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Geothermal Heat Pumps Market Growth, Future Prospects & Competitive Analysis, 2018 – 2026

Overview:

Geothermal heat pumps are most suitable and advanced platform to transfer heat directly to/from the ground. Global geothermal heat pumps market is expected to witness significant growth on account of rising demand for cost-effective energy solutions for air conditioning and heating concern. Low maintenance cost and full automation of geothermal heat pumps are also expected to contribute towards the global market growth over the forecast period from 2018 - 2026. Additionally, these heat pumps can cut energy bills by up to 65% compared to traditional heating, ventilation and air conditioning units is one of the major factors simulate the market growth.

Cost effective geothermal heat pump is a significant advancement to conventional cooling and heating systems, thus observed significant penetration globally. Geothermal heat pump offers pollution free air and no cost fluctuations determined by gas and oil prices can gradually rise the market demand. Additionally, higher efficiency and lesser noise generation are expected to serve as high impact rendering factors for the geothermal heat pumps market growth. However, high initial cost sets a major challenge for geothermal heat pumps market. Favorable government initiatives including financial support, subsidies and tax-free installation, offers viable market for geothermal heat pumps across the globe. 
 
Geothermal heat pump (GHP) market is segmented, by installation type, into closed and open loop. GHP market is dominantly covered especially by closed loop GHP system over open loop GHP systems owing to less water consumption. Closed loop geothermal heat pump market is further segmented into vertical, horizontal and pond GHP systems. However, Vertical installation is preferred over horizontal, considering its less space requirement. Hybrid heat pump [S1] adds complexity to the system, thus creates unique challenge for open loop geothermal heat pumps market.
 
North America is the largest regional market for geothermal heat pumps where the demand for renewable energy resources is increasing exponentially. Growing focus on development of renewable energy is expected to drive geothermal heat pumps market in china in following years. Canada has got considerable rise in demand for geothermal heat pumps owing to the incentives offered by Canadian government. Similarly, rising industrialization along with rising disposable incomes makes Latin America, potential market for geothermal heat pump.

Major restraint of geothermal heat pumps market:

  • High initial costs
  • Space constraints in urban areas
  • Limited production volumes leads to higher cost
  • Limited number of trained installers
  • Low market awareness among consumer
  • Environment regulations in some region restrict ground water re-injection

The global geothermal heat pump market is segmented on the following basis:

  • Component:
    • Ground Heat Exchanger
    • Heat pump unit
    • Air compressor
    • Air delivery system
  • Applications:
    • Residential sector
    • Commercial sector
  • Installation Type:
    • Open loop system
      • Hybrid system
    • Closed loop system
      • Horizontal system
      • Vertical system
      • Pond/lack system
  • Geography:
    • North America
      • U.S.
      • Rest of North America
    • Europe
      • U.K.
      • Germany
      • France
      • Rest of Europe
    • Asia Pacific
      • Japan
      • China
      • South Asia
      • Australasia
      • Rest of Asia Pacific
    • Rest of the World (RoW)
      • Latin America
      • Middle East and Africa

Key players identified in global geothermal heat pump market include but are not limited to:

Climatemaster Inc., Energy Star, Mississippi Power Company, Bryant Heating and Cooling Systems, Bosch Thermotechnik GmbH and Water Furnace International Ltd. 
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