A new report, Geothermal Heat Pumps - Global Strategic Business Outlook 2024-2030, has been released by ResearchAndMarkets.com, providing a comprehensive analysis of the expanding geothermal heat pump industry.
The report highlights key trends, market drivers, and future projections, offering valuable insights for businesses and investors. The global geothermal heat pump market, valued at US$7.9bn in 2024, is expected to reach US$11.4bn by 2030, growing at a CAGR of 6.3%. This growth is driven by increased demand for renewable energy solutions, ongoing technological advancements, and the construction sector's focus on sustainable building practices.
Several factors are fueling the rise of geothermal heat pumps. Advances in heat exchangers, variable-speed compressors, and drilling techniques are making geothermal heat pumps more efficient and cost-effective. The integration of smart thermostats and IoT technology is further optimising energy use, making these systems more attractive to environmentally conscious consumers. Additionally, as governments prioritise low-emission energy solutions, geothermal systems are gaining traction as an alternative to fossil fuel-based heating. Incentives and rebates in North America and Europe are encouraging adoption, reducing upfront costs for both residential and commercial users. The construction sector is also playing a key role, with the increasing adoption of green building standards. Developers are integrating geothermal technology into their projects to meet sustainability goals and regulatory requirements, making energy-efficient heating and cooling systems a sought-after feature in modern buildings.
The report categorises the market based on technology and end-use sectors. Closed Loop Systems are projected to reach US$9.7bn by 2030 with a 6.6% CAGR, while Open Loop Systems will grow at 4.8% CAGR over the forecast period. The market spans residential, commercial, and industrial applications, with increasing adoption across all sectors. Regionally, the U.S. market, valued at US$2.2bn in 2024, remains a key player, while China is forecasted to grow at 6.1% CAGR, reaching US$1.8bn by 2030. Other major markets include Japan, Canada, Germany, and the Asia-Pacific region, where demand is being driven by government initiatives and rising awareness of sustainable energy solutions.
The report offers in-depth market data, including annual sales forecasts from 2024 to 2030 in US dollars. It provides a detailed regional analysis covering key markets such as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Additionally, it features company profiles of major industry players, including Alstom SA, AltaRock Energy, Baker Hughes, Calpine Corporation, and Climatemaster Inc. To keep businesses informed of market developments, the report also includes complimentary updates for one year. With growing interest in renewable heating solutions and increasing regulatory support for energy-efficient technologies, the geothermal heat pump market is set to play a crucial role in the global shift toward sustainable energy.