The latest report on Geothermal Heat Pumps Market by Infinium Global Research gives complete coverage of the Geothermal Heat Pumps Market by type (closed-loop systems, open-loop system), applications (residential, commercial, and industrial), region (NA, EU, APAC, RoW) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Geothermal Heat Pumps such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Low Maintenance Cost and Full Automation are Also Likely to Boost the Growth of the Geothermal Heat Pumps Industry
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 application 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 saves energy and money but also reduces air pollution.
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.
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Several Growth Opportunities for the Key Players in the Geothermal Heat Pumps Industry
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 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.
Among the geographies, Europe accounted for the largest market share followed by North America. The growth in the Europe region is due to the increasing investment for infrastructure for green building 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 the 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.
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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 applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- 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.