumps Market: Regional Analysis

The regional segmentation includes the current and forecasted demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. 

Europe accounted for more than 50% market share of the geothermal heat pumps market in 2023 and it is expected to dominate the global geothermal heat pumps market in the near future. Europe is followed by North America as well as the Asia Pacific. Germany, Switzerland, Sweden, and France are mature and developed markets attributing a steady decline in installed capability addition, while nations such as Greece, Poland, the U.K., and the Czech Republic, are anticipated to offer lucrative expansion avenues for the market players. In North America, the U.S. and Canada are the countries that have an increased demand for the geothermal heat pumps. In the Asia Pacific, China is anticipated to dominate the market. It is expected that countries such as Australia, South Korea, and New Zealand will offer potential development avenues in the future. The Middle East and Africa and Latin America are estimated to exhibit moderate growth rate within the years to come, owing to undeveloped countries in the region and relatively less investment in the infrastructure.

Geothermal Heat Pumps Market: Competitive Analysis

The report also covers detailed description of key players which includes parameters such as financial overview, company overview, business and recent developments of the manufacturers. The key players in the global geothermal heat pumps market are:

• Altarock Energy Inc.
• Climatemaster Inc.
• Baker Hughes Inc.
• Alstom SA
• Calpine Corp.
• Exorka GmbH.
• Florida Heat Pumps.
• Geoglobal Energy Llc.
• Contact Energy Ltd.
• Geodynamics Ltd. 

The global geothermal heat pumps market is segmented as follows:

Geothermal Heat Pumps Market: Technology

• Open Loop Systems
• Closed Loop Systems

Geothermal Heat Pumps Market: End-User Analysis

• Residential
• Commercial

Geothermal Heat Pumps Market: Region Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa