With the emergence and long-term Impact of COVID-19, Global Geothermal Heat Pump Market to reach USD xx billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Geothermal Heat Pump Market points towards a potential rise to USD xx billion by 2030. A geothermal heat pump (GHP), also known as a ground source heat pump, is a heating and cooling system that uses the natural heat storage ability of the earth and the transfer of heat between the earth and a building to provide heating, cooling, and, in some cases, hot water. The key factors driving the market growth are high adoption in the residential sector, contribution of heat pump technology in reducing CO2 emission, increase in demand for energy-efficient solutions, and the rise in construction activity that anticipated to support the market growth during forecast period 2023-2030.
Geographically, the global Geothermal Heat Pump market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 with largest market share owing to the Increasing focus on renewable energy sources, supportive government policies and financial incentives, growing awareness of environmental issues, and presence of key market players. Whereas, Asia Pacific region is expected to grow with the highest CAGR during the forecast period, owing to factors such as the growing awareness and concerns about environmental issues, increasing costs of conventional energy sources, such as electricity and gas, and rapid urbanization and construction activities.
The global Geothermal Heat Pump market is highly competitive owing to the presence of several key players such as De Dietrich S.A.S. Bosch Thermotechnology Bostech Mechanical Ltd Maritime Geothermal Ltd GeoSmart Energy Carrier Corporation Free Energy Innovations Daikin Industries Ltd. Mitsubishi Electric Corporation Sauer-Danfoss Inc, and others.
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Key findings of the study suggest:
- Global Geothermal Heat Pump Market is anticipated to grow with a healthy growth rate of more than xx% over the forecast period 2023-2030.
- In the Technology segment, Closed Loop Systems emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to increasing focus on renewable energy sources in the region.
- Asia Pacific is expected to grow at higher rate owing to increasing costs of conventional energy sources in the region.
Bizwit Research & Consulting has considered following segments for the study:
By Technology:
- Open Loop Systems
- Closed Loop Systems
By End Use:
- Residential
- Commercial
- Industrial
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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