Press release
Geothermal Heat Pump Market 2019: Top Key Players Danfoss, Carrier Corporation, Trane, Kensa Heat Pumps, Finn Geotherm UK Ltd, Stiebel Eltron, Inc., NIBE, Modine Manufacturing Company, Bosch
Geothermal Heat Pump Market
Geothermal Heat Pump (GHP) Market is predicted to surpass USD 4 billion by 2024. Upsurge in demand for noiseless, cost effective and highly efficient heating units from commercial and residential sectors to save electricity bills will propel the industry growth. For instance, according to the renewable energy hub UK, the GHP system has ability to reduce the energy bills up to 26% over a new gas boiler.
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Technological advancement in the designing of GHP system to enhance efficiency and reduce cost will fuel the geothermal heat pump market. In February 2015, Nortek Global HVAC launched EarthDirEX model Y1SA geoexchange heat pump. The system offers less drilling cost and delivers 3.8+ COP heating and 19+ EER cooling in 2 to 5 ton capacities. Moreover, introduction of several incentives including zero interest rate loan, green bond and direct grants to promote the utilization of renewable technologies will further boost the product demand.
Open loop accounted for over 15% of ground source heat pump market share in 2017. Improved efficiency, lower installation cost and ability to minimize delay time and curtail heat transfer loss are some of key features supporting the product penetration.
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Commercial application will witness growth on account of surging demand for replacement and retrofit of existing heating and cooling systems along with increasing investment toward infrastructural development. Moreover, positive outlook toward renewable technologies along with favourable measures to minimize carbon emissions will further stimulate the industry dynamics.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Bryant Heating & Cooling Systems
2. Carrier
3. Mitsubishi Electric
4. MODINE
5. Glen Dimplex
6. Bard HVAC Trane
7. Daikin
8. Viessmann
9. Bosch Thermotechnology
10. Vaillant
11. Spectrum
12. Earthlinked Technologies
13. OCHSNER Warmepumpen
14. Nortek Global HVAC
15. Danfoss
16. Green Planet Supply Technologies
17. NIBE
18. ClimateMaster
19. WaterFurnace
20. Stiebel Eltron
Browse Complete Report Summary @ https://www.gminsights.com/industry-analysis/geothermal-heat-pump-market
Introduction of net zero emissions building norms along with growing demand for sustainable heating and cooling systems will fuel the Sweden geothermal heat pump market share. Favourable measures to reduce import dependency and enhance energy security along with shift in trends to enhance living standards will further propel the industry outlook.
The U.S. market is set to growth on account of positive outlook toward the adoption of renewable technology coupled with availability of constant shallow ground temperature across the country. Growing demand to minimize heat consumption from fossil fuel driven systems to reduce carbon footprints will further stimulate the industry dynamics. Stringent energy efficiency standards and codes have been introduced by regulators to curtail GHG emissions. For instance, in 2015, the U.S. introduced New Source Performance Standard to minimize carbon emissions.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Corporate Sales, USA
Global Market Insights, Inc.
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