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The global geothermal heat pump market is expected to grow from $3.56 billion in 2021 to $3.88 billion in 2022 at a compound annual growth rate (CAGR) of 8.91%. The global geothermal heat pump market size is expected to reach $5.29 billion in 2026 at a CAGR of 8.05%.

The increasing government initiatives to curb carbon emissions are driving the growth of the geothermal heat pumps market.

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The geothermal heat pump market consists of sales of geothermal heat pumps by entities (organizations, sole traders, and partnerships) that refer to a system with high-efficiency renewable energy technology that uses the earth’s constant temperature to heat and cool buildings. Geothermal heat pumps are packaged in a single cabinet, which includes a compressor, a loop-to-refrigerant heat exchanger, and controls.

Global Geothermal Heat Pump Market Segments Include:
By Technology: Open Loop System, Closed Loop System

By Application: Residential, Commercial, Industrial
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global geothermal heat pump market in 2021.

Technological advancement is a key trend gaining popularity in the geothermal heat pumps market. The key players in the geothermal heat pump market are concentrating their efforts on developing new technologies with minimal complexities and enhanced operational and performance capabilities.

TBRC’s Geothermal Heat Pump Market Report Covers:

Major Market Players: BDR Thermea, Bosch Thermotechnology, Carrier, Stiebel Eltron, Trane, Vaillant Group, Viessmann, NIBE Energy Systems, Climate Master Inc, Daikin, Dandelion Energy, Glen Dimplex, and Maritime Geothermal.

Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.

Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Time Series: Five years historic (2016-21) and ten years forecast (2022-2026-2031)

The Geothermal Heat Pump Global Market Report 2022  is one of a series of new reports from The Business Research Company that provides geothermal heat pump market overviews, analyzes and forecasts market size, share, geothermal heat pump market players, geothermal heat pump market segments and geographies, leading competitor revenues, profiles and market shares.

TBRC’s geothermal heat pump market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Here Is A List Of Similar Reports From The Business Research Company:

Heat Pumps Global Market Report 2022

Geothermal Electricity Global Market Report 2022

Water Heaters Global Market Report 2022

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