Essentially pertaining to the rise in renewable energy solution investments, the U.S. geothermal heat pump market has been observing a remarkable growth over the last few years. The country often observes seasonal temperature changes from sub-zero cold in the winter to soaring heat in the summer that quite overtly demands the deployment of heating and cooling systems. The high energy cost and environmental hazards associated with fossil fuel based heating and cooling systems have also led to consumers inclining toward sustainable energy system installations, that have further impelled U.S. geothermal heat pump market.
Merely a few meters below the surface of the earth, the temperature seemingly remains rather constant. On account of the same, energy companies have been deploying geothermal heat pumps for heat exchange during the winter and cool air during summer. The increasing installation of geothermal plants across the country for fulfilling residential as well as commercial energy need has been strengthening the U.S. geothermal heat pump industry size.
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In order to accelerate the deployment of geothermal technologies, several governmental agencies have been proving sufficient funds to the energy companies. For instance, the Department of Energy’s (DOE) Geothermal Technology Office has unveiled that the eight projects will receive approximately USD 2.4 million funding from Beyond Batteries Lab. The objective of these new projects is to utilize geothermal energy to develop a modern grid. The investment in the number of geothermal projects has been generating new opportunities for the players in the U.S. geothermal heat pump industry.
As the investment in geothermal power plants depicts an upsurge, the demand for heat pumps has also observed a remarkable rise. The increasing concern among the residential owners and businesses about the surging cost of energy with the use of other energy alternative has been pushing the need for sustainable and more efficient geothermal systems. In addition, the government is also encouraging people to use geothermal systems to heat and cool their buildings, by providing tax credits to the consumers who install more efficient geothermal heat systems. For instance, in order to receive 30% investment tax credits for residential consumers and 10% tax credits for businesses, a closed loop geothermal heat system should have at least 3.3 coefficient of performance.
Considering the growing public demand in line with the supportive regulatory scenario, most of the geothermal heat pump manufacturers have been investing heavily to launch a variety of products. Some of the manufacturers have positioned themselves in such way that they can supply a wide range of heat pumps as per the needs of consumers. The consumer-centric approach of the companies to create more business opportunities and enhance the customer base has been accelerating U.S. geothermal heat pump industry share over the last few years.
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The U.S. Environmental Protection Agency (EPA) has recognized geothermal systems as the most environmentally friendly, energy efficient, and cost-effective cooling and heating technology. These systems also have a capability to reduce air pollution, threats of acid rain, and GHG effect which are directly linked to the combustion of fossil fuels. In fact, as per the report of EPA, the installation of single geothermal system is equivalent to the planting 750 trees. In this regard, the adoption rate of geothermal systems has increased over the last few years that has been propelling U.S. geothermal heat pump industry size.
Driven by supportive regulatory policies, federal funding, tax credits, and loan guarantees for the renewable energy facilities, U.S. geothermal heat pump market has been traversing toward future energy trends across the United States. Ranging from household applications to commercial complexes, the use of geothermal heat pumps for meeting energy needs will propel the product demand. For the record, by the end of 2024, U.S. geothermal heat pump market will generate a revenue of more than USD 2 billion.