Geothermal Heat Pump Market Segmentation:
Type (Closed loop, Open loop)
In geothermal heat pump market, closed-loop segment is projected to hold revenue share of more than 87.5% by 2035 due to rising demand for advanced HVAC systems, growing awareness of environmental problems, and increasing need to reduce carbon emissions. Key factors that help in increasing geothermal heat pumps consist of low energy consumption, high efficiency, and low operating and maintenance costs. The closed-loop geothermal heat pump uses various loops of interconnected pipes hidden in the ground. A water or antifreeze solution flows uninterruptedly through the pipe. Geothermal heat is engrossed into the solution flowing in a closed loop.
Some businesses are focusing on plant integration to close the gap between the demand and supply of products with manufacturer incentive plans and several government-funded schemes. For example, in September 2021, Vermont announced a growth incentive for the ground source or geothermal heat pump market. Meanwhile, it's important to achieve decarbonization targets. These incentives encourage homeowners to use the product to decrease greenhouse gas emissions.
Application (Residential, Commercial, Industrial)
The residential application segment is expected to gain a significant share in the geothermal heat pump market through 2035 owing to rising demand for energy-efficient products that are made for cooling, space heating, and hot water generation applications in apartments and homes. Favorable government initiatives and tax rebates obtained on the installation of energy-saving products are anticipated to increase demand for GHP in the residential sector. Northern countries mainly use GHP for heating purposes due to their cold temperatures.
Installation of energy-saving products boosts the demand for geothermal heat pumps in the residential sector. For example, in March 2023, Viessmann announced a new range of geothermal heat pumps, Vitocal 222-G for residential space and water heating applications. The new series of heat pumps is available in the heating output ranging from 5.8 kW to 10.4 kW with a maximum flow of 65°C temperature. This advanced product launch helped the company to raise its product portfolio and improve its business revenue.
Our in-depth analysis of the geothermal heat pump market includes the following segments:
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