Our latest research report entitled Geothermal Heat Pumps Market (by type (closed-loop systems, open-loop system), applications (extraction of material, reuse, repackaging & second life, disposal)) provides complete and deep insights into the market dynamics and growth of geothermal heat pumps.
The latest information on market risks, industry chain structure geothermal heat pumps cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential geothermal heat pumps growth factors. According to the report the global geothermal heat pumps market is projected to grow at a CAGR of 9.8% over the forecast period of 2018-2024.
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A geothermal heat pump or ground source heat pump is a central heating or cooling system that transfers heat to or from the ground. They use the constant temperature of the earth as the exchange medium instead of the outside air temperature. Geothermal heat pumps are energy efficient and are widely used in various heating applications across the surface water, recycled water, retention basin stormwater, sewage treatment plant, and harvested rainwater.
A dual-source heat pump combines an air-source heat pump with a geothermal heat pump. Dual-source heat pumps have higher efficiency ratings than air-source units but are not as efficient as geothermal units. The main advantage of dual-source systems is that they cost much less to install than a single geothermal unit, and work almost the same.
Geothermal heat pumps use much less energy than conventional heating systems since they draw heat from the ground. They are also more efficient when cooling home. It not only save energy and money but also reduces air pollution.
Geothermal Heat Pumps Market: Drivers and Restraints
The ability to reduce the electricity bill by 30 to 60 % when compared to traditional heating and cooling systems will make its adoption favorable among other available alternatives are the major factor driving the growth of the geothermal heat pumps market. In addition, low maintenance cost and full automation are also likely to boost the growth of the geothermal heat pumps market. Flexible seasonality of geothermal heat pumps that allows heating or cooling to external conditions in residential, industrial, and other applications.
However, high cost and lack of consumer awareness about geothermal heat pump’s benefit are likely to hamper the development of the geothermal heat pumpS market. Furthermore, geothermal heat pumps provide less energy consumption and help in minimizing greenhouse gas emissions that are further anticipated to provide several growth opportunities for the key players in the geothermal heat pumps market over the upcoming years.
Europe Accounted for the Largest Market Share Followed by North America
Among the geographies, Europe accounted for the largest market share followed by North America. The growth in the European region is due to the increasing investment for infrastructure for green buildings along with increasing demand for heating and cooling system. Moreover, a scheme for the Renewable Heat Incentive (RHI) initiated by the UK government has supported the growth of the geothermal heat pumps market.
Increasing demand for renewable energy resources and availability of shallow and ground temperature is projected to boost the demand for geothermal heat pumps in countries such as Canada and U.S. Furthermore, the demands for retrofitted geothermal heat pumps are probable to toughen the Asia Pacific market growth over the forecast period.
Geothermal Heat Pumps Market: Segmentation
The report on the global geothermal heat pumps market covers segments such as type and applications. On the basis of type, the global geothermal heat pumps market is categorized into closed-loop systems and open-loop systems. On the basis of applications, the global geothermal heat pumps market is categorized into residential, commercial and industrial.
Geothermal Heat Pumps Market: Competitive Landscape
The report provides profiles of the companies in the global geothermal heat pumps market such as NIBE, Robert Bosch, Kensa Heat Pumps, Finn Geotherm, Stiebel Eltron, Vaillant Group, Bard HVAC, Bryant Heating & Cooling Systems, Ecoforest, and Glen Dimplex.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the geothermal heat pumps.
- Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.