Geothermal Heating and Cooling Market Research Insights 2022-28
The global geothermal heating and cooling market size was valued at USD 9.5 billion in 2021. It is poised to grow at a significant CAGR of 7.5% from 2022–2028. Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC. The research report “geothermal heating and cooling market: By Product: Open Loop, Closed Loop (Vertical and Horizontal), Pond Loop). Application, the market is fragmented into (Residential, Commercial (Government Centers, Office Buildings, Educational Institutes, Healthcare, Hospitality, and Others) and Geography
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The Geothermal Heating and Cooling Market Overview
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.
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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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