Geothermal Heat Pumps Market by Technology (Open Loop Systems and Closed Loop Systems), by End-user (Residential and Commercial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024

Global geothermal heat pumps market expected to reach USD 187.72 billion in 2024, growing at a CAGR of 13% between 2018 and 2024. For the geothermal heat pumps (GHP) market, machinery is a major development to ventilation, conventional heating, and air conditioning systems that are usually based on air-source heat pumps.

20-Jul-2018 | Number of pages: 110 | Report Code: ZMR-2736 | Report Format : | Status : Published

Analysis

Geothermal heat pumps are used are used as central cooling and heating systems for the heat transfer to or from the ground.

Geothermal heat energy is an economical energy source as compared to fossil and other fuels and geothermal heat energy is pollution-free energy source; hence it is expected to drive the global geothermal heat pumps market. Moreover, the production cost is competitive thus the demand for geothermal heat pumps market is expected to increase in the years to come. However, difficult terrain and high initial cost are projected to impede the growth of the market. Nevertheless, enhanced geothermal systems (EGS) help significantly to reduce cost and the rising investments in EGS are likely to set new wings to the global geothermal heat pumps market during the upcoming years. 

The market for geothermal heat pumps is divided into technology, end-user, and region. In terms of technology, the market is classified as closed-loop systems and open loop systems. In the technology segment, closed-loop systems accounted for the largest market share in 2017 owing to the larger demand from the commercial and residential sectors. In terms of end-user, geothermal heat pumps market is divided into residential and commercial. Residential application accounted for the largest market share in 2017. Rising investment in infrastructure and increasing urbanization is anticipated to fuel the geothermal heat pump market in the near future. 

Global Geothermal Heat Pumps (GHP) Market

Europe accounted for more than 50% market share of the geothermal heat pumps market in 2017 and it is expected to dominate the global geothermal heat pumps market in the near future. Europe is followed by North America as well as the Asia Pacific. Germany, Switzerland, Sweden, and France are mature and developed markets attributing a steady decline in installed capability addition, while nations such as Greece, Poland, the U.K., and the Czech Republic, are anticipated to offer lucrative expansion avenues for the market players. In North America, the U.S. and Canada are the countries that have an increased demand for the geothermal heat pumps. In the Asia Pacific, China is anticipated to dominate the market. It is expected that countries such as Australia, South Korea, and New Zealand will offer potential development avenues in the future. The Middle East and Africa and Latin America are estimated to exhibit moderate growth rate within the years to come, owing to undeveloped countries in the region and relatively less investment in the infrastructure.

The key players in the global geothermal heat pumps market are Altarock Energy Inc., Climatemaster Inc., Baker Hughes Inc., Alstom SA, Calpine Corp., Exorka GmbH., Florida Heat Pumps., Geoglobal Energy Llc., Contact Energy Ltd., and Geodynamics Ltd.


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