Global Geothermal Heat Pumps Market: Snapshot
Geothermal heat pumps utilize the presence of stable temperature underground as the exchange medium to heat, cool, or supply hot water to buildings, through a ground heat exchanger. The technology is a significant advancement to conventional heating, ventilating, and air conditioning (HVAC) systems that are typically based on air-source heat pumps. Geothermal heat pumps and the technology are gaining increasing adoption across residential and commercial buildings, as they are considered as viable technology in renewable heating of homes.
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The soaring prices of oil and electricity in various parts of the world have stimulated the demand for low-cost alternatives such as geothermal system. The high installation cost of a geothermal system is a key factor limiting the uptake of these pumps. Nevertheless, several end-users are gradually recognizing the long-term benefits of the system, which is expected to unlock numerous exciting opportunities for market players.
The market is expected to rise at a significant CAGR of 13.1% from 2014 to 2024, and the opportunities in the market is projected to reach US$130.50 bn by the end of the forecast period.
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Installation of Closed-Loop Geothermal Heat Pumps to Reign Supreme
Based on the global geothermal heat pumps market is bifurcated into closed loop and open loop systems. The market for closed loop systems is further segmented into vertical loops, pond/ lake systems, and horizontal loops. The close-loop segment is expected to occupy a dominant share in the market in the coming years.
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Installing of geothermal heat pumps using horizontal loops are considered cost-effective for residential end users, which have sufficient availability of sufficient land. However, since vertical ground loops require less space, the market is anticipated to witness a substantial demand for these in the coming years. This is expected to gain popularity among several retrofit system installations. However, the demand for horizontal loop installation will remain robust across new residential buildings during the forecast period.
Based on applications, the global geothermal heat pumps market is bifurcated into commercial and residential sectors, with each further segmented into new building systems and retrofit systems. The commercial sector is expected to become as the most prominent segment over the forecast period. The extensive demand for geothermal heat pumps installations among commercial end-users is driven by the demand for benefits of an incremental energy saving over the years.
Europe and Asia Pacific to Provide Lucrative Avenues for Manufacturers to Capitalize on
Geographically, the geothermal heat pumps market is segmented into Asia Pacific, North America, and Europe. Of these, currently, Europe is the largest regional market for geothermal heat pumps. This is trailed by North America and then Asia Pacific. While Germany, France, Switzerland, and Sweden are mature country markets featuring a gradual decline in installed capacity addition, nations such as Poland, Greece, the Czech Republic, and the U.K., are projected to provide lucrative growth avenues for market players.
In the North America market, the major demand for geothermal heat pumps comes from the U.S. and then Canada. In Asia Pacific, China dominates the regional market as it accounts for the major installed capacities. Meanwhile, countries such as South Korea, Australia, and New Zealand are expected to provide promising growth avenues over the forecast period.
