Press release
Geothermal Heat Pump market current Growth Analysis of Top Key Players - NIBE, Robert Bosch, Kensa Heat Pumps, Finn Geotherm, Stiebel Eltron, Glen Dimplex, Trane, Ecoforest, Climate Master, MODINE, Danfoss, Carrier, Bryant Heating & Cooling Systems
The global geothermal heat pump market is estimated to accumulate substantial gains in the coming years on account of the rising demand for heating systems in cold regions and the increasing adoption of geothermal energy for industrial development.
Geothermal Heat Pump Market size is set to exceed USD 130 billion by 2024, Ability to use ground temperature as fuel to provide reliable and cost effective energy for heating and cooling purposes will stimulate geothermal heat pump market share by 2024. Government has introduced several regulations and policies including EU Emission Trading Scheme, 2030 Climate and Energy Framework and Paris Climate Agreement with aim to curb carbon emissions. In 2016, Germany announced to launch USD 19.2 billion campaign to reduced 50% of energy consumption by 2050 and encourage the adoption of energy efficient systems.
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Report Mainly focuses on the top Manufacturers in global market are given bellow - NIBE, Robert Bosch, Kensa Heat Pumps, Finn Geotherm, Stiebel Eltron, Glen Dimplex, Trane, Ecoforest, Climate Master, MODINE, Danfoss, Carrier, Bryant Heating & Cooling Systems, Viessmann, WaterFurnace, Bard HVAC, Vaillant Group, and Green Planet Supply.
The geothermal project in Bavaria, Germany recently took off and began fueling its local district heating systems with geothermal heat. In the coming years, the project also anticipates the production of electricity from the attached geothermal power plant. The project is still in its trial phase, however, in the coming months, it will begin implementing long-term pumping tests, which will pump thermal water to the surface at a minimized delivery rate of around 30 liters per second. This will gradually progress to the maximum value of more than 50 liters per second. Besides the heating plant, the power plant power generation will enter trial operation starting from the first quarter of 2019. Such infrastructural developments are expected to drive the geothermal heat pump market.
Finland geothermal heat pump market size is set to exceed 3GWt by 2024. Increasing installation of renewable heating and cooling system owing to economic downturn will stimulate the business landscape. In 2015, over 8000 people were switched from electricity or oil driven heating and cooling system to GHP systems. It has been analyzed that installation of these products will help to reduce heating cost by USD 2.3 billion over next 20 year.
Closed loop accounted for over 75% of global geothermal heat pump market share in 2016. Higher efficiency, reliability and flexibility are some of the key features which makes it adoption preferable over conventional systems. Lower life cycle and O&M cost will further complement the business growth. These systems can be install either horizontally or vertically depending on plot size. Vertical installation is mostly preferred owing to less space requirement. Low installation cost requirement owing to absence of drilling rig and pipes will positively impact open loop geothermal heat pump market.
Rising investments towards energy efficient building infrastructure along with introduction of net zero emissions building regulation will propel the commercial geothermal heat pump market. In 2016, Lloyd bank announced to invest approximate USD 1 billion for commercial property to cut carbon dioxide emission from their real state asset.
South Korea geothermal heat pump market for 2016 accounted over 6% of Asia Pacific share. Introduction of various government subsidy program including Regional Deployment Program, Residential House Program and Building Deployment Program will augment the industry size. This program helps to provide 50% of the total installation cost.
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The above information is provided on a regional and country basis for the following:
• North America (U.S., Canada)
o Europe (Sweden, Germany, France, Finland, Austria, Netherland)
o Asia Pacific (China, South Korea, Japan, Switzerland)
o MEA South Africa, Egypt)
o Latin America (Brazil, Argentina, Peru)
Furthermore, the industrial sector has positively leveraged the benefits of geothermal energy due to its energy efficient and economic outcomes. For instance, Greece has attracted investments from the U.S and China for industrial development through geothermal energy, which also includes the production of pharmaceutical cannabis. Reportedly, a U.S investor has plans of producing cannabis in the region with the use of geothermal energy. To meet the energy needs of the project the planned investment is estimated to cover geothermal energy pumping as well as the transport infrastructure to be executed by the DEYAA Pangeo. Thus, massive investments in the development of geothermal projects will augment the geothermal heat pumping market in the coming years.
Growing demand for energy efficient space heating systems from cold climatic regions, especially in North America and Europe, will drive the geothermal heat pump market size. In the U.S., GHP installation in the Southern states accounted for 35%, the North East was 20%, Midwest at 34% and Western region stood at 11%. Introduction of various incentives including RHI, financial assistance and tax rebate to encourage the adoption of sustainable heating and cooling system will drive the U.S. geothermal heat pump market. In February 2017, the U.S. government announced that HR 1090 will extend the residential and commercial installation tax credit for GHP systems, small wind turbine, CHP and fuel cell through 2021.
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Related Report:
https://www.marketwatch.com/press-release/Medical-Biosensors-Market-Size-Growth-Share-Opportunities-Analysis-and-Forecast-to-2025-2019-01-07
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