Geothermal Heat Pumps Market Updates by 2031
Geothermal heat pumps or ground source heat pumps is a heating and cooling system which transfers heat from the ground, and these pumps use earth as a heat source. Growing demand for energy efficient, cost-effective, and sustainable conditioning systems are driving the growth of the geothermal heat pumps market. Due to its low operational, and low maintenance cost, the rising adoption of geothermal heat pumps which influences the growth of the market.
MARKET DYNAMICS
A geothermal heat pump is more efficient as compared to a conventional heat pump; also, it consumes low energy, owing to this benefits rising the adoption of the geothermal heat pump that is anticipating the growth of the geothermal heat pump market. Growing concerns toward eco-friendly heating and cooling are rising the need for geothermal heat pump, which propels the growth of the market. A surge in demand for space heating and favorable environmental regulation to reduce carbon footprints is rising the demand for geothermal heat pumps that expected to drive the growth of the market.
MARKET SCOPE
The "Global Geothermal Heat Pumps Market Analysis to 2031" is a specialized and in-depth study of the geothermal heat pumps industry with a special focus on the global market trend analysis. The report aims to provide an overview geothermal heat pumps market with detailed market segmentation by product, end-user, and geography. The global geothermal heat pumps market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading geothermal heat pumps market players and offers key trends and opportunities in the geothermal heat pumps market.
MARKET SEGMENTATION
The global geothermal heat pumps market is segmented on the basis of product, end-user. On the basis product the market is segmented as open loop, closed loop. On the basis of end-user the market is segmented as residential, commercial, industrial.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global geothermal heat pumps market based on various segments. It also provides market size and forecast estimates from year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The geothermal heat pumps market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting geothermal heat pumps market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the geothermal heat pumps market in these regions.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global geothermal heat pumps market based on various segments. It also provides market size and forecast estimates from year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The geothermal heat pumps market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting geothermal heat pumps market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the geothermal heat pumps market in these regions.
MARKET PLAYERS
The reports cover key developments in the geothermal heat pumps market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from geothermal heat pumps market are anticipated to lucrative growth opportunities in the future with the rising demand for geothermal heat pumps in the global market. Below mentioned is the list of few companies engaged in the geothermal heat pumps market.
The report also includes the profiles of key geothermal heat pumps companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.
- Bosch Thermotechnology Corp.
- Bryant Heating & Cooling Systems
- Carrier Corporation
- ClimateMaster, Inc.
- Daikin Industries, Ltd.
- NIBE Industrier AB
- Trane Inc.
- Vaillant Group
- Viessmann Limited
- WaterFurnace International
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Geothermal Heat Pumps Market - By Product
1.3.2 Geothermal Heat Pumps Market - By End-user
1.3.3 Geothermal Heat Pumps Market - By Region
1.3.3.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. GEOTHERMAL HEAT PUMPS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. GEOTHERMAL HEAT PUMPS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. GEOTHERMAL HEAT PUMPS MARKET - GLOBAL MARKET ANALYSIS
6.1. GEOTHERMAL HEAT PUMPS - GLOBAL MARKET OVERVIEW
6.2. GEOTHERMAL HEAT PUMPS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. GEOTHERMAL HEAT PUMPS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. OPEN LOOP
7.3.1. Overview
7.3.2. Open Loop Market Forecast and Analysis
7.4. CLOSED LOOP
7.4.1. Overview
7.4.2. Closed Loop Market Forecast and Analysis
8. GEOTHERMAL HEAT PUMPS MARKET - REVENUE AND FORECASTS TO 2028 - END-USER
8.1. OVERVIEW
8.2. END-USER MARKET FORECASTS AND ANALYSIS
8.3. RESIDENTIAL
8.3.1. Overview
8.3.2. Residential Market Forecast and Analysis
8.4. COMMERCIAL
8.4.1. Overview
8.4.2. Commercial Market Forecast and Analysis
8.5. INDUSTRIAL
8.5.1. Overview
8.5.2. Industrial Market Forecast and Analysis
9. GEOTHERMAL HEAT PUMPS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Geothermal Heat Pumps Market Overview
9.1.2 North America Geothermal Heat Pumps Market Forecasts and Analysis
9.1.3 North America Geothermal Heat Pumps Market Forecasts and Analysis - By Product
9.1.4 North America Geothermal Heat Pumps Market Forecasts and Analysis - By End-user
9.1.5 North America Geothermal Heat Pumps Market Forecasts and Analysis - By Countries
9.1.5.1 United States Geothermal Heat Pumps Market
9.1.5.1.1 United States Geothermal Heat Pumps Market by Product
9.1.5.1.2 United States Geothermal Heat Pumps Market by End-user
9.1.5.2 Canada Geothermal Heat Pumps Market
9.1.5.2.1 Canada Geothermal Heat Pumps Market by Product
9.1.5.2.2 Canada Geothermal Heat Pumps Market by End-user
9.1.5.3 Mexico Geothermal Heat Pumps Market
9.1.5.3.1 Mexico Geothermal Heat Pumps Market by Product
9.1.5.3.2 Mexico Geothermal Heat Pumps Market by End-user
9.2. EUROPE
9.2.1 Europe Geothermal Heat Pumps Market Overview
9.2.2 Europe Geothermal Heat Pumps Market Forecasts and Analysis
9.2.3 Europe Geothermal Heat Pumps Market Forecasts and Analysis - By Product
9.2.4 Europe Geothermal Heat Pumps Market Forecasts and Analysis - By End-user
9.2.5 Europe Geothermal Heat Pumps Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Geothermal Heat Pumps Market
9.2.5.1.1 Germany Geothermal Heat Pumps Market by Product
9.2.5.1.2 Germany Geothermal Heat Pumps Market by End-user
9.2.5.2 France Geothermal Heat Pumps Market
9.2.5.2.1 France Geothermal Heat Pumps Market by Product
9.2.5.2.2 France Geothermal Heat Pumps Market by End-user
9.2.5.3 Italy Geothermal Heat Pumps Market
9.2.5.3.1 Italy Geothermal Heat Pumps Market by Product
9.2.5.3.2 Italy Geothermal Heat Pumps Market by End-user
9.2.5.4 United Kingdom Geothermal Heat Pumps Market
9.2.5.4.1 United Kingdom Geothermal Heat Pumps Market by Product
9.2.5.4.2 United Kingdom Geothermal Heat Pumps Market by End-user
9.2.5.5 Russia Geothermal Heat Pumps Market
9.2.5.5.1 Russia Geothermal Heat Pumps Market by Product
9.2.5.5.2 Russia Geothermal Heat Pumps Market by End-user
9.2.5.6 Rest of Europe Geothermal Heat Pumps Market
9.2.5.6.1 Rest of Europe Geothermal Heat Pumps Market by Product
9.2.5.6.2 Rest of Europe Geothermal Heat Pumps Market by End-user
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Geothermal Heat Pumps Market Overview
9.3.2 Asia-Pacific Geothermal Heat Pumps Market Forecasts and Analysis
9.3.3 Asia-Pacific Geothermal Heat Pumps Market Forecasts and Analysis - By Product
9.3.4 Asia-Pacific Geothermal Heat Pumps Market Forecasts and Analysis - By End-user
9.3.5 Asia-Pacific Geothermal Heat Pumps Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Geothermal Heat Pumps Market
9.3.5.1.1 Australia Geothermal Heat Pumps Market by Product
9.3.5.1.2 Australia Geothermal Heat Pumps Market by End-user
9.3.5.2 China Geothermal Heat Pumps Market
9.3.5.2.1 China Geothermal Heat Pumps Market by Product
9.3.5.2.2 China Geothermal Heat Pumps Market by End-user
9.3.5.3 India Geothermal Heat Pumps Market
9.3.5.3.1 India Geothermal Heat Pumps Market by Product
9.3.5.3.2 India Geothermal Heat Pumps Market by End-user
9.3.5.4 Japan Geothermal Heat Pumps Market
9.3.5.4.1 Japan Geothermal Heat Pumps Market by Product
9.3.5.4.2 Japan Geothermal Heat Pumps Market by End-user
9.3.5.5 South Korea Geothermal Heat Pumps Market
9.3.5.5.1 South Korea Geothermal Heat Pumps Market by Product
9.3.5.5.2 South Korea Geothermal Heat Pumps Market by End-user
9.3.5.6 Rest of Asia-Pacific Geothermal Heat Pumps Market
9.3.5.6.1 Rest of Asia-Pacific Geothermal Heat Pumps Market by Product
9.3.5.6.2 Rest of Asia-Pacific Geothermal Heat Pumps Market by End-user
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Geothermal Heat Pumps Market Overview
9.4.2 Middle East and Africa Geothermal Heat Pumps Market Forecasts and Analysis
9.4.3 Middle East and Africa Geothermal Heat Pumps Market Forecasts and Analysis - By Product
9.4.4 Middle East and Africa Geothermal Heat Pumps Market Forecasts and Analysis - By End-user
9.4.5 Middle East and Africa Geothermal Heat Pumps Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Geothermal Heat Pumps Market
9.4.5.1.1 South Africa Geothermal Heat Pumps Market by Product
9.4.5.1.2 South Africa Geothermal Heat Pumps Market by End-user
9.4.5.2 Saudi Arabia Geothermal Heat Pumps Market
9.4.5.2.1 Saudi Arabia Geothermal Heat Pumps Market by Product
9.4.5.2.2 Saudi Arabia Geothermal Heat Pumps Market by End-user
9.4.5.3 U.A.E Geothermal Heat Pumps Market
9.4.5.3.1 U.A.E Geothermal Heat Pumps Market by Product
9.4.5.3.2 U.A.E Geothermal Heat Pumps Market by End-user
9.4.5.4 Rest of Middle East and Africa Geothermal Heat Pumps Market
9.4.5.4.1 Rest of Middle East and Africa Geothermal Heat Pumps Market by Product
9.4.5.4.2 Rest of Middle East and Africa Geothermal Heat Pumps Market by End-user
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Geothermal Heat Pumps Market Overview
9.5.2 South and Central America Geothermal Heat Pumps Market Forecasts and Analysis
9.5.3 South and Central America Geothermal Heat Pumps Market Forecasts and Analysis - By Product
9.5.4 South and Central America Geothermal Heat Pumps Market Forecasts and Analysis - By End-user
9.5.5 South and Central America Geothermal Heat Pumps Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Geothermal Heat Pumps Market
9.5.5.1.1 Brazil Geothermal Heat Pumps Market by Product
9.5.5.1.2 Brazil Geothermal Heat Pumps Market by End-user
9.5.5.2 Argentina Geothermal Heat Pumps Market
9.5.5.2.1 Argentina Geothermal Heat Pumps Market by Product
9.5.5.2.2 Argentina Geothermal Heat Pumps Market by End-user
9.5.5.3 Rest of South and Central America Geothermal Heat Pumps Market
9.5.5.3.1 Rest of South and Central America Geothermal Heat Pumps Market by Product
9.5.5.3.2 Rest of South and Central America Geothermal Heat Pumps Market by End-user
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. GEOTHERMAL HEAT PUMPS MARKET, KEY COMPANY PROFILES
11.1. BOSCH THERMOTECHNOLOGY CORP.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. BRYANT HEATING AND COOLING SYSTEMS
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. CARRIER CORPORATION
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. CLIMATEMASTER, INC.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. DAIKIN INDUSTRIES, LTD.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. NIBE INDUSTRIER AB
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. TRANE INC.
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. VAILLANT GROUP
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. VIESSMANN LIMITED
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. WATERFURNACE INTERNATIONAL
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. Bosch Thermotechnology Corp.
2. Bryant Heating and Cooling Systems
3. Carrier Corporation
4. ClimateMaster, Inc.
5. Daikin Industries, Ltd.
6. NIBE Industrier AB
7. Trane Inc.
8. Vaillant Group
9. Viessmann Limited
10. WaterFurnace International
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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