According to Precision Business Insights (PBI), the latest report geothermal heating and cooling market size valued at USD 9.5 billion in 2021 and growing at a CAGR of 7.5% during the forecast period 2022-2028.
According to Precision Business Insights (PBI), the latest report geothermal heating and cooling market size valued at USD 9.5 billion in 2022 and growing at a CAGR of 7.5% during the forecast period 2023-2029. Geothermal heat pumps are a well-known choice for many contemporary applications in residential, commercial, and modern settings since they conserve energy, reduce air pollution, don't require fuel, and are more effective at cooling and heating space. Geothermal heat pumps are anticipated to become more obvious over the course of the projection period as a result of growing demand for actually advanced structures and flexible lodging options as a result of growing discretionary cash flow.
The Geothermal Heating and Cooling Market Growth Factors:
Policymakers' increased concern for energy security, environmental protection, and the trend toward bio-economy-based growth and national well-being are what are driving the global geothermal heating and cooling market. Geothermal heat pumps also utilize less energy and contribute to a decrease in greenhouse gas (GHG) emissions, both of which are advantageous for the market. Geothermal water pumps are also less expensive over the long run than conventional water heaters. Additionally, a number of market participant developments during the projection period have increased the market participants' access to lucrative chances. Additionally, the governments of various countries are promoting the use of these technologies through a range of initiatives, which creates a variety of growth markets.
The Geothermal Heating and Cooling Market Segmentation:
1) By Product: Open Loop, Closed Loop (Vertical and Horizontal), Pond Loop.
2) By Application: Residential, Commercial (Government Centers, Office Buildings, Educational Institutes, Healthcare, Hospitality, and Others).
The Geothermal Heating and Cooling Market Regional Analysis:
In terms of revenue, the Asia Pacific region held the greatest market share in 2019 with 34.1%. The rising trend of moving production bases toward emerging economies, particularly China and India, is expected to boost the future growth of geothermal heat pumps over the forecast timeframe, leading to a significant increase in the geothermal heat pump market in the Asia Pacific in the coming years. It is anticipated that energy-saving technologies will become more important in China, Japan, Indonesia, and India. The largest market for Geothermal Heating and Cooling is Europe. The market for Geothermal Heating and Cooling in Europe is anticipated to have significant expansion due to the region's need for energy-efficient products and government programs and policies to reduce energy usage.
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