Geothermal (ground-source) heat pumps
Heat pumps connected to buried loops or wells; higher installed cost, sold by specialist makers and installers
4 leading companies in geothermal (ground-source) heat pumps, one segment of heat pumps — Electric heat pumps for homes and buildings: 108 GW sold worldwide in 2025, with rebates driving sales in Canada and Europe
new market segment · researched 2026-11-14
Air-source & ductless mini-split heat pumpsAir-to-water (hydronic) heat pumpsGeothermal (ground-source) heat pumps
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Leading geothermal (ground-source) heat pumps companies
4 companies, with the scale each source states. Scale is the whole company's unless the row says otherwise.
| Company | Where | What they do | Scale |
|---|---|---|---|
| NIBE Industrier NIBE-B.ST ↗ | Markaryd, Sweden since 1952 | Air-source and ground-source heat pumps. Owns US geothermal maker WaterFurnace and the Climate Control Group (both acquired 2016). | — |
| Bosch Home Comfort Group ↗ | Wetzlar, Germany since 1911 | Heat pumps and heating systems. Owns US geothermal maker FHP (2007), announced a EUR 225M heat pump factory in Poland, and took over Johnson Controls' residential HVAC business (2024). | revenue: 4.4 EUR billions (2024) ↗ |
| Stiebel Eltron ↗ | Holzminden, Germany since 1924 | Ground-, air- and water-source heat pumps (since 1976) and heat pump water heaters (since 1979). | revenue: 700 EUR millions (2020) ↗ |
| Dandelion Energy ↗ | Mount Kisco, United States since 2017 | Geothermal heat pump supplier and installer in NY, CT, MA and southern VT; spun out of X (Alphabet) in 2017. | — |
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The heat pumps market
The whole market this segment sits in.
units shipped (annual global heat pump sales, by heating capacity) · world108
↗GW · 2025
Quick answers
- What are geothermal (ground-source) heat pumps?
- Heat pumps connected to buried loops or wells; higher installed cost, sold by specialist makers and installers. They are one segment of the heat pumps market.
- Who are the leading geothermal (ground-source) heat pumps companies?
- NIBE Industrier (Sweden), Bosch Home Comfort Group (Germany), Stiebel Eltron (Germany), Dandelion Energy (United States).
- Which geothermal (ground-source) heat pumps companies are publicly traded?
- NIBE Industrier (NIBE-B.ST).
- How big is the heat pumps market?
- For the whole heat pumps market, not this segment alone: units shipped (annual global heat pump sales, by heating capacity) (world) 108 GW, 2025 — International Energy Agency.