Market Forecast by Countries (United States, Canada), By Type (Closed Loop, Open Loop), By Application (Residential, Commercial, Industrial) And Competitive Landscape
Product Code: ETC075187 | Publication Date: Aug 2021 | Updated Date: Aug 2024 | Product Type: Market Research Report | |
Publisher: 6Wresearch | No. of Pages: 200 | No. of Figures: 90 | No. of Tables: 30 | |
Report Name | North America Geothermal Heat Pumps MarketΒ |
Forecast period | 2024-2030 |
CAGR | 8.5% |
Growing Sector | Energy |
The North America Geothermal Heat Pumps Market extensively covers the market by Countries, Type, and Application. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help stakeholders to devise and align their market strategies according to the current and future market dynamics.
The North America Geothermal Heat Pumps Market is projected to experience substantial growth due to the rise in demand for efficient and sustainable energy solutions, increasing awareness regarding the environmental concerns, and advancements in heat pump technology.
According to 6Wresearch, the North America Geothermal Heat Pumps Market is anticipated to register a substantial CAGR of 8.5 during the forecast period. One of the major drivers for the growth of the North America Geothermal Heat Pumps Market is the increasing demand for efficient and sustainable energy solutions. With growing concerns about climate change and environmental degradation, there has been a shift towards renewable energy sources. Geothermal heat pumps offer a clean and renewable source of heating and cooling, making them an attractive option for consumers.In addition to this, the rising awareness about environmental concerns has also contributed to the growth of the market. Governments across North America have implemented regulations and incentives to promote the use of renewable energy sources, including geothermal heat pumps.
Despite the promising growth of the North America Geothermal Heat Pumps Market, there are several challenges that could hinder its growth. One major challenge is the high upfront cost associated with the installation of geothermal heat pumps, which may not be feasible for all homeowners or businesses. Additionally, the installation process of geothermal heat pumps is complicated and requires significant surface area, which can act as a barrier to market growth, especially in urban areas where space is limited.
Some of the leading players in the market include Bosch Thermotechnology, Carrier Corporation, Daikin, WaterFurnace, Vaillant Group. These companies are focusing on strategies such as partnerships, mergers and acquisitions, product developments and innovations to strengthen their market position. Currently, Daikin holds the largest share in the market.
Governments across North America have implemented various regulations and incentives to promote the adoption of renewable energy technologies, including geothermal heat pumps. For instance, in the United States, there is a 26% federal tax credit for homeowners who install geothermal heat pumps in their homes. Similarly, Canada offers incentives such as rebates and grants for homeowners and businesses that choose to install geothermal heat pumps.
The North America Geothermal Heat Pumps Market is expected to continue its growth trajectory in the coming years, driven by increasing demand for sustainable and efficient energy solutions. With advancements in technology, there is a great potential for geothermal heat pumps to become even more cost-effective and widely adopted in residential, commercial, and industrial sectors. Smart thermostats and control systems are being developed to enhance the efficiency and performance of these systems, making them an even more attractive option for consumers looking for energy-efficient solutions.
According to Dhaval, Research Manager, 6Wresearch, The United States holds the largest share in the North America Geothermal Heat Pumps Market, primarily due to the strong government support and incentives for renewable energy technologies.
The closed loop heat pumps are expected to hold the largest share in the North America Geothermal Heat Pumps Market due to their efficient operation and minimal environmental impact.
Residential applications are expected to account for the largest share in the North America Geothermal Heat Pumps Market, owing to the growing awareness among homeowners about the benefits of using sustainable heating and cooling solutions.
The report offers a comprehensive study of the subsequent market segments
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 North America Geothermal Heat Pumps Market Overview |
3.1 North America Regional Macro Economic Indicators |
3.2 North America Geothermal Heat Pumps Market Revenues & Volume, 2020 & 2030F |
3.3 North America Geothermal Heat Pumps Market - Industry Life Cycle |
3.4 North America Geothermal Heat Pumps Market - Porter's Five Forces |
3.5 North America Geothermal Heat Pumps Market Revenues & Volume Share, By Countries, 2020 & 2030F |
3.6 North America Geothermal Heat Pumps Market Revenues & Volume Share, By Type, 2020 & 2030F |
3.7 North America Geothermal Heat Pumps Market Revenues & Volume Share, By Form, 2020 & 2030F |
4 North America Geothermal Heat Pumps Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 North America Geothermal Heat Pumps Market Trends |
6 North America Geothermal Heat Pumps Market, 2020 - 2030 |
6.1 North America Geothermal Heat Pumps Market, Revenues & Volume, By Type, 2020 - 2030 |
6.2 North America Geothermal Heat Pumps Market, Revenues & Volume, By Application, 2020 - 2030 |
7 United States Geothermal Heat Pumps Market, 2020 - 2030 |
7.1 United States Geothermal Heat Pumps Market, Revenues & Volume, By Type, 2020 - 2030 |
7.2 United States Geothermal Heat Pumps Market, Revenues & Volume, By Application, 2020 - 2030 |
8 Canada Geothermal Heat Pumps Market, 2020 - 2030 |
8.1 Canada Geothermal Heat Pumps Market, Revenues & Volume, By Type, 2020 - 2030 |
8.2 Canada Geothermal Heat Pumps Market, Revenues & Volume, By Application, 2020 - 2030 |
9 North America Geothermal Heat Pumps Market Key Performance Indicators |
10 North America Geothermal Heat Pumps Market - Opportunity Assessment |
10.1 North America Geothermal Heat Pumps Market Opportunity Assessment, By Countries, 2020 & 2030F |
10.2 North America Geothermal Heat Pumps Market Opportunity Assessment, By Type, 2020 & 2030F |
10.3 North America Geothermal Heat Pumps Market Opportunity Assessment, By Application, 2020 & 2030F |
11 North America Geothermal Heat Pumps Market - Competitive Landscape |
11.1 North America Geothermal Heat Pumps Market Revenue Share, By Companies, 2023 |
11.2 North America Geothermal Heat Pumps Market Competitive Benchmarking, By Operating and Technical Parameters |
12 Company Profiles |
13 Recommendations |
14 Disclaimer |