Geothermal heat pump, also known as ground source heat pump, is a type of heating and cooling system for buildings that uses a heat pump to move heat to or from the ground, utilizing the relatively consistent temperatures of the earth all year round. It is composed of an air delivery system, a ground heat exchanger, and a heat pump unit. Geothermal heat pumps also help to cut greenhouse gas (GHG) emissions and energy consumption, which further benefits the market. Geothermal heat pumps are the most efficient, environmentally friendly, and cost-effective space conditioning solutions available. Other well-known names for geothermal heat pumps around the globe include earth-coupled heat pumps, geo-exchange, and earth energy systems.

According to SPER market research, ‘Geothermal Heat Pump Market Size- By Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Geothermal Heat Pump Market is predicted to reach USD 18.11 billion by 2033 with a CAGR of 6.7%.

Globally, there is an enormous demand for energy due to growing populations and rapid industrialization. The price of electricity and crude oil is the main factor driving the demand for geothermal heat pumps. The use of less electricity by geothermal heat pumps reduces utility expenditures as compared to standard heat pumps. The consistent temperature of the soil also means that geothermal heat pumps may function well in both hot and cold locations. An important driving force behind the business is the government's attention on and initiatives to encourage the usage of renewable energy sources. Low emissions, little environmental impact, and cheap energy prices are the main advantages, which encourage commercial building owners and architects to use it extensively. Growing global carbon footprint and increased need for energy-efficient solutions are expected to propel the geothermal heat pump market during the forecast period.

The high cost of installation accompanied by significant labor, drilling, and excavation expenditures is the primary barrier to the geothermal heat pump market. The capital funding required to create a new heating system in the industrial sector is greater than in the residential sector due to design, ducting, distant accessibility, and energy efficiency. A geothermal system requires electricity to operate, which leads to high utility costs and a significant carbon impact. However, it can be fuelled by wind or solar energy, making them even more cost-effective and environmentally friendly. GHPs must be custom-sized, developed, and installed for each residential or commercial location, which raises the initial expenses.

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The COVID-19 epidemic has led to a global economic crisis in many areas of the world, which has slightly delayed the adoption of ground source heat pumps, particularly in commercial settings. Due to the increased demand for space heating after the lockdown, there was a considerable improvement in product penetration across all applications following the restart of building operations and high leisure activities. Furthermore, a number of governments implemented mandates that encouraged the use of renewable technology, supporting the expansion of the heat pump business.

Over the next few years, Europe is expected to be the most profitable market for geothermal heat pump providers. To further propel the geothermal heat pump industry, governments in the region are concentrating on energy efficiency and lowering carbon footprints. The major organizations functioning within the industry are Bard HVAC, Bostech Mechanical Ltd., Carrier Corporation, ClimateMaster, Inc., Daikin Industries Ltd., and others.