0

Geothermal Heat Pump Market by End-user and Geography - Forecast and Analysis 2022-2026

  • Published: Sep 2022
  • Pages: 142
  • SKU: IRTNTR43043
Technavio

Enjoy complimentary customisation on priority with our Enterprise License!

Safe and Secure SSL Encrypted

info
close
  • Single:

    One user only.
    Quick & easy download option

  • Enterprise:

    Unlimited user access (Within your organization)
    Complimentary Customization Included

2500 USD

The geothermal heat pump (GHP) market share is expected to increase by USD 4.89 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 8.36%.

This geothermal heat pump market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers geothermal heat pump market segmentation by end-user (residential and non-residential) and geography (Europe, North America, APAC, South America, and Middle East and Africa). The geothermal heat pump (GHP) market report also offers information on several market vendors, including Bard Manufacturing Co. Inc., Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, EnergySmart Alternatives LLC, GeoSmart Energy, Glen Dimplex Deutschland GmbH, Green Planet Supply Inc., Johnson Controls International Plc, Kensa Group, Mitsubishi Corp., NIBE Industrier AB, Raytheon Technologies Corp., Robert Bosch GmbH, Sirac Air Conditioning Equipments Co. Ltd., Stiebel Eltron GmbH and Co. KG, Trane Technologies Plc, Vaillant Group, Viessmann Climate Solutions SE, and WaterFurnace International Inc. among others.

What will the Geothermal Heat Pump Market Size be During the Forecast Period?

Geothermal Heat Pump Market Size

Download Report Sample to Unlock the Geothermal Heat Pump Market Size for the Forecast Period and Other Important Statistics

 

GHP Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post-COVID-19 era. The operational benefits of GHPs over conventional systems is driving the geothermal heat pump (GHP) market growth, although factors such as high upfront cost may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the geothermal heat pump industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key GHP Market Driver

One of the key factors driving growth in the geothermal heat pump market is the operational benefits of GHPs over conventional systems. The GHPs offer several benefits when compared with conventional heating and cooling systems like boilers, furnaces, air conditioners, and room heaters. One major advantage is that the same or single device, i.e., the heat pump, provides the benefits of both heating and cooling throughout the year. Every HVAC system operates differently under varying climatic conditions. Conversion from an electric furnace to an air-source heat pump enables cost savings of up to 50%. In an HVAC system, proper maintenance is crucial to ensuring efficient operation and longer service life. When different types of heat pumps are compared, geothermal pumps have a service life of 20-25 years, while air source pumps only have a service life of 10-15 years. This is because the compressors in geothermal pumps are exposed to less mechanical and thermal stress and are not prone to external environmental conditions. These advantages are expected to drive the momentum of the GHP market and provide a boost to demand during the forecast period and beyond.  Thus, such benefits associated with the installation of GHP will propel the growth of the global GHP market.

Key GHP Market Trend

The emergence of BEMS is a geothermal heat pump market trend that is expected to have a positive impact in the coming years. A heat pump is a term that is more commonly applied to HVAC systems. In both residential and commercial applications, heat pumps are widely utilized for space heating and cooling. Building energy management systems (BEMS) is a new idea that can result in large energy savings because the focus is on energy efficiency and emissions reduction. The global BEMS industry is projected to grow at a steady rate during the forecast period; the industry is mainly driven by the need for energy efficiency and cost reduction in buildings. Countries such as the US and China have introduced energy labels such as the Energy Star and Three-Star that rate buildings based on energy consumption and other parameters. These ratings have further spurred the demand for BEMS. The growing use of BEMS will reinforce the market for HVAC as these systems would become more energy-efficient and have a lower impact on the environment. Thus, the emergence of such technologies will boost the growth of the global GHP market.

Key GHP Market Challenge

The high upfront cost will be a major challenge for the geothermal heat pump market during the forecast period. GHPs are used primarily for space heating and cooling; therefore, they find large applications in residential buildings. The deployment of GHPs and their retrofitting also depend on consumer preferences and disposable incomes. An important factor hindering small businesses and enterprises, as well as many households, from using GHPs is the high installation costs and price of heat pumps. In the long term, the savings realized from the use of GHPs can offset the high initial costs. However, the market faces significant challenges because of the capital-intensive nature of these products. Considering the uncertainty in the global economic scenario, where businesses are looking for cost-saving measures, it becomes difficult for small and medium-sized enterprises (SMEs) to procure heat pumps. Hence, the high upfront cost for GHP installation may hamper the growth of the global GHP market

This geothermal heat pump market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global geothermal heat pump (GHP) market as a part of the global heavy electrical equipment market within the global electrical equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the geothermal heat pump (GHP) market during the forecast period.

Who are the Major GHP Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Bard Manufacturing Co. Inc.
  • Carrier Global Corp.
  • Daikin Industries Ltd.
  • Danfoss AS
  • EnergySmart Alternatives LLC
  • GeoSmart Energy
  • Glen Dimplex Deutschland GmbH
  • Green Planet Supply Inc.
  • Johnson Controls International Plc
  • Kensa Group
  • Mitsubishi Corp.
  • NIBE Industrier AB
  • Raytheon Technologies Corp.
  • Robert Bosch GmbH
  • Sirac Air Conditioning Equipments Co. Ltd.
  • Stiebel Eltron GmbH and Co. KG
  • Trane Technologies Plc
  • Vaillant Group
  • Viessmann Climate Solutions SE
  • WaterFurnace International Inc.

 

This statistical study of the geothermal heat pump market encompasses successful business strategies deployed by the key vendors. The geothermal heat pump (GHP) market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • carrier.com - The company offers geothermal heat pumps such as Infinity, Performance, and Comfort.

  • carrier.com - Through the HVAC segment, the company provides products, controls, services, and solutions to meet the heating and cooling, and ventilation needs of residential and commercial customers.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The geothermal heat pump market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the leading companies' production, sustainability, and prospects.

GHP Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the geothermal heat pump (GHP) market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for the GHP Market?

Geothermal Heat Pump Market Share by Geography

For more insights on the market share of various regions Request PDF Sample now!

49% of the market’s growth will originate from Europe during the forecast period. Germany, France, and the UK are the key markets for geothermal heat pumps in Europe. Market growth in this region will be slower than the growth of the market in other regions.

Germany, Ireland, France, the Netherlands, Italy, the UK, and Spain witnessed a substantial advance in their economic conditions in the past, which helped increase their construction and manufacturing activities. This will facilitate the geothermal heat pump (GHP) market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the GHP market in Europe witnessed a significant decline in revenue owing to the lockdown restrictions imposed to curb the spread of the COVID-19 disease. The outbreak of COVID-19 negatively affected the economies of many countries in the region, including the UK, Germany, and Italy. It also disrupted the overall economic growth of the region and the supply chain of the industrial and construction sectors. However, in the first half of 2021, many countries in Europe lifted COVID-19 -induced restrictions due to the initiation of large-scale vaccination drives. Vendors mandated social distancing and restricted the entry of non-essential visitors to their facilities. 

What are the Revenue-generating End-user Segments in the Geothermal Heat Pump Market?

Geothermal Heat Pump Market Share

To gain further insights on the market contribution of various segments Request PDF Sample

The geothermal heat pump (GHP) market share growth in the residential segment will be significant during the forecast period. Development in the construction of residential buildings has a direct impact on the demand for GHPs as they are an essential part of any residential building. The construction industry is recovering following a long period of slowdown in the wake of the financial crisis in the past decade. A significant portion of the global GHP market relies on residential end-users. The residential construction or housing market accounts for a substantial share of the global construction market. Significant growth of the global housing market is expected to drive the demand for GHPs worldwide.

This report provides an accurate prediction of the contribution of all the segments to the growth of the geothermal heat pump market size and actionable market insights on the post-COVID-19 impact on each segment.

 

GHP Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 8.36%

Market growth 2022-2026

$4.89 billion

Market structure

Fragmented

YoY growth (%)

7.99

Regional analysis

Europe, North America, APAC, South America, and Middle East and Africa

Performing market contribution

Europe at 49%

Key consumer countries

US, China, Germany, France, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Bard Manufacturing Co. Inc., Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, EnergySmart Alternatives LLC, GeoSmart Energy, Glen Dimplex Deutschland GmbH, Green Planet Supply Inc., Johnson Controls International Plc, Kensa Group, Mitsubishi Corp., NIBE Industrier AB, Raytheon Technologies Corp., Robert Bosch GmbH, Sirac Air Conditioning Equipments Co. Ltd., Stiebel Eltron GmbH and Co. KG, Trane Technologies Plc, Vaillant Group, Viessmann Climate Solutions SE, and WaterFurnace International Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Request PDF sample

What are the Key Data Covered in this Geothermal Heat Pump Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive geothermal heat pump market growth during the next five years
  • Precise estimation of the geothermal heat pump market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the geothermal heat pump industry across Europe, North America, APAC, South America, and Middle East and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of geothermal heat pump market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • Exhibit 24: Chart on End-user - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on End-user - Market share 2021-2026 (%)
    • 5.2 Comparison by End-user
      • Exhibit 26: Chart on Comparison by End-user
      • Exhibit 27: Data Table on Comparison by End-user
    • 5.3 Residential - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Residential - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Residential - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Residential - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Residential - Year-over-year growth 2021-2026 (%)
    • 5.4 Non-residential - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Non-residential - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Non-residential - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Non-residential - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Non-residential - Year-over-year growth 2021-2026 (%)
    • 5.5 Market opportunity by End-user
      • Exhibit 36: Market opportunity by End-user ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 38: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 40: Chart on Geographic comparison
      • Exhibit 41: Data Table on Geographic comparison
    • 7.3 Europe - Market size and forecast 2021-2026
      • Exhibit 42: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 43: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 44: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 45: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.4 North America - Market size and forecast 2021-2026
      • Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.5 APAC - Market size and forecast 2021-2026
      • Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.6 South America - Market size and forecast 2021-2026
      • Exhibit 54: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.7 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.8 US - Market size and forecast 2021-2026
      • Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.9 Germany - Market size and forecast 2021-2026
      • Exhibit 66: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.10 France - Market size and forecast 2021-2026
      • Exhibit 70: Chart on France - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on France - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on France - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on France - Year-over-year growth 2021-2026 (%)
    • 7.11 UK - Market size and forecast 2021-2026
      • Exhibit 74: Chart on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on UK - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on UK - Year-over-year growth 2021-2026 (%)
    • 7.12 China - Market size and forecast 2021-2026
      • Exhibit 78: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 82: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 83: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 85: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 86: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 87: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 88: Matrix on vendor position and classification
            • 10.3 Carrier Global Corp.
              • Exhibit 89: Carrier Global Corp. - Overview
              • Exhibit 90: Carrier Global Corp. - Business segments
              • Exhibit 91: Carrier Global Corp. - Key news
              • Exhibit 92: Carrier Global Corp. - Key offerings
              • Exhibit 93: Carrier Global Corp. - Segment focus
            • 10.4 Danfoss AS
              • Exhibit 94: Danfoss AS - Overview
              • Exhibit 95: Danfoss AS - Business segments
              • Exhibit 96: Danfoss AS - Key news
              • Exhibit 97: Danfoss AS - Key offerings
              • Exhibit 98: Danfoss AS - Segment focus
            • 10.5 Mitsubishi Corp.
              • Exhibit 99: Mitsubishi Corp. - Overview
              • Exhibit 100: Mitsubishi Corp. - Business segments
              • Exhibit 101: Mitsubishi Corp. - Key news
              • Exhibit 102: Mitsubishi Corp. - Key offerings
              • Exhibit 103: Mitsubishi Corp. - Segment focus
            • 10.6 NIBE Industrier AB
              • Exhibit 104: NIBE Industrier AB - Overview
              • Exhibit 105: NIBE Industrier AB - Business segments
              • Exhibit 106: NIBE Industrier AB - Key offerings
              • Exhibit 107: NIBE Industrier AB - Segment focus
            • 10.7 Raytheon Technologies Corp.
              • Exhibit 108: Raytheon Technologies Corp. - Overview
              • Exhibit 109: Raytheon Technologies Corp. - Business segments
              • Exhibit 110: Raytheon Technologies Corp. - Key offerings
              • Exhibit 111: Raytheon Technologies Corp. - Segment focus
            • 10.8 Robert Bosch GmbH
              • Exhibit 112: Robert Bosch GmbH - Overview
              • Exhibit 113: Robert Bosch GmbH - Business segments
              • Exhibit 114: Robert Bosch GmbH - Key news
              • Exhibit 115: Robert Bosch GmbH - Key offerings
              • Exhibit 116: Robert Bosch GmbH - Segment focus
            • 10.9 Stiebel Eltron GmbH and Co. KG
              • Exhibit 117: Stiebel Eltron GmbH and Co. KG - Overview
              • Exhibit 118: Stiebel Eltron GmbH and Co. KG - Product / Service
              • Exhibit 119: Stiebel Eltron GmbH and Co. KG - Key offerings
            • 10.10 Trane Technologies Plc
              • Exhibit 120: Trane Technologies Plc - Overview
              • Exhibit 121: Trane Technologies Plc - Business segments
              • Exhibit 122: Trane Technologies Plc - Key news
              • Exhibit 123: Trane Technologies Plc - Key offerings
              • Exhibit 124: Trane Technologies Plc - Segment focus
            • 10.11 Vaillant Group
              • Exhibit 125: Vaillant Group - Overview
              • Exhibit 126: Vaillant Group - Product / Service
              • Exhibit 127: Vaillant Group - Key offerings
            • 10.12 Viessmann Climate Solutions SE
              • Exhibit 128: Viessmann Climate Solutions SE - Overview
              • Exhibit 129: Viessmann Climate Solutions SE - Product / Service
              • Exhibit 130: Viessmann Climate Solutions SE - Key offerings

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 131: Inclusions checklist
                • Exhibit 132: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 133: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 134: Research methodology
                • Exhibit 135: Validation techniques employed for market sizing
                • Exhibit 136: Information sources
              • 11.5 List of abbreviations
                • Exhibit 137: List of abbreviations
              • demand for uninterrupted power: The increasing demand for energy, rising population, and aging power infrastructure have increased the strain on power grids, which are the main reason for power blackouts in most countries such as India, China, and other Asian countries. Even some countries such as the UAE and Saudi Arabia have also observed an increase in power outages, which are usually caused by the lack of fuel, spurred by the failure of a deal to deliver natural gas. Some of the other causes of power failure in these counties include distribution station failure, load shedding, maintenance shutdown, vandalism, and cyber-attacks.

                Research Framework

                Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                TechnavioINFORMATION SOURCES

                Primary sources

                • Manufacturers and suppliers
                • Channel partners
                • Industry experts
                • Strategic decision makers

                Secondary sources

                • Industry journals and periodicals
                • Government data
                • Financial reports of key industry players
                • Historical data
                • Press releases
                Technavio

                TechnavioDATA ANALYSIS

                Data Synthesis

                • Collation of data
                • Estimation of key figures
                • Analysis of derived insights

                Data Validation

                • Triangulation with data models
                • Reference against proprietary databases
                • Corroboration with industry experts
                Technavio

                TechnavioREPORT WRITING

                Qualitative

                • Market drivers
                • Market challenges
                • Market trends
                • Five forces analysis

                Quantitative

                • Market size and forecast
                • Market segmentation
                • Geographical insights
                • Competitive landscape
                Interested in this report?
                Get your sample now!
                Geothermal Heat Pump market growth will increase by $10230.05 million during 2020-2025.
                The geothermal heat pump market is expected to grow at a CAGR of 8.41% during 2020-2025.
                Technavio has segmented the geothermal heat pump market by end user (Residential and Non-residential) and geographic (Europe, North America, APAC, South America, MEA, Europe, North America, APAC, and South America).
                Danfoss AS, Mitsubishi Electric Corp., NIBE Industrier AB, Raytheon Technologies Corp., Robert Bosch GmbH, Stiebel Eltron (Aust) Pty. Ltd., Trane Technologies plc, Vaillant GmbH, Viessmann Werke GmbH & Co. KG, Weishaupt (UK) Ltd. are a few of the key vendors in the geothermal heat pump market.
                Europe will register the highest growth rate of 43.74% among the other regions. Therefore, the geothermal heat pump market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
                The key factors driving the geothermal heat pump market growth are:
                • Operational benefits of geothermal heat pumps over conventional systems
                • Emergence of 3D holograms
                The geothermal heat pump market vendors should focus on grabbing business opportunities from the residential segment as it accounted for the largest market share in the base year.
                • What are the key global market and the regional market share?
                • What are the revenue-generating key market segments?
                • What are the key factors driving and challenging this market’s growth?
                • Who are the key market vendors and their growth strategies?
                • What are the latest trends influencing the growth of this market?
                • What are the variables influencing the market growth in the primary regions?
                • What are the factors influencing the growth of the parent market?
                • Off-the-shelf research reports
                • Reports can be tailored to meet the customer's needs
                • Trusted by more than 100 fortune 500 organizations
                • Information about the market's key drivers, trends, and challenges
                • Parent market analysis
                • Every week, 50,000 people visit our subscription platform
                • Detailed vendors report with competitive landscape
                • Covid-19 impact and recovery analysis
                • Data on revenue-generating market segments
                • Details on the market shares of various regions
                • Five-force market analysis

                Certified ISO 9001 : 2015

                We are ISO recognized

                We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.

                We are GDPR and CCPA compliant

                We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.

                Safe and Secure SSL Encrypted
                Technavio

                info
                close
                • Single:

                  One user only.
                  Quick & easy download option

                • Enterprise:

                  Unlimited user access (Within your organization)
                  Complimentary Customization Included

                2500 USD

                Technavio Get the report (PDF) sent to your email within minutes.

                Subscribe & Save

                Get lifetime access to our
                Technavio Insights

                Customized Report as per your Business Needs

                • Our analysts will work directly with you and understand your needs
                • Get data on specified regions or segments, competitor and Vendors
                • Data will be formatted and presented as per your requirements
                • We offer $1000 worth of FREE customization at the time of purchase

                Let us help you make report more suited to your requirements.

                • Get a competitive breakdown as per your niche industry
                • Customize the data with various metrics that meet your business prerequisite
                • Understand Revenue Sources, Customers and many more
                • Details on Market Share
                • These customizations are done in a short amount of time by our analysts and industry experts
                Technavio
                Enquire Before Buying
                17,000 reports available | Plans starting from just 5,000 USD | Get FREE trial>>