Geothermal Heat Pump Market Size Worth $16.4 Billion By 2027: Grand View Research, Inc.

Geothermal Heat Pump Market Size Worth $16.4 Billion By 2027: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, Aug. 31, 2020

SAN FRANCISCO, Aug. 31, 2020 /PRNewswire/ --  The global geothermal heat pumps market size is expected to reach USD 16.4 billion by 2027 registering a CAGR of 7.2%, according to a new report by Grand View Research, Inc. The growth can be attributed to the rising need for renewable energy sources coupled with extensive government support, in terms of incentives, subsidies, and other monetary benefits. The growth of the construction and housing industry for the single and multi-unit dwelling is anticipated to drive the demand for geothermal heat pumps (GHPs) during the forecast period.

Grand View Research

Key suggestions from the report:

Read 126 page research report with ToC on "Geothermal Heat Pumps Market Size, Share & Trends Analysis Report By Type (Open Loop, Closed Loop), By Application (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/geothermal-heat-pumps-market

Rising spending in the hospitality and commercial sectors has led to the increasing demand for efficient buildings & establishments driving the demand for GHP. Growing demand for energy-efficient heating products in Europe, North America, and Asia Pacific are expected to boost market growth. Moreover, increased income levels, rapid urbanization, and climatic changes across the globe are expected to trigger the product demand in the coming years.

Grand View Research has segmented the global geothermal heat pump market on the basis of type, application, and region:

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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