Renewable Energy is the fastest growing segment fueling the growth of Geothermal Heat Pumps Market
Geothermal heat pumps, also known as geoexchange systems, use the natural heat stored in the Earth to provide heating, cooling, and hot water to homes and buildings. They work by exchanging heat with the shallow ground or groundwater instead of the outside air. This allows them to obtain heat from the ground during winter and reject heat to the ground during summer. Compared to air source heat pumps, geothermal heat pumps are more energy efficient. The global Geothermal Heat Pumps Market is estimated to be valued at US$ 11.20 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: One of the key trends driving the growth of the geothermal heat pumps market is the increasing adoption of renewable energy sources for heating and cooling. With growing environmental concerns, there is a rising demand for cleaner and more sustainable alternatives to t...