According to a recent market research report published by Transparency Market Research, the global geothermal heat pumps market is projected to expand at a robust CAGR of 13.1% during the period from 2014 to 2020. The report, titled “Geothermal Heat Pumps Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020,” estimates the global geothermal heat pumps market to be worth US$130.50 bn by 2020. The overall market stood at a valuation of US$55.30 bn in 2014.
Geothermal heat pumps, also known as ground source heat pumps, are central heating/ cooling systems that transfer heat from or to the ground. These systems utilize earth as the heat source or heat sink according to weather conditions. Geothermal heat pumps have been in use since 1940s and have been widely popular due to their fairly high efficiency compared to air-source heat pumps.
Rising prices of oil and electricity have led consumers to shift their focus towards low cost energy alternatives such as geothermal energy. Significant cost savings, along with environmental benefits have boosted the demand for geothermal heat pumps. Various initiatives taken by governments such as attractive payback periods associated with installing these systems in newly-built homes have further fueled the growth of the global geothermal heat pumps market. However, incorrect estimation of heat pump sizes and faulty installations have led to several instances of product recalls. This is likely to have a detrimental effect on the growth of the market. The overall market has a huge opportunity to grow with the rising demand across the commercial sector.
On the basis of technology, the global geothermal heat pumps market is categorized into open loop and closed loop systems. The closed loop systems segment is further divided into vertical loops, horizontal loops, and pond/ lake systems. In 2013, the closed loop systems segment dominated the overall market with a share of 85.68%. Closed loop systems are commonly used owing to their loop configuration.
Request to view Sample Report:
In terms of applications, the report segments the global geothermal heat pumps market into residential and commercial sectors. Both these sectors are sub-segmented into retrofit systems and new building systems. The usage of geothermal heat pumps across the industrial and agricultural sectors is negligible. In terms of installed capacity, the retrofit systems segment across the residential and commercial sectors is expected to witness significant demand in the near future.
The report studies the geothermal heat pumps market across three key regions: North America, Asia Pacific, and Europe. In 2014, Europe and North America dominated the overall market. Switzerland, Germany, France, and Sweden are the mature markets in Europe. During the forecast period, Asia Pacific is expected to expand at a steady pace with China driving the demand from this regional market.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
Transparency Market Research
90 State Street,
Albany NY – 12207
USA – Canada Toll Free: 866-552-3453