Global Geothermal Heat Pump Market size to hit $4 bn by 2024

Global Market Insights presents an extensive report on Geothermal Heat Pump Market that offers qualitative information about prevailing trends and a detailed analysis of the growth trajectory of this industry.

Geothermal Heat Pump (GHP) Market is predicted to surpass USD 4 billion by 2024. Upsurge in demand for noiseless, cost effective and highly efficient heating units from commercial and residential sectors to save electricity bills will propel the industry growth. For instance, according to the renewable energy hub UK, the GHP system has ability to reduce the energy bills up to 26% over a new gas boiler. Rising focus to maintain the sustainability of non-renewable resources along with volatile oil prices are few highlighted features promoting the installation of energy efficient systems.

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Technological advancement in the designing of GHP system to enhance efficiency and reduce cost will fuel the geothermal heat pump market. In February 2015, Nortek Global HVAC launched EarthDirEX model Y1SA geoexchange heat pump. The system offers less drilling cost and delivers 3.8+ COP heating and 19+ EER cooling in 2 to 5 ton capacities. Moreover, introduction of several incentives including zero interest rate loan, green bond and direct grants to promote the utilization of renewable technologies will further boost the product demand.

Open loop accounted for over 15% of ground source heat pump market share in 2017. Improved efficiency, lower installation cost and ability to minimize delay time and curtail heat transfer loss are some of key features supporting the product penetration.

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Commercial application will witness growth on account of surging demand for replacement and retrofit of existing heating and cooling systems along with increasing investment toward infrastructural development. Moreover, positive outlook toward renewable technologies along with favourable measures to minimize carbon emissions will further stimulate the industry dynamics.

Introduction of net zero emissions building norms along with growing demand for sustainable heating and cooling systems will fuel the Sweden geothermal heat pump market share. Favourable measures to reduce import dependency and enhance energy security along with shift in trends to enhance living standards will further propel the industry outlook.

The U.S. market is set to growth on account of positive outlook toward the adoption of renewable technology coupled with availability of constant shallow ground temperature across the country. Growing demand to minimize heat consumption from fossil fuel driven systems to reduce carbon footprints will further stimulate the industry dynamics. Stringent energy efficiency standards and codes have been introduced by regulators to curtail GHG emissions. For instance, in 2015, the U.S. introduced New Source Performance Standard to minimize carbon emissions.

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Major players in the geothermal heat pump (GHP) market include Bryant Heating & Cooling Systems, Carrier, Mitsubishi Electric, MODINE, Glen Dimplex, Bard HVAC Trane, Daikin, Viessmann, Bosch Thermotechnology, Vaillant, Spectrum, Earthlinked Technologies, OCHSNER Warmepumpen, Nortek Global HVAC, Danfoss, Green Planet Supply Technologies, NIBE, ClimateMaster, WaterFurnace and Stiebel Eltron.