The global Geothermal Heat Pumps Market Growth Accelerated by rising energy costs and increasing installations of systems in new constructions
Geothermal heat pumps (GHPs) utilize energy stored in the earth by taking advantage of the more stable temperatures below the earth's surface to provide heating and cooling for homes and commercial buildings. GHPs consist of pipes buried underground or submerged in nearby bodies of water which circulate water or an antifreeze mixture to absorb heat from the ground and concentrate it for use in heating systems or transferring it to cooling systems. GHPs allow residential and commercial properties to reduce their energy costs for heating and cooling compared to traditional HVAC systems by taking advantage of renewable geothermal energy. 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: Rising energy costs have been a major factor driving increased adoption of geothermal heat ...