Geothermal Power and Heat Pump Market 2021-2027 Trends, Research Report, Growth Trends, Opportunities, and Forecast to 2027

The global geothermal heat pump market size was valued at USD 9.4 billion in 2019 and is projected to grow at a CAGR (Annual Compound Growth Rate) of 7% from 2021 to 2027. Solutions are expected to drive the market growth during the forecast period. Geothermal heat pumps (GHPs) extract heat from the ground for space heating, cooling, and generation of hot water. These pumps extract heat by means of a horizontal or vertical collector.

Geothermal Power and Heat Pump Market- Segmentation

By Type

• Closed Loop System
• Open Loop System

By Applications

• Business
• Industrial
• Household

Key Players

• Stiebel Eltron
• Ingersoll Rand (Trane)
• Vaillant Group
• Viessmann
• Glen Dimplex
• Daikin
• NIBE
• Carrier
• ClimateMaster, Inc.
• Bard HVAC
• Spectrum Manufacturing
• Dandelion
• Robert Bosch LLC
• Maritime Geothermal
• OCHSNER