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Geothermal Heat Pumps Market

Geothermal Heat Pumps Market (Technology: Open Loop Systems and Closed Loop Systems [Vertical Loops, Horizontal Loops, and Pond/Lake Systems]; and End-user: Residential [New Building Systems and Retrofit Systems] and Commercial [New Building Systems and Retrofit Systems]) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

Geothermal Heat Pumps Market Outlook 2031

  • The global market was valued at US$ 115.74 Bn in 2020
  • It is estimated to expand at a CAGR of 13.1% from 2021 to 2031
  • The global geothermal heat pumps industry is expected to reach the value of US$ 505.47 Bn by the end of 2031

Analysts’ Viewpoint on Market Scenario

The global geothermal heat pump market is driven by rising application in residential and commercial buildings. The geothermal heat pumps technology is a significant advancement to conventional heating, ventilating, and air conditioning (HVAC) systems that are typically based on air-source heat pumps. Rising prices of oil and electricity in developing nations across the globe is expected to fuel the demand for cost-efficient alternatives such as geothermal systems. The high installation cost of a geothermal system is a key factor limiting the uptake of these pumps. Nevertheless, several end-users are gradually recognizing the long-term benefits of the system, which is expected to help market players unlock numerous growth opportunities.

Increase in Demand for Energy-efficient Systems to Boost Market Growth

Growing oil prices and subsequent rises in electricity & energy costs have created a dire need for energy substitutes. The cost-effectiveness and dependability of alternative energy sources are making them popular in recent times. Owing to these reasons, the global market for geothermal heat pumps has been witnessing remarkable growth. The worsening issue of climate change will continue to propel the geothermal heat pump market in the foreseeable future. The technologies used in this market are open-loop systems and closed-loop systems.

Closed loop systems are further segmented into horizontal loops, vertical loops, and pond or lake systems. The end-users of the geothermal heat pumps are residential and commercial. Both of these segments are further sub-segmented into new building systems and retrofit systems. Their convenient loop configuration makes them a popular choice among several users. The extensive demand for geothermal heat pump installations among commercial end-users is driven by the demand for the benefits of incremental energy saving over the years.

A rise in Adoption and Installation of Closed-Loop Geothermal Heat Pumps

There is a growing popularity for closed-loop heat pumps among end-users. The closed-loop heat pumps such as vertical loops, pond/ lake systems, and horizontal loops are creating potential opportunities for market players. The closed loop systems segment is expected to occupy a dominant share of the market in the upcoming years. Installing geothermal heat pumps using horizontal loops is considered cost-effective for residential end-users, due to sufficient land. However, since vertical ground loops require less space, the market is anticipated to witness substantial demand for these in the upcoming years. This is projected to gain popularity among several retrofit system installations. However, the demand for horizontal loop systems will remain robust across new residential buildings during the forecast period.

Growing Application in Commercial Sector to Accelerate Market Growth

The global geothermal heat pump market is driven by significant applications in commercial and residential sectors, with each further segmented into new building systems and retrofit systems. Geothermal heat pumps are majorly used by commercial owners. The residential sector is more likely to opt for other economical alternatives than the geothermal heat pumps due to the high cost of installation. Commercial customers are leveraging of geothermal technology to save energy. Tax benefits are also eligible for commercial consumers. All these factors are expected to drive the global geothermal heat pump market growth during the forecast period.

Europe and Asia Pacific Offer Lucrative Avenues to Manufacturers in Geothermal Heat Pumps Business

Europe is the largest regional market for geothermal heat pumps, trailed by North America and Asia Pacific. While Germany, France, Switzerland, and Sweden are mature country markets featuring a gradual decline in installed capacity addition, nations such as Poland, Greece, the Czech Republic, and the U.K. are projected to provide lucrative growth opportunities to market players.

In the North American market, the major demand for geothermal heat pumps comes from the U.S. and then Canada. Rapid commercialization, urbanization, and rising demand for energy-efficient systems are factors contributing to the market growth in the North American region. There is increasing usage of geothermal heat pumps in Canada due to rising infrastructure development activities and increasing awareness of zero-emission houses among consumers. In Asia Pacific, China dominates the regional market, as it accounts for major installed capacities. Meanwhile, countries such as South Korea, Australia, and New Zealand are expected to provide promising growth prospects over the forecast period.

Geothermal Heat Pumps Market: Overview

  • Geothermal heat pumps utilize the presence of stable temperature underground as the exchange medium to heat, cool, or supply hot water to buildings through a ground heat exchanger. The technology is a significant advancement to conventional heating, ventilating, and air conditioning (HVAC) systems that are typically based on air-source heat pumps.
  • A geothermal heat pump is gaining increasing adoption across residential and commercial buildings, as it is considered a viable technology in renewable heating of homes
  • Soaring prices of oil and electricity in various parts of the world have stimulated the demand for low-cost alternatives such as geothermal systems. The high installation cost of a geothermal system is a key factor limiting the uptake of these pumps. Nevertheless, several end-users are gradually recognizing the long-term benefits of the system. This is expected to unlock exciting opportunities for market players.

Installation of Closed Loop Geothermal Heat Pumps to Rise

  • Based on technology, the global geothermal heat pump market has been bifurcated into closed-loop systems and open-loop systems. The market for closed-loop systems is further segmented into vertical loops, pond/lake systems, and horizontal loops. The close-loop segment is expected to occupy a dominant share of the market in the next few years.
  • Installation of geothermal heat pumps using horizontal loops is considered cost-effective for residential end-users, which have sufficient availability of sufficient land. However, since vertical ground loops require less space, the market is anticipated to witness substantial demand for these in the next few years. These systems are expected to gain popularity among several retrofit system installations.
  • However, demand for horizontal loop installation will remain robust across new residential buildings during the forecast period

Europe and Asia Pacific to Provide Lucrative Avenues for Manufacturers

  • The global market for geothermal heat pumps is segmented into Asia Pacific, North America, and Europe. Of these, currently, Europe is the largest regional market for geothermal heat pumps. It is trailed by North America and Asia Pacific, respectively. While Germany, France, Switzerland, and Sweden are mature country markets featuring a gradual decline in installed capacity addition, nations such as Poland, Greece, the Czech Republic, and the U.K., are projected to provide lucrative growth avenues for market players.
  • In the North American market, the major demand for geothermal heat pumps is witnessed in the U.S. and Canada, respectively
  • In Asia Pacific, China dominates the regional market as it accounts for major installed capacities. Countries such as South Korea, Australia, and New Zealand are expected to provide promising growth avenues for the market over the forecast period.

Geothermal Heat Pumps Market Snapshot

Attribute

Detail

Market Size Value in 2020 (Base Year)

US$ 115.74 Bn

Market Forecast Value in 2031

US$ 505.47 Bn

Growth Rate (CAGR)

13.1%

Forecast Period

2021-2031

Quantitative Units

US$ Bn for Value and MWT for Volume

Competition Landscape

Company Profiles section includes overview, product portfolio, key subsidiaries or distributors, strategy & recent developments, and key financials

Format

Electronic (PDF) + Excel

Market Segmentation
  • Technology
    • Open Loop Systems
    • Closed Loop Systems
      • Vertical Loops
      • Horizontal Loops
      • Pond / Lake Systems
  • End-user
    • Residential
      • New Building Systems
      • Retrofit Systems
    • Commercial
      • New Building Systems
      • Retrofit Systems

Regions Covered
  • North America
  • Europe
  • Asia Pacific

Countries Covered
  • Canada
  • Sweden
  • Germany
  • Greece
  • U.K.
  • U. S.
  • South Korea

Companies Profiled
  • GeoMaster LLC
  • WaterFurnace International
  • Danfoss Heat Pumps U.K.
  • Florida Heat Pump Manufacturing
  • Kensa Heat Pumps Ltd.
  • WaterFurnace International Inc

Customization Scope

Available upon Request

Pricing

Available upon Request

Geothermal Heat Pumps Market – Segmentation

TMR’s research study assesses the geothermal heat pump market in terms of region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing the growth prospects of the geothermal heat pump market.

Technology
  • Open Loop Systems
  • Closed Loop Systems
    • Vertical Loops
    • Horizontal Loops
    • Pond / Lake Systems
End-user
  • Residential
    • New Building Systems
    • Retrofit Systems
  • Commercial
    • New Building Systems
    • Retrofit Systems
Region
  • North America
  • Europe
  • Asia Pacific

Frequently Asked Questions

What was the Market value of the Geothermal Heat Pumps globally in 2020?

In 2020, the Market for Geothermal Heat Pumps was valued at US$ 115.74 Bn

What is the Geothermal Heat Pumps Market Size?

Global Market is expected to Reach US$ 505.47 Bn By 2031

What is the CAGR for Geothermal Heat Pumps Industry?

The market for geothermal heat pump is estimated to rise at a CAGR of 13.1% during the forecast period

What are the key factors driving the growth of Geothermal Heat Pumps Market?

The global geothermal heat pumps market is driven by rising application in residential and commercial buildings

Which region is more attractive for vendors in the Geothermal Heat Pumps Business?

Europe is more attractive for vendors in the Geothermal Heat Pump Market

    1. Preface

        1.1. Report Description

        1.2. Research Scope

        1.3. Market Segmentation

        1.4. Research Methodology

    2. Executive Summary

        2.1. Global Geothermal Heat Pumps Market

    3. Geothermal Heat Pumps Market – Industry analysis

        3.1. Introduction

        3.2. Value Chain analysis: Geothermal Heat Pumps Market

        3.3. Market Drivers

            3.3.1. Rising Oil and Electricity Prices Resulting in Consumer Focus Shifting Towards Low Cost Energy Alternatives

                3.3.1.1. Global Crude Oil Prices, by Grade (US$ Bn)

                3.3.1.2. Annual Cost of Heating and Cooling, by Fuel (US$ Bn)

            3.3.2. Significant Cost Savings Coupled with Environmental Benefits Render Geothermal Heat Pumps as an Attractive investment

            3.3.3. Attractive Payback Periods associated with installing these Systems in Newly-Built Homes

            3.3.4. Highly Reliable Nature of the Overall System and Easy Financing Options Available for Customers

        3.4. Market Restraints

            3.4.1. Incorrect Estimation of Heat Pump Size and Faulty Installations may Have a Detrimental Impact on Owners

            3.4.2. Higher Upfront investment Required May Deter Small Residential Customers from Opting for these Systems

        3.5. Market Opportunities

            3.5.1. Attractive incentive Structure and Lower Sensitivity Towards Upfront Cost May Render the Commercial Sector as A Rapidly Growing Market

        3.6. Porter’s Five Forces Analysis: Geothermal Heat Pumps

            3.6.1. Bargaining Power of Suppliers

            3.6.2. Bargaining Power of Buyers

            3.6.3. Threat from New Entrants

            3.6.4. Degree of Competition

            3.6.5. Threat from Substitutes

        3.7. Site Evaluation analysis: Geothermal Heat Pumps

                3.7.1.1. Factors influencing Geothermal Heat Pump System Cost

                3.7.1.2. Factors Affecting Choice of Heat Pump System and Ground Loop Design

        3.8. Regulatory Framework analysis: Geothermal Heat Pumps

            3.8.1. Renewable Heat incentive (RHI) Scheme: U.K.

                3.8.1.1. Renewable Heat incentive (RHI) Scheme for Domestic Consumers, by Technology

                3.8.1.2. Applications and Accreditations for the Domestic RHI Scheme, by Technology

                3.8.1.3. Various incentive Payments Under the Domestic RHI Scheme for A Constant Test Case

            3.8.2. Federal Income Tax Credit Scheme: the U.S.

        3.9. Market Attractiveness analysis of the Geothermal Heat Pumps Market, by Region, 2020

    4. Geothermal Heat Pumps Market: Technology analysis

        4.1. Geothermal Heat Pumps Market: Technology Overview

            4.1.1. Global Geothermal Heat Pumps Market, Volume Share by Technology Segment, 2020 and 2031

        4.2. Closed Loop Systems

            4.2.1. Global Closed Loop Systems Market Estimates and Forecast, 2020 – 2031 (MWT) (US$ Bn)

                4.2.1.1. Global Closed Loop Geothermal Heat Pumps Market Estimate and Forecast, by Region, 2020 – 2031, (MWT) (US$ Bn)

            4.2.2. Horizontal Closed Loop Systems

                4.2.2.1. Global Horizontal Closed Loop Systems Market Estimates and Forecast, 2020 – 2031 (MWT) (US$ Bn)

                4.2.2.2. Global Horizontal Closed Loop Geothermal Heat Pumps Market Estimate and Forecast, by Region, 2020 – 2031, (MWT) (US$ Bn)

            4.2.3. Vertical Closed Loop Systems

                4.2.3.1. Global Vertical Closed Loop Systems Market Estimates and Forecast, 2020 – 2031 (MWT) (US$ Bn)

                4.2.3.2. Global Vertical Closed Loop Geothermal Heat Pumps Market Estimate and Forecast, by Region, 2020 – 2031, (MWT) (US$ Bn)

            4.2.4. Pond/Lake Closed Loop Systems

                4.2.4.1. Global Pond/Lake Closed Loop Systems Market Estimates and Forecast, 2020 – 2031 (MWT) (US$ Bn)

                4.2.4.2. Global Pond/Lake Closed Loop Geothermal Heat Pumps Market Estimate and Forecast, by Region, 2020 – 2031, (MWT) (US$ Bn)

        4.3. Open Loop Systems

            4.3.1. Global Open Loop Systems Market Estimates and Forecast, 2020 – 2031 (MWT) (US$ Bn)

                4.3.1.1. Global Open Loop Geothermal Heat Pumps Market Estimate and Forecast, by Region, 2020 – 2031, (MWT) (US$ Bn)

    5. Geothermal Heat Pumps Market: End-user analysis

        5.1. Global Geothermal Heat Pumps Market: End-user Overview

            5.1.1. Global Geothermal Heat Pumps Market, Volume Share, by End-user, 2020 and 2031

        5.2. Residential Systems

            5.2.1. Global Residential Systems Market Estimates and Forecast, 2020 – 2031 (MWT) (US$ Bn)

            5.2.2. Global Residential Geothermal Heat Pumps Market Estimate and Forecast, by Region, 2020 – 2031, (MWT) (US$ Bn)

            5.2.3. Residential (New Building) Systems

                5.2.3.1. Global Residential (New Buildings) Systems Market Estimates and Forecast, 2020 – 2031 (MWT) (US$ Bn)

                5.2.3.2. Global Residential (New Building) Geothermal Heat Pumps Market Estimate and Forecast, by Region, 2020 – 2031, (MWT) (US$ Bn)

            5.2.4. Residential (Retrofit) Systems

                5.2.4.1. Global Residential (Retrofit) Systems Market Estimates and Forecast, 2020 – 2031 (MWT) (US$ Bn)

                5.2.4.2. Global Residential (Retrofit) Geothermal Heat Pumps Market Estimate and Forecast, by Region, 2020 – 2031, (MWT) (US$ Bn)

        5.3. Commercial Systems

            5.3.1. Global Commercial Systems Market Estimates and Forecast, 2020 – 2031 (MWT) (US$ Bn)

                5.3.1.1. Global Commercial Geothermal Heat Pumps Market Estimate and Forecast, by Region, 2020 – 2031, (MWT) (US$ Bn)

            5.3.2. Commercial (New Building) Systems.

                5.3.2.1. Global Commercial (New Buildings) Systems Market Estimates and Forecast, 2020 – 2031 (MWT) (US$ Bn)

                5.3.2.2. Global Commercial (New Building) Geothermal Heat Pumps Market Estimate and Forecast, by Region, 2020 – 2031, (MWT) (US$ Bn)

            5.3.3. Commercial (Retrofit) Systems

                5.3.3.1. Global Commercial (Retrofit) Systems Market Estimates and Forecast, 2020 – 2031 (MWT) (US$ Bn)

                5.3.3.2. Global Commercial (Retrofit) Geothermal Heat Pumps Market Estimate and Forecast, by Region, 2020 – 2031, (MWT) (US$ Bn)

        5.4. Global New Building Geothermal Heat Pumps Market Estimate and Forecast, by Region, 2020 – 2031, (MWT) (US$ Bn)

        5.5. Global Retrofit Geothermal Heat Pumps Market Estimate and Forecast, by Region, 2020 – 2031, (MWT) (US$ Bn)

    6. Geothermal Heat Pumps Market: Regional analysis

        6.1. Geothermal Heat Pumps Market: Regional Overview

            6.1.1. Global Geothermal Heat Pumps Market, Volume Share by Region, 20 and 2031

        6.2. North America

            6.2.1. Country analysis - Canada

            6.2.2. North America Geothermal Heat Pumps Market Estimates and Forecast, 2020 – 2031 (MWT) (US$ Bn)

            6.2.3. North America Geothermal Heat Pumps Market Estimate and Forecast, by Technology, 2020 – 2031 (MWT) (US$ Bn)

                6.2.3.1. North America Closed Loop Geothermal Heat Pumps Market Estimate and Forecast, by System Type, 2020 – 2031 (MWT) (US$ Bn)

            6.2.4. North America Geothermal Heat Pumps Market Estimate and Forecast, by End-user, 2020 – 2031 (MWT) (US$ Bn)

                6.2.4.1. North America Geothermal Heat Pumps Market Estimate and Forecast, by End-user installation Type, 2020 – 2031 (MWT) (US$ Bn)

                    6.2.4.1.1. North America Residential Geothermal Heat Pumps Market Estimate and Forecast, by End-user installation Type, 2020 – 2031 (MWT) (US$ Bn)

                    6.2.4.1.2. North America Commercial Geothermal Heat Pumps Market Estimate and Forecast, by End-user installation Type, 2020 – 2031 (MWT) (US$ Bn)

                    6.2.4.1.3. North America Geothermal Heat Pumps Market Estimate and Forecast, by End-user installation Type, 2020 – 2031 (MWT) (US$ Bn)

        6.3. Europe

            6.3.1. Country analysis – Sweden

            6.3.2. Country analysis - Germany

                6.3.2.1. Germany Geothermal and Air Source Heat Pumps Market, 2000-2020

            6.3.3. Country analysis - Greece

            6.3.4. Country analysis – the U.K

                6.3.4.1. U.K. Average Home Size in Comparison with Other European Countries, 2020

            6.3.5. Europe Geothermal Heat Pumps Market Estimates and Forecast, 2020 – 2031 (MWT) (US$ Bn)

            6.3.6. Europe Geothermal Heat Pumps Market Estimate and Forecast, by Technology, 2020 – 2031 (MWT) (US$ Bn)

                6.3.6.1. Europe Closed Loop Geothermal Heat Pumps Market Estimate and Forecast, by System Type, 2020 – 2031 (MWT) (US$ Bn)

            6.3.7. Europe Geothermal Heat Pumps Market Estimate and Forecast, by End-user, 2020 – 2031 (MWT) (US$ Bn)

                6.3.7.1. Europe Geothermal Heat Pumps Market Estimate and Forecast, by End-user installation Type, 2020 – 2031 (MWT) (US$ Bn)

                    6.3.7.1.1. Europe Residential Geothermal Heat Pumps Market Estimate and Forecast, by End-user installation Type, 2020 – 2031 (MWT) (US$ Bn)

                    6.3.7.1.2. Europe Commercial Geothermal Heat Pumps Market Estimate and Forecast, by End-user installation Type, 2020 – 2031 (MWT) (US$ Bn)

                    6.3.7.1.3. Europe Geothermal Heat Pumps Market Estimate and Forecast, by End-user installation Type, 2020 – 2031 (MWT) (US$ Bn)

        6.4. Asia Pacific

            6.4.1. Country analysis – South Korea

            6.4.2. Asia Pacific Geothermal Heat Pumps Market Estimates and Forecast, 2020 – 2031 (MWT) (US$ Bn)

            6.4.3. Asia Pacific Geothermal Heat Pumps Market Estimate and Forecast, by Technology, 2020 – 2031 (MWT) (US$ Bn)

                6.4.3.1. Asia Pacific Closed Loop Geothermal Heat Pumps Market Estimate and Forecast, by System Type, 2020 – 2031 (MWT) (US$ Bn)

            6.4.4. Asia Pacific Geothermal Heat Pumps Market Estimate and Forecast, by End-user, 2020 – 2031 (MWT) (US$ Bn)

                6.4.4.1. Asia Pacific Geothermal Heat Pumps Market Estimate and Forecast, by End-user installation Type, 2020 – 2031 (MWT) (US$ Bn)

                    6.4.4.1.1. Asia Pacific Residential Geothermal Heat Pumps Market Estimate and Forecast, by End-user installation Type, 2020 – 2031 (MWT) (US$ Bn)

                    6.4.4.1.2. Asia Pacific Commercial Geothermal Heat Pumps Market Estimate and Forecast, by End-user installation Type, 2020 – 2031 (MWT) (US$ Bn)

                    6.4.4.1.3. Asia Pacific Geothermal Heat Pumps Market Estimate and Forecast, by End-user installation Type, 2020 – 2031 (MWT) (US$ Bn)

    7. Company Profiles

        7.1. Climatemaster inc.

            7.1.1. Company Overview

            7.1.2. Product Portfolio

            7.1.3. Financial Overview

            7.1.4. Business Strategy

            7.1.5. Recent Developments

        7.2. Florida Heat Pumps

            7.2.1. Company Overview

            7.2.2. Product Portfolio

            7.2.3. Financial Overview

            7.2.4. Business Strategy

            7.2.5. Recent Developments

        7.3. Kensa Heat Pumps Ltd.

            7.3.1. Company Overview

            7.3.2. Product Portfolio

            7.3.3. Financial Overview

            7.3.4. Business Strategy

            7.3.5. Recent Developments

        7.4. Danfoss Heat Pumps U.K Ltd.

            7.4.1. Company Overview

            7.4.2. Product Portfolio

            7.4.3. Financial Overview

            7.4.4. Business Strategy

            7.4.5. Recent Developments

        7.5. Finn Geotherm U.K Ltd.

            7.5.1. Company Overview

            7.5.2. Product Portfolio

            7.5.3. Financial Overview

            7.5.4. Business Strategy

            7.5.5. Recent Developments

        7.6. Dimplex Ltd.

            7.6.1. Company Overview

            7.6.2. Product Portfolio

            7.6.3. Financial Overview

            7.6.4. Business Strategy

            7.6.5. Recent Developments

        7.7. Geomaster LLC

            7.7.1. Company Overview

            7.7.2. Product Portfolio

            7.7.3. Financial Overview

            7.7.4. Business Strategy

            7.7.5. Recent Developments

        7.8. Water Furnace International Inc.

            7.8.1. Company Overview

            7.8.2. Product Portfolio

            7.8.3. Financial Overview

            7.8.4. Business Strategy

            7.8.5. Recent Developments

        7.9. Bryant Heating and Cooling Systems

            7.9.1. Company Overview

            7.9.2. Product Portfolio

            7.9.3. Financial Overview

            7.9.4. Business Strategy

            7.9.5. Recent Developments

        7.10. Enertech Global Llc

            7.10.1. Company Overview

            7.10.2. Product Portfolio

            7.10.3. Financial Overview

            7.10.4. Business Strategy

            7.10.5. Recent Developments

    List of Tables

    Table 1: Global Geothermal Heat Pumps Market: Snapshot

    Table 2: Drivers of the Geothermal Heat Pumps Market: Impact analysis

    Table 3: Tentative Payback Period on Converting to Geothermal Heat Pump Systems in the U.S.

    Table 4: Restraints of the Geothermal Heat Pumps Market: Impact analysis

    Table 5: Opportunities of the Geothermal Heat Pumps Market: Impact analysis

    Table 6: Global Closed Loop Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (MWT)

    Table 7: Global Closed Loop Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (US$ Bn)

    Table 8: Global Horizontal Closed Loop Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (MWT)

    Table 9: Global Horizontal Closed Loop Geothermal Heat Pumps Market Volume and Forecast, by Technology Segment, 2020 - 2031 (US$ Bn)

    Table 10: Global Vertical Closed Loop Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (MWT)

    Table 11: Global Vertical Closed Loop Geothermal Heat Pumps Market Volume and Forecast, by Technology Segment, 2020 - 2031 (US$ Bn)

    Table 12: Global Vertical Closed Loop Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (MWT)

    Table 13: Global Vertical Closed Loop Geothermal Heat Pumps Market Volume and Forecast, by Technology Segment, 2020 - 2031 (US$ Bn)

    Table 14: Global Open Loop Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (MWT)

    Table 15: Global Open Loop Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (US$ Bn)

    Table 16: Global Residential Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (MWT)

    Table 17: Global Residential Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (US$ Bn)

    Table 18: Global Residential (New Building) Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (MWT)

    Table 19: Global Residential (New Building) Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (US$ Bn)

    Table 20: Global Residential (Retrofit) Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (MWT)

    Table 21: Global Residential (Retrofit) Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (US$ Bn)

    Table 22: Global Commercial Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (MWT)

    Table 23: Global Commercial Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (US$ Bn)

    Table 24: Global Commercial (New Building) Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (MWT)

    Table 25: Global Commercial (New Building) Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (US$ Bn)

    Table 26: Global Commercial (Retrofit) Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (MWT)

    Table 27: Global Commercial (Retrofit) Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (US$ Bn)

    Table 28: Global New Building Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (MWT)

    Table 29: Global New Building Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (US$ Bn)

    Table 30: Global Retrofit Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (MWT)

    Table 31: Global Retrofit Geothermal Heat Pumps Market Volume and Forecast, by Regional Segment, 2020 - 2031 (US$ Bn)

    Table 32: North America Geothermal Heat Pumps Market Volume and Forecast, by Technology Segment, 2020 - 2031 (MWT)

    Table 33: North America Geothermal Heat Pumps Market Volume and Forecast, by Technology Segment, 2020 - 2031 (US$ Bn)

    Table 34: North America Geothermal Heat Pumps Market Volume and Forecast, by End-user Segment, 2020 - 2031 (MWT)

    Table 35: North America Geothermal Heat Pumps Market Revenue and Forecast, by End-user Segment, 2020 - 2031 (US$ Bn)

    Table 36: Europe Geothermal Heat Pumps Market Volume and Forecast, by Technology Segment, 2020 - 2031 (MWT)

    Table 37: Europe Geothermal Heat Pumps Market Volume and Forecast, by Technology Segment, 2020 - 2031 (US$ Bn)

    Table 38: Europe Closed Loop Geothermal Heat Pumps Market Volume and Forecast, by System Type Segment, 2020 - 2031 (MWT)

    Table 39: Europe Closed Loop Geothermal Heat Pumps Market Revenue and Forecast, by System Type Segment, 2020 - 2031 (US$ Bn)

    Table 40: Europe Geothermal Heat Pumps Market Volume and Forecast, by End-user Segment, 2020 - 2031 (MWT)

    Table 41: Europe Geothermal Heat Pumps Market Revenue and Forecast, by End-user Segment, 2020 - 2031 (US$ Bn)

    Table 42: Asia Pacific Geothermal Heat Pumps Market Volume and Forecast, by Technology Segment, 2020 - 2031 (MWT)

    Table 43: Asia Pacific Geothermal Heat Pumps Market Volume and Forecast, by Technology Segment, 2020 - 2031 (US$ Bn)

    Table 44: Asia Pacific Geothermal Heat Pumps Market Volume and Forecast, by End-user Segment, 2020 - 2031 (MWT)

    Table 45: Asia Pacific Geothermal Heat Pumps Market Revenue and Forecast, by End-user Segment, 2020 - 2031 (US$ Bn)

    List of Figures

    Figure 1: Geothermal Heat Pumps (GHP): Market Segmentation

    Figure 2: Global Geothermal Heat Pumps Market Revenue, 2020 - 2031 (MWT) (US$ Bn)

    Figure 3: Value Chain analysis of Geothermal Heat Pumps Market

    Figure 4: Global Crude Oil Prices, by Grade (US$ Bn)

    Figure 5: Annual Cost of Heating and Cooling, by Fuel Type (US$ Bn)

    Figure 6: Porter’s Five forces analysis: Geothermal Heat Pumps

    Figure 7: Factors influencing Geothermal Heat Pump System Cost, by Cost influencing Factors

    Figure 8: Factors Affecting Heat Pump System and Ground Loop Design

    Figure 9: Renewable Heat incentive (RHI) Scheme, by Technology

    Figure 10: Applications and Accreditations for the Domestic RHI Scheme, by Technology

    Figure 11: Various incentive Payments Under the Domestic RHI Scheme for A Constant Test Case

    Figure 12: Market Attractiveness analysis of the Geothermal Heat Pumps Market, by Region, 2020

    Figure 13: Global Geothermal Heat Pump Estimates and Forecast, by Technology, 2020 & 2031, (MWT)

    Figure 14: Global Closed Loop Systems Market Volume and Revenue, 2020 – 2031 (MWT) (US$ Bn)

    Figure 15: Global Horizontal Closed Loop Systems Market Volume and Revenue, 2020 – 2031 (MWT) (US$ Bn)

    Figure 16: Global Vertical Closed Loop Systems Market Volume and Revenue, 2020 – 2031 (MWT) (US$ Bn)

    Figure 17: Global Pond/Lake Closed Loop Systems Market Volume and Revenue, 2020 – 2031 (MWT) (US$ Bn)

    Figure 18: Global Open Loop Systems Market Volume and Revenue, 2020 – 2031 (MWT) (US$ Bn)

    Figure 19: Global Geothermal Heat Pumps Market, Volume Share by End-user, 2020 and 2031

    Figure 20: Global Residential Systems Market Volume and Revenue, 2020 - 2031 (MWT) (US$ Bn)

    Figure 21: Global Residential (New Buildings) Systems Market Volume and Revenue, 2020 - 2031 (MWT) (US$ Bn)

    Figure 22: Global Residential (Retrofit) Systems Market Volume and Revenue, 2020 - 2031 (MWT) (US$ Bn)

    Figure 23: Global Commercial Systems Market Volume and Revenue, 2020 - 2031 (MWT) (US$ Bn)

    Figure 24: Global Commercial (New Buildings) Systems Market Volume and Revenue, 2020 - 2031 (MWT) (US$ Bn)

    Figure 25: Global Commercial (Retrofit) Systems Market Volume and Revenue, 2020 - 2031 (MWT) (US$ Bn)

    Figure 26: Global Geothermal Heat Pump Estimates and Forecast, by Region, 2020 & 2031, (MWT)

    Figure 27: North America Geothermal Heat Pumps Market Volume and Revenue, 2020 – 2031 (MWT) (US$ Bn)

    Figure 28: Average Home Size in the U.K Vs. Other European Countries, 2021, (Square Meters)

    Figure 29: Europe Geothermal Heat Pumps Market Volume and Revenue, 2020 – 2031 (MWT) (US$ Bn)

    Figure 30: Asia Pacific Geothermal Heat Pumps Market Volume and Revenue, 2020 – 2031 (MWT) (US$ Bn)

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Geothermal Heat Pumps Market

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