Geothermal Heat Pumps Market: Current Analysis and Forecast (2021-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global geothermal heat pump market were the three major steps undertaken to create and analyze the adoption of a geothermal heat pump in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global geothermal heat pump market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the geothermal heat pump market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the geothermal heat pump market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, application, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the geothermal heat pump market. Further, we conducted factor analysis using dependent and independent variables such as favorable government policies & protocols in line with an aim to reduce carbon emissions. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Geothermal heat pump market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global geothermal heat pump market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of the geothermal heat pump market across the major markets domestically


• All percentage shares, splits, and breakdowns of market segments and sub-segments


• Key players in the global geothermal heat pump market in terms of the category offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global geothermal heat pump market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, and application in the global geothermal heat pump market.

The main objective of the Global Geothermal heat pump Market Study

The current & future market trends of the global geothermal heat pump market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the geothermal heat pump market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments


• Segments in the study include areas of type, and application.


• Define and analysis of the regulatory framework for the geothermal heat pump market industry.


• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.


• Analyze the current and forecast market size of the geothermal heat pump market for the major region.


• Major regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.


• Company profiles of the geothermal heat pump market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry