LONDON--(BUSINESS WIRE)--The global geothermal heat pump market is expected to grow by USD 9.5 billion as per Technavio. This marks a significant market slowdown compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 9%. Request free sample pages
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The market is driven by the rise in global energy consumption. In addition, the emergence of building energy management system (BEMS) is anticipated to boost the growth of the geothermal heat pump market.
The rise in population, along with rapid economic growth across the world, is increasing the demand for energy. Emerging economies accounted for the majority share of the global electricity consumption. Among all developing nations, China recorded the largest increment in primary energy consumption. The growing demand for energy has led governments to increase emphasis on renewable energy. This, in turn, will pave the way for increased use of geothermal and hydrothermal heat pumps. Thus, the rising global energy consumption is expected to drive the growth of the market during the forecast period.
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Major Five Geothermal Heat Pump Companies:
Danfoss AS has business operations under various segments, such as Danfoss power solutions, Danfoss cooling, Danfoss drives, and Danfoss heating. The company offers heat pumps that use existing, external energy sources like brine, water or air for heating or cooling.
Mitsubishi Electric Corp.
Mitsubishi Electric Corp. operates its business through various segments, such as energy and electric systems, industrial automation systems, information and communication systems, home appliances, and other. The company's key offerings include Ecodan CRHV monobloc ground / water source heat pump system, which is capable of delivering the highest levels of COP efficiency throughout the year.
NIBE Industrier AB
NIBE Industrier AB has business operations under various segments, such as NIBE Climate Solutions, NIBE Element, and NIBE Stoves. The company's key offerings include NIBE S1255 PC, which is an intelligent, inverter-controlled ground source heat pump with integrated passive cooling and an integrated hot water tank.
Robert Bosch GmbH
Robert Bosch GmbH operates its business through various segments, such as mobility solutions, industrial technology, consumer goods, and energy and building technology. The company offers water-to-water, water-to-air, and air-to-air heat pump systems.
Stiebel Eltron (Aust) Pty. Ltd.
Stiebel Eltron (Aust) Pty. Ltd. has business operations under various segments, such as water heaters, heat pumps, ventilation, room heaters, and water filters. The company offers Geothermal Hydronic Heating Heat Pumps, which utilizes energy harvested from the ground to provide hydronic heating, cooling and even hot water.
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Geothermal Heat Pump End-user Outlook (Revenue, USD bn, 2020-2024)
Geothermal Heat Pump Market Regional Outlook (Revenue, USD bn, 2020-2024)
- North America
- South America
- Key leading countries
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