Press release
Global Geothermal Heat Pump Market Expected to Witness a Sustainable Growth over 2023
A geothermal heat pump or ground source heat pump (GSHP) is a central heating and/or cooling system that transfers heat to or from the ground. It uses the earth all the time, without any intermittency, as a heat source (in the winter) or a heat sink (in the summer).
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Global Geothermal Heat Pump Market: Forecast by Type / Application / Region
Geothermal heat pump systems consist of the heat pump unit, the ground heat exchanger, and the air delivery system (ductwork). The heat exchanger has a system of pipes called a loop, which is buried in the ground near the building. Fluid will circulate within the heat exchanger system. The pump exchanger either takes the heat from the building and transfers it to the ground or absorbs the heat from the ground and uses it to warm the house. The main advantage of geothermal heat pumps is that they use the stable underground temperature to increase the efficiency and decrease the operational cost of the cooling and heating systems. Global geothermal heat pump market size in 2017 was valued over USD 3 billion and the annual installation is projected to exceed 873 thousand units by 2025.
Growing concerns toward environmental sustainability and energy security along with shifting trends toward bio economy-based development will drive the global geothermal heat pump market size. Introduction of energy efficiency protocols by regulators with an aim to reduce carbon footprint will further propel the industry outlook. In 2016, Government of Germany introduced Climate Action Plan 2050 across the nation with an aim to curb GHG emissions up to 55% by 2030 compared with 1990 levels.
According to this study, over the next five years the Geothermal Heat Pump market will register a 10.6% CAGR in terms of revenue, the global market size will reach US$ 6020 million by 2024, from US$ 3640 million in 2019. In particular, this report presents the global market share (sales and revenue) of key companies in Geothermal Heat Pump business, shared in Chapter 3.
Global Geothermal Heat Pump Market: Key Players
Bosch Thermotechnology
Carrier
Vaillant
BDR Thermea
Modine
Nibe Industrier
Mitsubishi Electric
Viessmann
Trane
Stiebel Eltron
Danfoss Group
Weishaupt
Swegon
Wolf
OCHSNER Warmepumpen
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Related Information:
United States Geothermal Heat Pump Market Research Report 2018
Europe Geothermal Heat Pump Market Research Report 2018
North America Geothermal Heat Pump Market Research Report 2018
Asia-Pacific Geothermal Heat Pump Market Research Report 2018
China Geothermal Heat Pump Market Research Report 2018
EMEA Geothermal Heat Pump Market Research Report 2018
Global Geothermal Heat Pump Market Research Report 2018
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