1. Global Geothermal Heat Pump Market Size by Region: 2018 VS 2023 VS 2029
From 2018 to 2029, the global geothermal heat pump market will show a growth trend in sales scale in various regions. The geothermal heat pump market size increased in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, with the most significant growth in Europe and Asia Pacific.
The North American market size will grow from US$1767.46 million in 2018 to US$4370.10 million in 2029, with a CAGR of 10.74%. The European market size will grow from US$636.91 million in 2018 to US$2319.93 million in 2029, with a CAGR of 12.38%. The market size of the Asia-Pacific region will grow from US$304.99 million in 2018 to US$1169.45 million in 2029, with a CAGR of 12.90%. The Latin America market size will grow from US$75.17 million in 2018 to US$249.44 million in 2029, with a CAGR of 12.91%. The market size of the Middle East and Africa will grow from US$33.97 million in 2018 to US$106.70 million in 2029, with a CAGR of 12.36%.
Overall, the global geothermal heat pump market size is expected to grow from US$2818.50 million in 2018 to US$8215.62 million in 2029, with a CAGR of 11.57%.
Table Global Geothermal Heat Pump Market Size by Region (M USD): 2018 VS 2023 VS 2029
| 2018 | 2023 | 2029 | CAGR(2023-2029) |
North America | 1767.46 | 2369.21 | 4370.10 | 10.74% |
Europe | 636.91 | 1151.62 | 2319.93 | 12.38% |
Asia-Pacific | 304.99 | 564.78 | 1169.45 | 12.90% |
Latin America | 75.17 | 120.40 | 249.44 | 12.91% |
Middle East & Africa | 33.97 | 53.02 | 106.70 | 12.36% |
Total | 2818.50 | 4259.04 | 8215.62 | 11.57% |
2. Global Geothermal Heat Pump Market Sales in Value Analysis by Region
The sales value of the global geothermal heat pump market by region will show a growth trend from 2018 to 2023, with particularly significant growth in North America and Europe.
The North American market size will grow from US$1767.46 million in 2018 to US$2369.21 million in 2023. The European market size will grow from US$636.91 million in 2018 to US$1151.62 million in 2023. The market size of the Asia Pacific region will grow from US$304.99 million in 2018 to US$564.78 million in 2023. The Latin America market size will grow from US$75.17 million in 2018 to US$120.4 million in 2023. The Middle East and Africa market size will grow from US$33.97 million in 2018 to US$53.02 million in 2023.
Overall, the global geothermal heat pump market size will grow from USD 2818.50 million in 2018 to USD 4259.04 million in 2023.
Table Global Geothermal Heat Pump Sales in Value by Region (2018-2023) & (M USD)
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
North America | 1767.46 | 1839.03 | 1805.59 | 2019.05 | 2197.77 | 2369.21 |
Europe | 636.91 | 746.06 | 786.10 | 883.56 | 1026.97 | 1151.62 |
Asia-Pacific | 304.99 | 342.35 | 358.71 | 427.47 | 498.03 | 564.78 |
Latin America | 75.17 | 82.06 | 83.84 | 93.99 | 106.50 | 120.40 |
Middle East & Africa | 33.97 | 37.06 | 37.74 | 42.30 | 47.63 | 53.02 |
Total | 2818.50 | 3046.56 | 3071.98 | 3466.37 | 3876.90 | 4259.04 |
3. North America Geothermal Heat Pump Market Analysis
From 2018 to 2029, the sales volume of ground source heat pumps in North America will show a fluctuating growth trend. Sales volume in 2018 was 247.7 thousand units, which increased to 261.1 thousand units in 2019, with a growth rate of 5.40%. Sales volume in 2020 dropped to 255.8 thousand units, with a growth rate of -2.04%. Sales volume will increase significantly to 280.6 thousand units in 2021, with a growth rate of 9.71%. Sales volume in 2022 will be 292.3 thousand units, with a growth rate of 4.16%. Sales volume in 2023 will be 315.2 thousand units, with a growth rate of 7.85%.
Sales volume of ground source heat pumps in North America will continue to grow from 2023 to 2029, with sales expected to reach 353.1 thousand units in 2024, 388.2 thousand units in 2025, 427.4 thousand units in 2026, and 472.1 thousand units in 2027, is expected to reach 517.3 thousand units in 2028, and is expected to reach 560.8 thousand units in 2029. This shows that the demand for geothermal heat pumps in North America is expected to continue to increase, and the market potential is huge.
Figure North America Geothermal Heat Pump Sales in Volume Growth Rate 2018-2029 (K Units)
4. Asia-Pacific Geothermal Heat Pump Market Analysis
The sales volume of ground source heat pumps in the Asia-Pacific region was 52.2 thousand units in 2018, which increased to 59.3 thousand units in 2019, with a growth rate of 13.61%. Sales volume in 2020 rose to 62.0 thousand units, with a growth rate of 4.57%. Sales volume increased significantly to 72.6 thousand units in 2021, with a growth rate of 17.21%. Sales volume in 2022 will be 81.0 thousand units, with a growth rate of 11.57%. Sales volume in 2023 will be 92.1 thousand units, with a growth rate of 13.59%.
From 2023 to 2029, the sales volume of ground source heat pumps in the Asia-Pacific region will continue to grow, of which it is expected to reach 104.7 thousand units in 2024, 117.6 thousand units in 2025, 131.7 thousand units in 2026, and 150.1 thousand units in 2027. Taiwan, it is expected to reach 166.4 thousand units in 2028 and 184.5 thousand units in 2029.
Figure Asia Pacific Geothermal Heat Pump Sales in Volume Growth Rate 2018-2029 (K Units)
5. Europe Geothermal Heat Pump Market Analysis
The sales volume of ground source heat pumps in Europe was 82100 units in 2018, and increased to 97300 units in 2019, with a growth rate of 18.55%. The sales volume in 2020 was 102300 units, with a growth rate of 5.16%. The sales volume in 2021 was 113100 units, with a growth rate of 10.55%. The sales volume in 2022 was 125900 units, with a growth rate of 11.30%. The sales volume in 2023 was 141400 units, with a growth rate of 12.32%.
From 2023 to 2029, the sales volume of ground source heat pumps in Europe will continue to grow, with an estimated total of 159300 units in 2024, 179100 units in 2025, 198,600 units in 2026, 223700 units in 2027, 248500 units in 2028 and 275600 units in 2029.
Figure Europe Geothermal Heat Pump Sales in Volume Growth Rate 2018-2029 (K Units)
6. Latin America Geothermal Heat Pump Market Analysis
The sales volume of ground source heat pumps in Latin America was 12.0 thousand units in 2018, which increased to 13.3 thousand units in 2019, with a growth rate of 10.49%. Sales volume increased slightly to 13.5 thousand units in 2020, with a growth rate of 1.97%. Sales volume will increase significantly to 14.9 thousand units in 2021, with a growth rate of 10.26%. Sales volume in 2022 will be 16.2 thousand units, with a growth rate of 8.51%. Sales volume in 2023 will be 18.3 thousand units, with a growth rate of 13.24%.
From 2023 to 2029, the sales volume of ground source heat pumps in Latin America will continue to grow, of which it is expected to reach 20.8 thousand units in 2024, 23.4 thousand units in 2025, 25.7 thousand units in 2026, and 29.1 thousand units in 2027. Thousand units are expected to reach 33.1 thousand units in 2028 and 36.7 thousand units in 2029.
Figure Latin America Geothermal Heat Pump Sales in Volume Growth Rate 2018-2029 (K Units)
7. Middle East and Africa Geothermal Heat Pump Market Analysis
The sales volume of ground source heat pumps in the Middle East and Africa was 5.9 thousand units in 2018, which increased to 6.5 thousand units in 2019, with a growth rate of 10.4%. Sales volume rose slightly to 6.6 thousand units in 2020, with a growth rate of 1.65%. Sales volume will increase significantly to 7.3 thousand units in 2021, with a growth rate of 10.24%. Sales volume in 2022 will be 7.8 thousand units, with a growth rate of 7.82%. Sales volume in 2023 will be 8.8 thousand units, with a growth rate of 11.5%.
From 2023 to 2029, geothermal heat pump sales in the Middle East and Africa will continue to grow, with sales expected to reach 9.9 thousand units in 2024, 11.1 thousand units in 2025, 12.2 thousand units in 2026, and 12.2 thousand units in 2027. 13.8 thousand units, expected to reach 15.4 thousand units in 2028, and 17.0 thousand units in 2029.
Figure Middle East and Africa Geothermal Heat Pump Sales in Volume Growth Rate 2018-2029 (K Units)
