North America Geothermal Heat Pump Market Future Challenges and Industry Growth Outlook 2024

The U.S. geothermal heat pump market is expected to grow substantially in the future, mainly driven by the increasing investments in single- and multi-housing construction projects. These trends can be attributed to the rapid growth in urban population. The availability of shallow ground temperatures in the Wilkes/Scranton-Barre region and increased awareness regarding limiting the use of fossil fuels will undeniably complement the regional outlook.

Meanwhile, the geothermal heat pump market in Canada will experience notable growth over the coming years, with a strong need for new residential and commercial infrastructure. Improved living standards of consumers have increased the need for reliable and high-quality infrastructure. These factors, along with favorable norms to promote net zero emission buildings establishment will fuel the deployment of geothermal heat pumps across the country.

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A positive outlook towards environmental sustainability and the shift towards biobased development are driving the North America geothermal heat pump market forecast. Also known as ground source heat pumps, geothermal heat pumps have rapidly emerged as a highly energy efficient renewable technology which has gained wide acceptance both residential and commercial applications.

The recent years have witnessed the introduction of stricter energy efficiency norms by government and regulatory bodies. In 2019, for instance, the Canadian government had proposed an investment of US$1 billion for improving the energy efficiency of residential and commercial multiunit buildings.

Let’s take a look at some of the top trends strengthening the North America geothermal heat pump market outlook over the next few years.

Open loop geothermal heat pumps are likely to experience a notable demand across the region in the coming years. They are widely preferred in residential and commercial buildings owing to benefits including high efficiency, minimum time delay, reduced heat transfer, and low installation costs. Additionally, the groundwater used for heating and cooling can be restored to the ground via a recharge well.

Closed loop geothermal heat pumps can be classified into vertical and horizontal pumps. The demand for vertical closed loop geothermal heat pumps in North America will grow considerably in the future. Advantages such as high reliability, low power consumption, and reduced O&M costs make them highly preferable in a wide range of applications.

The deployment of geothermal heat pumps in the residential sector is anticipated to gather pace in the forthcoming years. This can be associated with ongoing projects to replace and refurbish conventional systems with newer, more advanced technologies. These pumps can be easily integrated with HVAC systems across existing as well as newly built establishments.

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A healthy economic growth and ongoing investments in the refurbishment of residential infrastructure will certainly boost the technology adoption. These trends will be further backed by factors such as limited space availability, especially in urban and suburban regions, and the need for minimal disruption to existing landscape during installation.

Mitsubishi Electric, Thermic Energy, Spectrum Manufacturing, Toshiba, Green Planet Supply Technologies, Bard HVAC, Swegon, Viessmann, Nortek Global HVAC, Bosch, Daikin, Carrier, Wolf, Vaillant, and NIBE are some of the leading players constituting the North America geothermal heat pump market.

Table of Contents (ToC) of the report:

Chapter 1. Methodology & Scope

  • Market scope & definitions
  • Assumptions
  • Research methodology

Chapter 2. Executive Summary

Chapter 3. Industry Insights

  • Industry segmentation
  • Industry ecosystem analysis
  • Industry impact forces
    • Growth drivers
    • Growth restraints
  • Regulatory overview
  • Porter’s analysis
  • PESTEL analysis
  • Competitive landscape, 2017

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