Dublin, March 20, 2023 (GLOBE NEWSWIRE) — The “Geothermal Heat Pump Global Market Opportunities and Strategies to 2032” report has been added to ResearchAndMarkets.com’s offers.
The geothermal heat pump market reached a value of nearly $3,735.4 million in 2022, having grown at a compound annual growth rate (CAGR) of 5.2% since 2017. The market is expected to grow from $3,735.4 million in 2022 to $5,739.4 million in 2027 at a rate of 9.0%. The market is then expected to grow at a CAGR of 7.8% from 2027 and reach $8,343.3 million in 2032.
Growth in the historic period benefited from government initiatives to install heat pumps, increased adoption of renewable energy sources, and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period was the impact of COVID-19.
Going forward, increasing government initiatives to curb carbon emissions, rising fuel prices, increasing demand for heat pumps, and growing investment in construction will drive growth. Factors that could hinder the growth of the geothermal heat pump market in the future include high installation costs.
The geothermal heat pump market is segmented by technology into open loop systems and closed loop systems. The closed loop system market was the largest segment of the geothermal heat pump market segmented by technology, accounting for 85.5% of the total in 2022. Going forward, the closed loop system segment is expected to be the fastest growing segment in the geothermal heat pump market segmented by technology, at a CAGR of 9.1% during 2022-2027.
The geothermal heat pump market is segmented by applications into residential, commercial and industrial. The residential market was the largest segment of the geothermal heat pump market segmented by application, accounting for 60.5% of the total in 2022. Going forward, the residential segment is expected to be the fastest growing segment in the geothermal heat pump market segmented by application , at a CAGR of 9.3% during 2022-2027.
Asia Pacific was the largest region in the geothermal heat pump market, accounting for 36.7% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the geothermal heat pump market will be Asia Pacific and North America where growth will be at CAGRs of 11.9% and 8.0% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 7.8% and 6.0% respectively.
The top opportunities in the geothermal heat pump market segmented by technology will arise in the closed loop system segment, which will gain $1,736.5 million of global annual sales by 2027. The top opportunities in the geothermal heat pump market segmented by applications will arise in the residential segment, which will gain $1,264.3 million of global annual sales by 2027. The geothermal heat pump market size will gain the most in the USA at $364.9 million.
Market-trend-based strategies for the geothermal heat pump market includes focus on expanding their manufacturing operations, turning to pay-as-you-go business models, increasing investments, and undergoing partnerships and collaborations to improve their product offerings and to stay competitive in the market.
Player-adopted strategies in the geothermal heat pump market includes focus on expanding its product portfolio and strengthening is business by acquiring companies having the same business, brining advancement in its products and is also enhancing its business by launching new products, strengthening its business by launching new products into the market and is also acquiring companies with the same business, and increasing its production capacity by opening its new manufacturing factory.
Reasons to Purchase
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The report covers the following chapters
Introduction and Market Characteristics
- Brief introduction to the segmentations covered in the market, definitions and explanations about the geothermal heat pump market.
- Highlights the major trends shaping the global geothermal heat pump market. This section also highlights possible future developments in the market.
Global Market Size and Growth
- Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Historical (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.
- Contains the market values (2017-2032) and analysis for each segment by technology and by application in the market.
Regional Market Size and Growth
- Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
Key Mergers and Acquisitions
- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
Market Opportunities And Strategies
- Describes market opportunities and strategies based on the findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
Conclusions And Recommendations
- This section Includes recommendations for geothermal heat pump providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- This section includes details on the NAICS codes covered, abbreviations and currency codes used in this report.
1) By Technology: Open Loop System; Closed Loop System
2) By Application: Residential; Commercial; Industrial
|No. of Pages||241|
|Forecast Period||2021 – 2031|
|Estimated Market Value (USD) in 2021||$3735.4 Millions|
|Forecasted Market Value (USD) by 2031||$8343.3 Millions|
|Compound Annual Growth Rate||8.4%|
A selection of companies mentioned in this report includes
- CarrierGlobal Corporation
- Bosch Thermotechnology
- NIBE Group
For more information about this report visit https://www.researchandmarkets.com/r/cvb7pw
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Global Geothermal Heat Pump Market