U.S. Geothermal Heat Pump Market Size
In 2023, the U.S. geothermal heat pump market was worth $696.6 million. It will expand at a rate of 4.8% per year from 2024 to 2032. This is because more and more people in the residential and commercial construction sectors are worried about the environment and want to save money on energy bills. Also, government rules, tax breaks, and rebates for installing geothermal heat pumps are likely to speed up the growth of the industry.
The geothermal heat pump market will be greatly affected by stronger rules in the U.S. on environmental sustainability and energy security, as well as a move toward bioeconomy-based homes and businesses. The industry's future will also seem good because more people are becoming aware of the need to cut carbon emissions and because the government is supporting policies and programs that help.
| 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
We need better ways to heat and cool our homes and businesses without hurting the environment as cities grow and new homes and businesses open. More people are flocking to cities, which is making the housing market quite busy. Because of this, we're creating more apartments and houses, which need to be heated and cooled. We also want to lower our carbon impact, which includes consuming less energy and finding greener sources of energy. One approach to do this is to use ground source heat pumps, which use the Earth's natural temperature to heat and cool buildings. We can safeguard the environment and make our cities healthier and more sustainable in the future by investing in low-carbon solutions like ground source heat pumps.
U.S. Geothermal Heat Pump Market Analysis
By 2032, the closed loop geothermal heat pump market is expected to be worth more than USD 940 million, depending on the product. Improvements in technology have made them more efficient, durable, and stable, which makes them better for a wider range of uses. The constant push of technology boundaries will improve the system's performance and accessibility, which will lead to more people using the product.
The commercial geothermal heat pump market will increase at a rate of more than 4.5% per year through 2032, depending on how it is used. The government and other relevant authorities have also set up programs to encourage the use of ground source heat pumps, such as tax breaks, incentive programs, and grants, which make it easier for people to buy the equipment.
By 2032, the East North Central region of the U.S. is expected to be worth more than USD 236 million. The West South-Central region grew a lot because states like Illinois, Indiana, Michigan, Ohio, and Wisconsin needed more room for heating and cooling. Also, regulations from the government that lower home energy bills and cut down on carbon emissions are expected to help the industry grow even more.
The U.S. geothermal heat pump business is strong because of a good set of rules and a lot of financial assistance programs and regulations. For example, the country has passed the Renewable Energy and Efficiency Act, which sets a national goal of 25% renewable energy and 15% energy efficiency by 2025 in order to create a sustainable energy future.
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
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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