1. Global Geothermal Heat Pump Market Revenue Analysis by Manufacturer
The revenue of major manufacturers in the global geothermal heat pump market will show a stable growth trend from 2018 to 2023. Bosch Thermotechnology, Trane, NIBE, and Carrier Corporation have consistently occupied the top four market revenue positions during this period, with Bosch Thermotechnology topping the list with revenue of US$544.16 million in 2023, demonstrating its dominance in the global geothermal heat pump market. leadership position.
From 2018 to 2023, Bosch Thermotechnology’s revenue grew from US$270.44 million to US$544.16 million, an increase of approximately 101.9%. Trane’s revenue also increased by approximately 59.1% from US$320.84 million to US$511.24 million. NIBE’s revenue increased by approximately 72.3% from US$244.50 million to US$421.18 million.
Other notable changes include Mitsubishi Electric, which will see revenue grow by approximately 54.8% from $153.59 million in 2018 to $237.95 million in 2023. Stiebel Eltron’s revenue has grown significantly, from US$62.32 million in 2018 to US$75.71 million in 2023, an increase of approximately 26.5%.
Overall, the geothermal heat pump market continues to grow between 2018 and 2023, and the revenue growth of major manufacturers indicates the healthy development of the industry and increasing market demand. The geothermal heat pump market is expected to continue growing as global demand for renewable energy solutions increases.
Table Global Geothermal Heat Pump Revenue by Manufacturer, (M USD), 2018-2023
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Bosch Thermotechnology | 270.44 | 304.90 | 322.47 | 395.89 | 458.72 | 544.16 |
Trane | 320.84 | 334.72 | 318.09 | 387.02 | 445.69 | 511.24 |
NIBE | 244.50 | 277.07 | 277.64 | 323.66 | 380.94 | 421.18 |
Carrier Corporation | 318.56 | 312.49 | 312.76 | 343.40 | 354.40 | 390.38 |
Mitsubishi Electric | 153.59 | 166.82 | 191.29 | 201.57 | 229.16 | 237.95 |
Vaillant | 144.02 | 170.90 | 184.10 | 196.20 | 224.52 | 269.99 |
BDR Thermea | 218.88 | 195.61 | 163.47 | 152.34 | 161.41 | 174.12 |
Viessmann | 98.63 | 100.91 | 100.61 | 109.61 | 120.09 | 129.23 |
Stiebel Eltron | 62.32 | 64.36 | 58.77 | 61.93 | 73.03 | 75.71 |
Wolf | 35.65 | 40.36 | 47.38 | 51.17 | 51.40 | 57.26 |
Danfoss | 39.41 | 42.88 | 40.82 | 46.85 | 49.92 | 51.98 |
Hitachi Appliances | 25.88 | 27.22 | 25.42 | 28.99 | 28.98 | 29.15 |
Modine Manufacturing Company | 14.17 | 15.06 | 16.43 | 18.27 | 20.22 | 21.64 |
Ochsner | 14.31 | 14.13 | 14.38 | 15.03 | 16.23 | 17.35 |
CIAT | 6.74 | 7.15 | 7.42 | 8.16 | 9.12 | 9.62 |
Green Planet Supply Technologies | 1.07 | 1.17 | 1.13 | 1.19 | 1.25 | 1.28 |
Others | 849.48 | 970.79 | 989.80 | 1125.10 | 1251.82 | 1316.78 |
Total | 2818.50 | 3046.56 | 3071.98 | 3466.37 | 3876.90 | 4259.04 |
2. Global Geothermal Heat Pump Market Sales Analysis by Manufacturer
From 2018 to 2023, the sales of major manufacturers in the global ground source heat pump market generally showed an upward trend. Among them, Bosch Thermotechnology ranked first with sales of 69.3 thousand units in 2023, showing its leadership in the global ground source heat pump market.
From 2018 to 2023, Bosch Thermotechnology’s sales increased from 36.7 thousand units to 69.3 thousand units. Trane’s sales increased from 36.5 thousand units to 53.0 thousand units. NIBE’s sales increased from 35.2 thousand units to 54.1 thousand units. Carrier Corporation’s sales increased from 43.2 thousand units in 2018 to 49.6 thousand units in 2023. And Mitsubishi Electric’s sales increased from 35.0 thousand units in 2018 to 54.0 thousand units in 2023.
Overall, the ground source heat pump market continues to grow between 2018 and 2023, and sales growth of major manufacturers indicates the healthy development of the industry and increased market demand.
Table Global Geothermal Heat Pump Sales by Manufacturer, 2018-2023 (K Units)
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Bosch Thermotechnology | 36.7 | 42.3 | 44.2 | 52.4 | 56.5 | 69.3 |
Trane | 36.5 | 37.7 | 36.2 | 42.8 | 46.1 | 53.0 |
NIBE | 35.2 | 40.3 | 38.9 | 44.1 | 48.3 | 54.1 |
Carrier Corporation | 43.2 | 42.5 | 41.9 | 45.3 | 46.2 | 49.6 |
Mitsubishi Electric | 35.0 | 40.6 | 45.9 | 49.2 | 51.3 | 54.0 |
Vaillant | 16.1 | 19.1 | 20.3 | 21.7 | 24.1 | 29.1 |
BDR Thermea | 29.4 | 27.7 | 25.1 | 23.7 | 24.5 | 26.3 |
Viessmann | 11.7 | 11.7 | 11.7 | 12.6 | 13.1 | 14.0 |
Stiebel Eltron | 5.4 | 5.8 | 5.5 | 5.9 | 6.5 | 7.1 |
Wolf | 5.1 | 5.6 | 6.4 | 6.6 | 6.9 | 7.5 |
Danfoss | 9.0 | 10.4 | 9.7 | 10.6 | 11.3 | 11.9 |
Hitachi Appliances | 4.8 | 5.1 | 4.8 | 5.1 | 5.2 | 5.5 |
Modine Manufacturing Company | 1.9 | 2.0 | 2.2 | 2.5 | 2.6 | 2.9 |
Ochsner | 1.7 | 1.7 | 1.8 | 1.9 | 2.0 | 2.1 |
CIAT | 1.1 | 1.2 | 1.1 | 1.2 | 1.3 | 1.4 |
Green Planet Supply Technologies | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
Others | 127.0 | 143.3 | 144.0 | 162.6 | 177.1 | 187.7 |
Total | 399.8 | 437.4 | 440.2 | 488.5 | 523.2 | 575.7 |
3. Bosch Thermotechnology Geothermal Heat Pump Market Analysis
3.1 Bosch Thermotechnology Corporation Information
Table Bosch Thermotechnology Corporation Information
Item | Description |
Company Name | Bosch Thermotechnology |
Website | www.bosch-homecomfort.com |
Established Time | 1865 |
Headquarters | Germany |
Sales Region | Worldwide |
Contact Information | Tel: +49 6441 418-0 Add: Sophienstrasse 30-32, 35576 Wetzlar |
3.2 Description and Business Overview
Bosch is one of the world’s leading manufacturers of heating products. In the UK, Bosch industrial heating is part of Bosch Thermotechnology Ltd., a company that specializes in providing complete system solutions for the commercial and industrial heating sectors with individual outputs from 50kW to 38,000kW. With more than 100,000 boiler systems installed in over 140 countries, you will find our systems in practically every type of industry.
Bosch Industriekessel has developed and manufactured customer-specific system solutions for thermal and process heat. Pioneering innovations, such as the digital efficiency assistant and consistent optimisation of the products form the basis for outstanding efficiency and sustainability. To date, more than 120,000 steam, hot water and heating boiler systems have been commissioned in over 140 countries. Industrial and commercial companies in particular, but also energy suppliers and operators of complex buildings and public facilities rely on Bosch industrial boilers from Germany and Austria.
The Bosch Group is active in the fields of automotive technology, industrial technology, consumer goods, and energy and building technology. The Bosch Group comprises of Robert Bosch GmbH and has more than 350 subsidiaries and regional companies in some 60 countries. When sales and service partners are included, Bosch is represented in 150 countries worldwide.
3.3 Geothermal Heat Pump Products Offered
Table Geothermal Heat Pump Products Offered
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Being Green Means Saving Green Recognized by ENERGY STAR, this fully featured, highly efficient, two-stage heat pump offers an appliance-style cabinet and is available in sizes of 2 to 6 tons. The Bosch Greensource geothermal heat pump requires less energy to produce the equivalent cooling and heating output of other heat pumps on the market. This saves energy and reduces the cost to stay comfortable in your home. You can save up to 70% on your energy bills, plus payback on this investment can be as short as 5 to 7 years. |
3.4 Bosch Thermotechnology Geothermal Heat Pump Market Performance
Bosch Thermotechnology’s geothermal heat pump business shows positive growth trends in sales volume, price, revenue and gross profit margin. From 2018 to 2023, sales volume increased from 36.7 thousand units to 69.3 thousand units. At the same time, the sales price rose from $7378/unit to $7856/unit. This shows that the demand for Bosch Thermotechnology’s products in the market has increased, and the value of the products is also rising. In terms of revenue, Bosch Thermotechnology’s geothermal heat pump business grew from $270.44 million in 2018 to $544.16 million in 2023. This growth reflects the company’s expansion in the market and the economic efficiency of its products. In terms of gross profit margin, Bosch Thermotechnology’s geothermal heat pump business gross profit margin increased from 36.30% in 2018 to 37.70% in 2023. This shows that the company has been quite successful in improving profitability.
Table Bosch Thermotechnology Geothermal Heat Pump Sales, Price, Revenue and Gross Margin (2018-2023)
Bosch Thermotechnology | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Sales (K Units) | 36.7 | 42.3 | 44.2 | 52.4 | 56.5 | 69.3 |
Price (USD/Unit) | 7378 | 7216 | 7291 | 7562 | 8119 | 7856 |
Revenue (M USD) | 270.44 | 304.90 | 322.47 | 395.89 | 458.72 | 544.16 |
Gross (M USD) | 98.18 | 113.48 | 122.09 | 150.95 | 174.91 | 205.14 |
Gross Margin | 36.30% | 37.22% | 37.86% | 38.13% | 38.13% | 37.70% |
From 2018 to 2023, Bosch Thermotechnology’s ground source heat pump sales will show a year-by-year growth trend. Specifically, sales volume increased from 36.7 thousand units in 2018 to 69.3 thousand units in 2023, showing the company’s expansion in the market and increased product demand.
In terms of growth rate, the growth rate from 2018 to 2019 was 15.27%. Then the growth rate dropped significantly to 4.68% in 2020, but rebounded strongly to 18.38% in 2021. In 2022, the growth rate will be 7.92%, while in 2023 it will rise again to 22.59%.
Figure Bosch Thermotechnology Sales and Growth Rate (2018-2023)
