Geothermal Heat Pumps Market Analysis by Technology (Open Loop Systems, Closed Loop Systems), by End User (Residential, Commercial), by Region
Geothermal heat pump use is anticipated to soar between 2021 and 2031 at an astounding CAGR of 13.1%. According to a recent market study by Fact.MR, the market for geothermal heat pumps was valued at US$ 115.74 billion in 2020 and is expected to grow to US$ 505.5 billion by the end of 2031.
Sales of geothermal heat pumps are being driven by the trend towards renewable energy generation, which has gained significant momentum in light of the rising energy demand and deteriorating weather conditions. Geothermal energy systems will be installed in more homes and businesses, which will support market growth. It is also anticipated that favourable government actions to increase the use of renewable energy and encourage the deployment of renewable energy generating will benefit the shipments of geothermal heat pumps through 2031.
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Key geothermal heat pump manufacturers are focusing on increasing awareness regarding renewable energy sources through several initiatives that will help them push their sales of geothermal heat pumps. Geothermal heat pump suppliers are also investing in mergers and collaborations to further advance their product portfolios and bolster business operations.
Key Takeaways from Market Study
Winning Strategy
Geothermal heat pump manufacturers are investing in the research and development of pumps with new and advanced technologies that are more efficient, as demand for these pumps is increasing on a global scale. Geothermal heat pump suppliers are adopting various strategies to boost their sales across all direct and indirect sales platforms.
Rising encouragement from governments to adopt and deploy renewable energy systems is expected to aid geothermal heat pumps market players to boost their sales and revenue generation potential across the forecast period.
Industry Research
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global geothermal heat pumps market, presenting historical demand data (2017-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of technology (open loop systems, closed loop systems) and end user (residential, commercial), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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Jun 17, 2023