Global Geothermal Heat Pump Market is expected to foresee significant growth. North America to lead the growth!
- Vikas Kumar
- April 23, 2022
- ENERGY & POWER, NEWS
- Geothermal Heat Pump Market, Geothermal Heat Pump Market growth, Geothermal Heat Pump Market News, Geothermal Heat Pump Market report, Geothermal Heat Pump Market Share, Geothermal Heat Pump Market Size, Geothermal Heat Pump Market Trend
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The Global Geothermal heat pump market is expected to grow at a CAGR of more than 5.6% during the forecast period 2021-2027). A geothermal heat pump (GHPs) or ground source heat pump is a central water heating system that uses geothermal energy to heat the water. Geothermal heat pumps are energy efficient and are widely used in various heating applications across surface water, recycled water, retention basin stormwater, sewage treatment plant, and harvested rainwater.
The stimulating growth of the geothermal heat pump market is attributed due to the growing concern towards energy security and environmental sustainability along with shifting trends for bioeconomy-based infrastructure will impel the market expansion of geothermal heat pump (GHP) globally. Furthermore, favorable government policies & protocols in line with an aim to reduce carbon emissions are predicted to further sway the industry’s growth.
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Geothermal is a reliable and constant source of energy that can be extracted without burning any external fuel. The energy can be harnessed from underground sources including shallow subsurface, hot rocks, and reservoirs of hot dry steam and wet steam. The geothermal heat pump (GHP) extracts heat from the ground for space heating, cooling, and hot water generation. Such a pump extracts heat by the horizontal or vertical collector. The extracted heat is commonly distributed through a hydronic distribution system. A GHP offers higher efficiency than air source owing to the advantage of the stable temperature of its geothermal subsoil heat source.
Moreover, government regulations and emission standards are projected to increase the demand for energy-saving products, such as geothermal heat pumps, in the industrial and residential sectors, thereby supporting market growth. In addition, escalating the need for low-cost energy substitutes owing to rising oil prices is likely to drive industry demand over the forecast period. In addition, a consequent hike in electricity and energy cost is forecast to positively impact the geothermal heat pump market size.
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The coronavirus pandemic was declared a public health emergency worldwide by World Health Organization (WHO) in 2020. An outbreak of the COVID-19 pandemic had significantly impacted the geothermal heat pump market Due to disruptions in the international supply chain and a reduction in investment for upcoming projects. However, it has been estimated that the industry is poised to improve its strength to conceal these impacts over the coming years.
Based on type, the geothermal heat pump market is segmented into an open, loop, and closed loop. The closed loop caters to extensive market share in the geothermal heat pump market. It is mainly its high efficiency, less energy consumption, and low operating & maintenance cost are some of the vital parameters which will stimulate market penetration.
Based on application, the geothermal heat pump market is classified into residential, commercial, and industrial. The commercial segment caters to an extensive share of the geothermal heat pump market. It is mainly owing to the rising demand for refurbishing and restoring conventional systems coupled with the product capability to effortlessly integrate with HVAC systems across current, as well as newly built government buildings that would escalate its market demand.
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For a better understanding of the market adoption, the report provides a detailed analysis of major regions and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Spain, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), ROW. North America caters to a substantial share in the geothermal heat pump market over the past few years and is expected to have an influential growth rate in the forecasted period as well. It is mainly attributed to the growing focus on the construction of new building infrastructure along with a renovation of old buildings will further spur the overall industry trend.
Some of the major players operating in the market are ClimateMaster, WaterFurnace International Inc., Geomasters Heating and Cooling LLC., Carrier Corporation, Hydro-Temp Corporation, Mammoth Inc., Ingersoll-Rand plc, Modine Manufacturing Company, Robert Bosch GmbH , Danfoss A/S. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Geothermal heat pump Market Segmentation
Market Insight, by Type
• Closed Loop
Market Insight, by Application
Market Insight, by Region
- North America Geothermal Heat Pump Market
- United States
- Rest of North America
- Europe Geothermal Heat Pump Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Geothermal Heat Pump Market
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
• WaterFurnace International Inc.
• Geomasters Heating and Cooling LLC.
• Carrier Corporation
• Hydro-Temp Corporation
• Mammoth Inc.
• Ingersoll-Rand plc
• Modine Manufacturing Company
• Robert Bosch GmbH
• Danfoss A/S