As indicated by an ongoing statistical surveying report distributed by Transparency Market Research, the worldwide geothermal heat pumps market is anticipated to grow at a vigorous 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,” gauges the global geothermal heat pumps market to be worth US$130.50 bn by 2020. The general market remained at a valuation of US$55.30 bn in 2014.
Geothermal heat pumps, otherwise called ground source heat pumps, are focal heating/cooling frameworks that move heat from or to the ground. These frameworks use earth as the heat source or heat sink as indicated by climate conditions. Geothermal heat pumps have been being used since 1940s and have been generally prevalent because of their genuinely high proficiency contrasted with air-source heat pumps.
Rising costs of oil and power have driven buyers to move their concentration towards minimal effort vitality choices, for example, geothermal vitality. Huge cost reserve funds, alongside natural advantages have helped the interest for geothermal heat pumps. Different activities taken by governments, for example, alluring recompense periods related with introducing these frameworks in recently fabricated homes have additionally filled the development of the worldwide geothermal heat pumps showcase. Nonetheless, inaccurate estimation of heat siphon sizes and flawed establishments have prompted a few occasions of item reviews. This is probably going to detrimentally affect the development of the market. The general market has a gigantic chance to develop with the rising interest over the business part.
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.
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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.