Rising awareness pertaining to environmental sustainability coupled with changing trends toward bio economy-based growth is projected to drive the North America Geothermal Heat Pump Market Growth. Introduction of stringent efficiency standards by various organizations with an aim to reduce carbon footprint will propel the business scenario. For instance, Government of Canada, in 2019, announced to invest USD 1 billion to increase energy efficiency in residential, commercial and multi-unit buildings.

Vertical closed loop is set to grow on account of limited ground space in urban and suburban areas facilitated by easy installation without altering the existing landscape. High reliability, low energy consumption and less O&M cost are a few of the key factors projected to boost the product installation. The system contains a pipe which is buried within the ground and circulates the antifreeze solution to transfer the ground heat to the building.

The U.S. is anticipated to grow on account of rising investment toward single and multi-housing buildings facilitated by strong economic growth. Shallow ground temperature availability in Wilkes/Scranton-Barre area coupled with population migration toward urban areas is set to enhance the product adoption. In addition, increasing emphasis to limit the consumption of fossil resources will strengthen the industry scenario.

Open loop is projected to grow owing to low installation cost, high efficiency, reduced heat transfer, nominal running expense and minimum time delay. The system uses groundwater for cooling & heating applications which is returned to the ground through surcharge discharge or recharge well. Moreover, increasing tenant finish pertaining to environmental sustainability will boost the equipment installation.

Residential is set to grow owing to rising demand for replacement and revamping of conventional systems. Easy integration of the product with HVAC systems across old and newly constructed establishments is anticipated to augment the product adoption. Moreover, robust economic growth along with rise in investment toward the refurbishment of buildings will accelerate the business landscape.

Surging demand for energy efficient cooling and heating systems coupled with escalating need for residential and commercial spaces is projected to drive the Canada geothermal heat pump market growth. Consumer inclination toward improving living standards along with positive outlook toward net zero emissions building establishment is anticipated to stimulate the business scenario.

Companies are actively looking for mergers & acquisitions, joint ventures and partnerships with global and regional vendors to build prospects. Prominent players across the North America Geothermal Heat Pump Market are Thermic Energy, Swegon, Solarbayer, Toshiba, Systemair, Wolf, Weishaupt, Vaillant, Glen dimplex, Viessmann, Stiebel Eltron, Danfoss, Mitsubishi Electric, Bosch Thermotechnology, Daikin, Nortek Global HVAC, NIBE, Bard HVAC, Carrier, Green Planet Supply Technologies, Earthlinked Technologies, and Spectrum Manufacturing amongst others.