1. Introduction of Global Geothermal Heat Pump Market Type
Open Loop Systems: An open loop geothermal system pipes clean ground water directly from a nearby aquifer to an indoor geothermal heat pump. After the water leaves the home, it’s expelled back through a discharge well, which is located a suitable distance from the first. The water may also be directed into a local pond or approved drainage ditch, depending on local codes. Because open loop systems require no trenching, drilling, or burying hundreds of feet of plastic pipe, open loop systems are the simplest and often cheapest type of geothermal to install.
Closed Loop Systems: A closed loop geothermal system continuously circulates a heat transfer solution through buried or submerged plastic pipes. The loop is filled just once and requires only a moderate amount of solution. The same solution is used again and again in a closed loop. These underground pipes connect to an indoor heat pump to provide heating and cooling. Closed loop geothermal systems are practical for small and spacious properties with and without a nearby water source. Closed loop systems are more common than open loop systems.
Hybrid Circulatory System: Hybrid circulatory systems provide a way to resolve underground thermal imbalances and maintain system performance.
2. Global Geothermal Heat Pump Market Sales in Value Analysis by Type
The global geothermal heat pump market will show a growing trend in sales value by type from 2018 to 2023. Closed loop systems have always occupied the largest market share, and their sales value increased from US$1522.27 million in 2018 to US$2235.46 million in 2023, showing strong growth momentum. Open circulation systems and mixed circulation systems also show stable growth, but the growth rate is relatively small.
Specifically, the sales value of closed circulation systems in 2023 is expected to reach US$2235.46 million, open circulation systems at US$1288.59 million, and mixed circulation systems at US$89.27 million. Other types of sales were valued at US$645.71 million, showing the diversity of the market.
Forecast data shows that from 2023 to 2029, the sales value of all types of geothermal heat pumps will continue to grow, with the growth of closed loop systems being the most significant and expected to reach $4175.23 million by 2029. This demonstrates the continued global expansion and technological innovation of the geothermal heat pump market, particularly the dominance of closed loop systems in the market.
Table Global Geothermal Heat Pump Sales in Value by Type (2018-2029) (M USD)
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Open Loop Systems |
803.84 |
874.81 |
887.97 |
1017.53 |
1155.70 |
1288.59 |
|
Closed Loop Systems |
1522.27 |
1639.40 |
1645.98 |
1842.36 |
2045.89 |
2235.46 |
|
Hybrid Circulatory System |
53.27 |
58.29 |
60.32 |
69.46 |
78.47 |
89.27 |
|
Others |
439.12 |
474.06 |
477.72 |
537.02 |
596.84 |
645.71 |
|
Total |
2818.50 |
3046.56 |
3071.98 |
3466.37 |
3876.90 |
4259.04 |
|
|
2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
2029 |
|
Open Loop Systems |
1288.59 |
1482.36 |
1670.54 |
1902.49 |
2118.66 |
2351.39 |
2636.51 |
|
Closed Loop Systems |
2235.46 |
2546.51 |
2840.81 |
3164.70 |
3450.31 |
3758.20 |
4175.23 |
|
Hybrid Circulatory System |
89.27 |
103.32 |
118.80 |
136.16 |
151.01 |
171.27 |
193.32 |
|
Others |
645.71 |
737.35 |
825.60 |
923.69 |
1007.89 |
1087.00 |
1210.56 |
|
Total |
4259.04 |
4869.54 |
5455.75 |
6127.03 |
6727.88 |
7367.86 |
8215.62 |
3. Global Geothermal Heat Pump Market Sales in Volume Analysis by Type
From 2018 to 2023, the global geothermal heat pump market sales volume by type will show a growth trend. It is expected to grow from 399.8 thousand units in 2018 to 1074.7 thousand units in 2029. Closed loop systems and open loop systems are the two major components of the market, with closed loop systems experiencing particularly significant growth.
Specifically, the sales volume of closed cycle systems will increase from 205.5 thousand units in 2018 to 287.6 thousand units in 2023. Sales of open loop systems will grow from 122.9 thousand units in 2018 to 186.6 thousand units in 2023. Sales of hybrid circulation systems and other types also increased, but to a smaller extent.
Forecast data shows that sales of all types of geothermal heat pumps will continue to grow from 2023 to 2029, with closed loop systems experiencing the most significant growth, expected to reach 519.8 thousand units by 2029, and open loop systems expected to reach 367.3 thousand units by 2029.
Table Global Geothermal Heat Pump Sales by Type (2018-2029) (K Units)
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Open Loop Systems |
122.9 |
135.2 |
136.9 |
154.0 |
167.3 |
186.6 |
|
Closed Loop Systems |
205.5 |
224.0 |
224.4 |
247.1 |
262.8 |
287.6 |
|
Hybrid Circulatory System |
7.5 |
8.3 |
8.6 |
9.7 |
10.5 |
12.0 |
|
Others |
63.9 |
69.8 |
70.3 |
77.7 |
82.7 |
89.6 |
|
Total |
399.8 |
437.4 |
440.2 |
488.5 |
523.2 |
575.7 |
|
|
2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
2029 |
|
Open Loop Systems |
186.6 |
211.1 |
235.7 |
263.9 |
298.5 |
333.5 |
367.3 |
|
Closed Loop Systems |
287.6 |
322.4 |
356.5 |
391.1 |
433.8 |
476.0 |
519.8 |
|
Hybrid Circulatory System |
12.0 |
13.7 |
15.6 |
17.6 |
19.8 |
22.6 |
25.1 |
|
Others |
89.6 |
100.7 |
111.7 |
123.1 |
136.6 |
148.5 |
162.5 |
|
Total |
575.7 |
647.9 |
719.5 |
795.7 |
888.8 |
980.6 |
1074.7 |
4. Introduction of Global Geothermal Heat Pump Market Application
Residential: Geothermal heat pumps transfer heat from the ground outside your home into radiators or an underfloor heating system. It can also heat water stored in hot water cylinders for use in hot water taps and showers. An experienced geothermal heat pump designer will balance yard size and soil conditions with anticipated home energy use to develop the optimal heat pump configuration.
Commercial: Geothermal heat pump systems allow for 100% individual zone control. Multiple zones can be cooled while others can be heated, increasing occupant comfort and net system energy efficiency. This strategy is especially effective in offices, multifamily complexes, hotels, and healthcare facilities because they require simultaneous heating and cooling in different areas. Commercial places of application include hotels, hospitals, shopping malls, swimming pools and spas, office buildings, theaters, stadiums, etc.
Industrial: Geothermal heat pumps are also used in industrial settings. Not only do they save on fuel costs, but they can help make the company’s heating carbon neutral and open up new business opportunities. Heating and cooling systems are needed in areas such as pharmaceuticals, food processing, cement and concrete industries, medical supplies, plastics and metal manufacturing and processing.
5. Global Geothermal Heat Pump Market Sales in Value Analysis by Application
The global geothermal heat pump market will continue to grow in terms of sales value by application area from 2018 to 2023. The residential, commercial and industrial sectors are all showing growth trends, with the commercial sector showing the most significant growth. Overall, it is expected to grow from US$2818.50 million in 2018 to US$8215.62 million in 2029.
Specifically, the sales value of the residential sector increased from US$1220.13 million in 2018 to US$1863.98 million in 2023. Sales value in the commercial segment increased from US$1412.07 million to US$2121.15 million. Sales value in the industrial segment increased from US$186.30 million to US$273.91 million.
Forecast data shows that from 2023 to 2029, the sales value of all fields will continue to grow, with the commercial field showing the strongest growth expected to reach US$4060.80 million by 2029, indicating the market share of geothermal heat pumps in the commercial field. Application requirements are constantly increasing. The residential sector is expected to grow to USD 3645.36 million by 2029.
Table Global Geothermal Heat Pump Sales in Value by Application (2018-2029) & (M USD)
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Residential |
1220.13 |
1323.16 |
1336.82 |
1511.87 |
1692.57 |
1863.98 |
|
Commercial |
1412.07 |
1523.83 |
1534.66 |
1729.92 |
1933.60 |
2121.15 |
|
Industrial |
186.30 |
199.56 |
200.50 |
224.59 |
250.72 |
273.91 |
|
Total |
2818.50 |
3046.56 |
3071.98 |
3466.37 |
3876.90 |
4259.04 |
|
|
2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
2029 |
|
Residential |
1863.98 |
2137.95 |
2399.91 |
2701.15 |
2968.87 |
3259.09 |
3645.36 |
|
Commercial |
2121.15 |
2421.24 |
2709.39 |
3039.64 |
3335.67 |
3647.73 |
4060.80 |
|
Industrial |
273.91 |
310.36 |
346.45 |
386.24 |
423.34 |
461.05 |
509.46 |
|
Total |
4259.04 |
4869.54 |
5455.75 |
6127.03 |
6727.88 |
7367.86 |
8215.62 |
6. Global Geothermal Heat Pump Market Sales in Volume Analysis by Application
From 2018 to 2023, sales in the residential sector increased from 181.8 thousand units in 2018 to 264.2 thousand units in 2023. Sales in the commercial sector increased from 195.9 thousand units in 2018 to 280.4 thousand units in 2023. Sales in the industrial sector increased from 22.2 thousand units in 2018 to 31.1 thousand units in 2023.
The forecast data shows that sales in all sectors will continue to grow from 2023 to 2029, with the strongest growth expected in the commercial sector, which is expected to reach 519.4 thousand units by 2029, and the residential sector will reach 499.3 thousand units.
Table Global Geothermal Heat Pump Sales by Application (2018-2029) (K Units)
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Residential |
181.8 |
199.4 |
201.0 |
223.5 |
239.6 |
264.2 |
|
Commercial |
195.9 |
213.9 |
215.0 |
238.4 |
255.2 |
280.4 |
|
Industrial |
22.2 |
24.1 |
24.1 |
26.6 |
28.4 |
31.1 |
|
Total |
399.8 |
437.4 |
440.2 |
488.5 |
523.2 |
575.7 |
|
|
2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
2029 |
|
Residential |
264.2 |
298.2 |
331.7 |
367.6 |
410.9 |
454.3 |
499.3 |
|
Commercial |
280.4 |
315.0 |
349.4 |
386.0 |
430.9 |
474.7 |
519.4 |
|
Industrial |
31.1 |
34.7 |
38.4 |
42.1 |
47.0 |
51.5 |
56.0 |
|
Total |
575.7 |
647.9 |
719.5 |
795.7 |
888.8 |
980.6 |
1074.7 |
