U.S. Geothermal Heat Pump Market Size - By Product (Open Loop, Closed Loop {Vertical, Horizontal}, Pond Loop), By Application (Residential, Commercial), Country Outlook & Forecast, 2024 – 2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationU.S. Geothermal Heat Pump Market Size - By Product (Open Loop, Closed Loop {Vertical, Horizontal}, Pond Loop), By Application (Residential, Commercial), Country Outlook & Forecast, 2024 – 2032
U.S. Geothermal Heat Pump Market Size
U.S. Geothermal Heat Pump Market was valued at USD 696.6 million in 2023 and will grow at 4.8% CAGR from 2024 to 2032, driven by increasing concerns within the residential and commercial building sectors about environmental sustainability and reducing energy costs. Furthermore, prevailing government regulations, tax incentives, and rebates for installing geothermal heat pumps are expected to accelerate industry expansion.
In the U.S., stricter regulations on environmental sustainability and energy security, along with a shift towards bioeconomy-based residential and commercial infrastructures, will significantly impact the geothermal heat pump market. The industry outlook will also be bolstered by rising consumer awareness of the need to reduce carbon emissions and by supportive government policies and initiatives.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| U.S. Geothermal Heat Pump Market Size in 2023 | USD 696.6 Million |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 4.8% |
| 2032 Value Projection | USD 1.07 Billion |
| Historical Data for | 2021 - 2023 |
| No. of Pages | 120 |
| Tables, Charts & Figures | 12 |
| Segments covered | Product, Application, & Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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U.S. Geothermal Heat Pump Market Trends
As cities expand and new homes and businesses sprout up, we need better ways to heat and cool our spaces without harming the environment. More people are moving into cities, which is making the housing market boom. As a result, we're building more houses and apartments, which need to be heated and cooled. At the same time, we're trying to reduce our carbon footprint, which means using less energy and finding cleaner energy sources. One way to do this is by using ground source heat pumps, which take advantage of the Earth's natural temperature to heat and cool buildings. By investing in low-carbon systems like ground source heat pumps, we can protect the environment and create a healthier, more sustainable future for our cities.
U.S. Geothermal Heat Pump Market Analysis
Based on product, the closed loop geothermal heat pump market is anticipated to cross over USD 940 million by 2032. Advancements in technology have led to improvements in efficiency, durability, and stability, making them more attractive for variety of applications. The continuous technology boundaries push will enhancement the system performance and accessibility, thereby driving the product adoption.
Based on application, the commercial geothermal heat pump industry will grow at a CAGR of over 4.5% through 2032. Government and respective authorities have also introduced favorable schemes for the adoption of ground source heat pumps including tax benefits, incentive schemes and grants further augmenting the product deployment.
East North Central region in the U.S. is anticipated to exceed over USD 236 million by 2032. West South-Central region witnessed substantial growth owing to the increasing demand for space heating & cooling by states including Illinois, Indiana, Michigan, Ohio, and Wisconsin. In addition, favorable government policies to curb down the carbon emissions & lowering the residential energy costs is anticipated to complement the industry potential.
The U.S. geothermal heat pump industry is consolidated around a positive regulatory regime supported by a multitude of fiscal support schemes and policies. For instance, the country has introduced the Renewable Energy and Efficiency Act with an aim to build a clean energy future by establishing a national target of 25% renewable energy and 15% energy efficiency standard by 2025.
U.S. Geothermal Heat Pump Market Share
Baed HVAC, Carrier, Daikin Industries, Danfoss, & Trane are among the dominant players in the U.S. geothermal heat pump industry. Major market players are concentrating on strategic partnerships and collaborations, launching new products, and engaging in mergers and acquisitions to gain a competitive edge over others.
U.S. Geothermal Heat Pump Market Companies
Major key players operating across the U.S. geothermal heat pump industry are
- Bard HVAC
- Bosch Thermotechnology Corp.
- Bryant Heating & Cooling Systems
- Carrier
- CeraPhi
- DAIKIN INDUSTRIES, Ltd.
- Danfoss
- DE DIETRICH PROCESS SYSTEMS
- Kensa Heat Pumps
- Mitsubishi Materials Techno Co.
- Modine Manufacturing Company
- NIBE Group
- Nortek Global HVAC
- STIEBEL ELTRON GmbH & Co. KG
- Trane
- Viessmann
- WaterFurnace International Inc.
- Weishaupt Group
- WOLF GmbH
U.S. Geothermal Heat Pump Industry News
- In January 2024, CeraPhi Energy, announced their partnership with Climate Change Ventures (CCV) to secure substantial investment for its innovative portfolio of projects. Leveraging advanced "closed loop" geothermal technologies, CeraPhi aims to repurpose redundant Oil and Gas wells efficiently and cost-effectively. With CCV's project finance, utilizing a "Green Bond" mechanism, CeraPhi is poised to tap into the vast potential of terrestrial, thermally derived green energy, providing 24/7 heat and energy at competitive production costs.
- In February 2024, Danfoss introduces the PSH scroll compressor with vapor injection, a breakthrough for heat pump viability in colder climates. With unique vapor injection technology, it operates effectively in a wider range of temperatures, crucial for decarbonization efforts. It simplifies transitions to lower-GWP refrigerants. Offering capacities from 7.5-40 tons, it supports medium to high temperature applications and low ambient operation.
This U.S. geothermal heat pump market research report includes an in–depth coverage of the industry with estimates & forecast in terms of volume in ‘000 Units’ and revenue in ‘USD Million’ from 2021 to 2032, for the following segments
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Market, By Product
- Open Loop
- Closed Loop
- Vertical
- Horizontal
- Pond Loop
Market, By Application
- Residential
- Commercial
- Government Center
- Office Buildings
- Educational Institutes
- Healthcare
- Hospitality
- Others
The above information has been provided for the following regions
- East North Central
- West South Central
- South Atlantic
- North East
- East South Central
- West North Central
- Pacific States
- Mountain States
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