Global Geothermal Heat Pumps Market Insights Covering Market Dynamics and Competitive Scenario through 2020

Albany, USA, 2018-May-11 — /EPR Network/ —In order to study the various trends and patterns prevailing in the overall market for Geothermal Heat Pumps, Market Research Reports Search Engine (MRRSE) has included a new report titled “Geothermal Heat Pumps Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. Readers can access the regional as well as segment-wise analysis for acquiring precise information about the global market structure.

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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.

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.

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 technology segment analysis has been done on both global and regional level. The market for geothermal heat pumps has been segmented on the basis of technology as open loop systems and closed loop systems. Closed loop systems have been further sub-segmented into its constituent loop configurations as vertical loops, horizontal loops, and pond/lake systems. For each of the technology segments and sub-segments, regional market tables have been provided for a detailed understanding about the market penetration of each technology in various regions. Similarly, the end-users have been broadly segmented into residential and commercial customers. The residential segment has been further sub-segmented on the basis of installation type into new building systems and retrofit systems. A similar approach was adopted for the commercial segment. Segments and sub-segments in the end-user category also feature regional market data tables to understand the market presence of each end-user in various regions. The Rest of the World (RoW) region has been removed from the regional segmentation owing to negligible deployment of geothermal heat pump technology as compared to other regions.

Key participants in the global geothermal heat pump market include Bryant Heating and Cooling Systems, Climatemaster Inc., Danfoss Heat Pumps U.K. Ltd., Dimplex Ltd., Enertech Global LLC, Finn Geotherm U.K. Ltd, Florida Heat Pump Manufacturing, GeoMaster LLC, Kensa Heat Pumps Ltd., and WaterFurnace International Inc. This report provides an overview of these companies, followed by their financial revenues, business strategies, and recent developments.

Geothermal Heat Pumps Market: Technology Analysis

  • Open Loop Systems
  • Closed Loop Systems
    • Vertical Loops
    • Horizontal Loops
    • Pond/Lake Systems

Geothermal Heat Pumps Market: End-User Analysis

  • Residential
    • New Building Systems
    • Retrofit Systems
  • Commercial
    • New Building Systems
    • Retrofit Systems

Geothermal Heat Pumps Market: Regional Analysis

  • North America
  • Europe
  • Asia Pacific

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