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.
Planning to lay down strategy for the next few years? Our report can help shape your plan better
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.
Are you a start-up willing to make it big in the business? Grab an exclusive sample of this report here
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.
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.
Get a PDF Brochure Detailing about the current size & value of the market with all other necessary information
The report profiles some of the prominent players in the global geothermal heat pumps market such as Climatemaster Inc., Bryant Heating and Cooling Systems, Danfoss Heat Pumps U.K. Ltd., Enertech Global LLC, Kensa Heat Pumps Ltd., Dimplex Ltd., Finn Geotherm U.K. Ltd, GeoMaster LLC, Florida Heat Pump Manufacturing, and WaterFurnace International Inc. Insightful details about these companies such as financial overview, product portfolio, recent developments, and business strategies they adopted have been included in the report.
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Mr. Rohit Bhisey
Transparency Market Research
90 State Street,
Albany NY – 12207
USA – Canada Toll Free: 866-552-3453