Geothermal Power and Heat Pump Market Growth, Size, Share, Trends, and Forecast 2032

Geothermal Power and Heat Pump Market Insights

According to the report published by Zion Market Research, the global Geothermal Power and Heat Pump Market size was valued at USD 11.98 Billion in 2023 and is predicted to reach USD 23.36 Billion by the end of 2032. The market is expected to grow with a CAGR of 7.82% during the forecast period. The report analyzes the global Geothermal Power and Heat Pump Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Geothermal Power and Heat Pump Market industry.

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Global Geothermal Power and Heat Pump Market: Overview

Geothermal power and heat pump is also known by ground source heat pump. It is a central water heating system which uses geothermal energy to heat water. Geothermal power and heat pump is energy-efficient and is largely used in number of applications such as harvested rainwater, recycled water, sewage treatment plant, surface water, and retention basin stormwater. These geothermal power and heat pumps are cost-efficient and high performance in nature. For example, Nortek Global HVAC, a subsidiary of Nortek, Inc. introduced a new geothermal heat pump system in the market. It needs less drilling compared to other geothermal systems.

Global Geothermal Power and Heat Pump Market: Growth Factors

Consumers opt for cheap sources of energy owing to increasing electricity and oil prices. This is expected to drive the global market growth. Due to environmental benefits and cost saving benefits, geothermal power and heat pump market is anticipated to witness considerable growth in the near future. Government initiative to offer attractive benefits on installation of the system in newly built homes is also fuelling the global geothermal power and heat pump market. Conversely, fake estimation and faulty installations may restrain the global market growth in future.

Global Geothermal Power and Heat Pump Market: Segmentation

The global geothermal power and heat pump market is bifurcated on the basis of end-use application as industrial geothermal heat pump, domestic geothermal heat pump, and commercial geothermal heat pump. Of these, the domestic geothermal heat pump segment accounted for the largest market chunk. Based on the technology the global market is segmented as open loop system, direct heat exchange, close loop system, and ground heat exchange. Of these, closed loop systems technology segment accommodated for the largest market share in the global market. It is widely used in the loop configuration. The closed loop system is further sub-segmented as pond/ lake systems, vertical loops, and horizontal loops. The commercial geothermal heat pump is further sub-segmented as new building systems and retrofit systems. The retrofit systems is fastest growing segment in the global market.

Geothermal Power and Heat Pump Market: Report Scope

Global Geothermal Power and Heat Pump Market: Regional Analysis

Europe is the fastest growing region for geothermal power and heat pump. It accounted for largest the market share in the global geothermal power and heat pump market. This trend is followed by the North America where demand for geothermal power and heat pumps is escalating at the fastest rate. Moreover, Asia Pacific is emerging as economically stable country owing to rising urbanization in this region which is anticipated to boost the global geothermal power and heat pump market growth.

Global Geothermal Power and Heat Pump Market: Competitive Players

Some of the major players in the global geothermal power and heat pump market are:

• Geodynamics Ltd.
• Contact Energy Ltd.
• Nevada Geothermal Power Inc.
• Geoglobal Energy Llc.
• Magma Energy Corp.
• Florida Heat Pumps.
• Calpine Corp.

Other key players influencing the global market are

• Climatemaster Inc.
• Altarock Energy Inc.
• Exorka GmbH.
• Water Furnace International Inc.
• Baker Hughes Inc.
• Alstom SA.

The Global Geothermal Power and Heat Pump Market is segmented as follows:

By end-use application 

• industrial geothermal heat pump 
• domestic geothermal heat pump
• commercial geothermal heat pump 

By technology 

• open loop system 
• direct heat exchange
• close loop system 
• ground heat exchange

Global Geothermal Power and Heat Pump Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Report Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market