According to the report, global geothermal heat pumps market was valued at USD 12.04 billion in 2023 and is expected to reach USD 19.74 billion by 2032, growing at a CAGR of 5.65% between 2024 and 2032.

Zion Market Research has published a new report titled “Geothermal Heat Pumps Market By Technology (Open Loop Systems And Closed Loop Systems), By End-User (Residential And Commercial), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024–2032”.

For the geothermal heat pumps (GHP) market, machinery is a major development to ventilation, conventional heating, and air conditioning systems that are usually based on air-source heat pumps.

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The market is driven by economical energy source as compared to fossil and other fuels and the pollution-free energy source is estimated to drive the geothermal heat pumps market over the forecast period. However, the high initial cost and the difficult terrain is expected to impede the demand of the market. Nevertheless, rising investments in enhanced geothermal systems (EGS) and its provision to reduce the cost are major opportunities to the global geothermal heat pumps during the projected years.

The global market of geothermal heat pumps is segmented into technology, end-user, and region On the basis of technology, the geothermal heat pumps market is divided into open loop systems and closed loop systems. Closed-loop systems held the largest market share in 2023. Closed-loop systems from the past few years are gaining popularity among the end-users owing to the low maintenance, increased reliability, and low operating cost. The vertical installation system is mostly preferred than horizontal as it requires less space. For cooling and heating, the open loop system uses underground water. Ability to reduce the loss of heat during transfer and low initial installation cost is projected to enhance the open loop market over the forecast period. 

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Europe region accounted for around 50% of the market share of geothermal heat pumps market in 2023 and it is estimated to be the dominating region over the forecast period. Europe is a mature market for geothermal heat pumps and is expected to show significant growth during the projected period. In North America, Canada and the U.S. are the countries that have a rising demand for the geothermal heat pumps. The U.S. is dominating country in the region for the geothermal heat pumps market. The Asia Pacific is anticipated to the fastest growing region as it is an unexplored market for geothermal heat pumps. China is anticipated to dominate the market. It is anticipated that countries such as South Korea, New Zealand, and Australia will provide potential development during the projected years. The Middle East and Africa and Latin America are estimated to exhibit moderate growth rate within the years to come, owing to undeveloped countries in the region and relatively less investment for infrastructure development.

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The report also covers detailed description of key players which includes parameters such as financial overview, company overview, business and recent developments of the manufacturers. The key players in the global geothermal heat pumps market are:

• Altarock Energy Inc.
• Climatemaster Inc.
• Baker Hughes Inc.
• Alstom SA
• Calpine Corp.
• Exorka GmbH.
• Florida Heat Pumps.
• Geoglobal Energy Llc.
• Contact Energy Ltd.
• Geodynamics Ltd.

This report segments the geothermal heat pumps market as follows: 

Geothermal Heat Pumps Market: Technology Analysis

• Open Loop Systems
• Closed Loop Systems

Geothermal Heat Pumps Market: End-user Analysis

• Residential
• Commercial

Geothermal Heat Pumps Market: Region Analysis

• North AmericaThe U.S.
• EuropeUKFranceGermany
• Asia PacificChinaJapanIndia
• Latin AmericaBrazil
• The Middle East and Africa

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