Global geothermal heat pump (GHP) market is estimated to grow at a CAGR of 3.5% during the forecast period. GHPs are energy-efficient, ecologically friendly, and cost-effective space cooling systems. GPH reduces emissions significantly, primarily when used for heating and cooling and when electricity is generated from renewable sources. The biggest benefit of GHPs is that they use 25% to 50% less electricity than conventional heating or cooling systems. GHP is much more energy-efficient than other renewable and conventional building technologies, including low-emission hydrogen and biomass boilers. For instance, according to the International Energy Agency, the number of GPHs installed globally rises from 180 million in 2020 to around 600 million in 2030. At least three times more efficient than traditional fossil fuel boilers, installation of GPH in individual buildings is forecast to rise from 1.5 million per month currently to around 5 million by 2030.
Browse the full report description of “Geothermal Heat Pump (GHP) Market Size, Share & Trends Analysis Report, By Type (Closed-Loop Systems, Open-Loop Systems, and Hybrid Systems), By Application (Residential, Commercial, and Industrial) Forecast Period (2023-2030)” at https://www.omrglobal.com/industry-reports/geothermal-heat-pump-ghp-market
Furthermore, according to the Environmental Protection Agency (EPA), GPH reduces energy consumption, and corresponding emissions by up to 44% compared with air-source heat pumps and up to 72% compared with electric resistance heating with standard air-conditioning equipment. The demand for GPH energy-efficient solutions and products is forecast to rise as people become more aware of climate change and greenhouse gas emissions. According to the IEA, GPH minimizes carbon dioxide (CO2) consumption, resulting in an annual reduction of 9.17 million tonnes of carbon dioxide emissions across the European Union in 2022.
In addition, the companies which include, Carrier Corp., Robert Bosch LLC, EPH Technology, and others operating in the market are offering new products by entering into partnerships, collaboration, and funding strategies to remain competitive in the global market. For instance, in April 2023, EHP Technology Company announced the launch of its revolutionary geothermal heating system. The newly launched EHP geothermal heat mining system mitigates the lapses and inefficiencies of the existing conventional heat mining systems in the market. The EHP-based geothermal heat mining system operates in an entirely different way from the conventional ones. The system obtains geothermal energy in the simplest, cheapest, fastest, and most cost-effective way. The EHP Technology cause the geothermal heating systems' cost to decrease by up to 58% while also maintaining the same efficiency as conventional ones.
Market Coverage
• The market number available for – 2022-2030
• Base year- 2022
• Forecast period- 2023-2030
• Segment Covered-
o By Type
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- including Carrier Corp., Robert Bosch LLC, NIBE Industrier AB, Baker Hughes Co., (a GE Company), Danfoss A/S., and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Geothermal Heat Pump (GHP) Market Report Segment
By Type
By Application
Global Geothermal Heat Pump (GHP) Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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