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Report
U.S. Geothermal Heat Pump Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032
Market Report I 2024-07-16 I 120 Pages I Global Market Insights
U.S. Geothermal Heat Pump Market is projected to grow at a 4.8% CAGR between 2024 and 2032, attributed to the increasing demand for energy-efficient and sustainable heating solutions. As the U.S. continues to prioritize renewable energy sources to reduce its carbon footprint, geothermal heat pumps (GHPs) are gaining traction due to their ability to provide consistent, eco-friendly heating and cooling.
As per the U.S. Department of Energy, geothermal heat pumps can lower energy consumption by as much as 44% when compared to air-source heat pumps and by up to 72% compared to electric resistance heating systems. This market expansion is bolstered by federal and state-level incentives promoting the adoption of geothermal technology, especially in residential applications.
The overall U.S. Geothermal Heat Pump Industry is categorized based on product type, application, and region.
The Open Loop segment will witness substantial growth over the forecast period. Open Loop geothermal heat pumps utilize groundwater or surface water as a heat exchange medium, making them highly efficient for residential and commercial use. This system's efficiency in various climatic conditions, in line with its ability to significantly reduce energy consumption and utility costs, is driving its adoption across the U.S. Furthermore, advancements in drilling and installation technologies are making Open Loop systems more accessible to a broader range of consumers.
The Residential segment will capture a significant market share from 2024 to 2032, fueled by the growing consumer preference for sustainable living and energy savings. Geothermal heat pumps offer long-term cost benefits, lower maintenance, and reduced greenhouse gas emissions, making them an attractive option for homeowners. As awareness of the environmental impact of traditional heating systems increases, residential adoption of geothermal technology will rise, supported by government incentives and rebates that lower the upfront costs of installation.
The South Atlantic region, encompassing states such as Florida, Georgia, and South Carolina, will drive commendable growth in the U.S. Geothermal Heat Pump Market through 2032. This region's warm climate and abundant groundwater resources make it ideal for the adoption of geothermal systems, particularly Open Loop configurations. In addition, strong government support, favorable regulatory frameworks, and a growing focus on reducing energy consumption in residential buildings are key factors contributing to the market's expansion in the South Atlantic.
Report Content
Chapter 1 Methodology and Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculations
1.2.2 Key trends for market estimation
1.3 Forecast model
1.4 Primary research and validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 360 synopsis, 2021 - 2032
Chapter 3 US Geothermal Heat Pump Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.5 Porter's analysis
3.5.1 Bargaining power of suppliers
3.5.2 Bargaining power of buyers
3.5.3 Threat of new entrants
3.5.4 Threat of substitutes
3.6 PESTEL analysis
Chapter 4 Competitive Landscape, 2024
4.1 Introduction
4.2 Strategic dashboard
4.3 Innovation and sustainability landscape
Chapter 5 Market Size and Forecast, By Product, 2021 - 2032 ('000 Units, USD Million)
5.1 Key trends
5.2 Open loop
5.3 Closed loop
5.3.1 Vertical
5.3.2 Horizontal
5.4 Pond loop
Chapter 6 Market Size and Forecast, By Application, 2021 - 2032 ('000 Units, USD Million)
6.1 Key trends
6.2 Residential
6.3 Commercial
6.3.1 Government center
6.3.2 Office buildings
6.3.3 Educational institutes
6.3.4 Healthcare
6.3.5 Hospitality
6.3.6 Others
Chapter 7 Market Size and Forecast, By Region, 2021 - 2032 ('000 Units, USD Million)
7.1 Key trends
7.2 East North Central
7.3 West South Central
7.4 South Atlantic
7.5 North East
7.6 East South Central
7.7 West North Central
7.8 Pacific States
7.9 Mountain States
Chapter 8 Company Profiles
8.1 Bard HVAC
8.2 Bosch Thermotechnology Corp.
8.3 Bryant Heating and Cooling Systems
8.4 Carrier
8.5 CeraPhi
8.6 DAIKIN INDUSTRIES, Ltd.
8.7 Danfoss
8.8 DE DIETRICH PROCESS SYSTEMS
8.9 Kensa Heat Pumps
8.10 Mitsubishi Materials Techno Co.
8.11 Modine Manufacturing Company
8.12 NIBE Group
8.13 Nortek Global HVAC
8.14 STIEBEL ELTRON GmbH and Co. KG
8.15 Trane
8.16 Viessmann
8.17 WaterFurnace International Inc.
8.18 Weishaupt Group
8.19 WOLF GmbH
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