Geothermal Heat Pump Market Size in U.S. to exceed $2 bn By 2024 | Notable industry players include Viessmann, Bosch Thermotechnology, Danfoss, Bard HVAC, Green Planet Supply Technologies, WaterFurnace, Mitsubishi Electric and Nortek Global HVACU.S. Geothermal Heat Pump (GHP) Market size will surpass USD 2 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Rising focus to enhance energy security, improve climatic condition coupled with government reforms to minimize carbon emissions will provide stimulus to the U.S. geothermal heat pump market size. Increasing penetration of renewable energy technologies along with strict government norms and mandates toward green building infrastructure will further complement the industry dynamics. In 2018, U.S. EPA established International Green Construction Code to improve the environmental performance and health of building, sites and structures.
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Essentially pertaining to the rise in renewable energy solution investments, the U.S. geothermal heat pump market has been observing a remarkable growth over the last few years. The country often observes seasonal temperature changes from sub-zero cold in the winter to soaring heat in the summer that quite overtly demands the deployment of heating and cooling systems. The high energy cost and environmental hazards associated with fossil fuel-based heating and cooling systems have also led to consumers inclining toward sustainable energy system installations, that have further impelled U.S. geothermal heat pump market.
Key participants across geothermal heat pump market include
2. Bosch Thermotechnology
4. Bryant Heating & Cooling Systems
6. OCHSNER Warmepumpen
7. Nortek Global HVAC
8. Glen Dimplex
10. Bard HVAC
11. Earthlinked Technologies
12. Mitsubishi Electric
Merely a few meters below the surface of the earth, the temperature seemingly remains rather constant. On account of the same, energy companies have been deploying geothermal heat pumps for heat exchange during the winter and cool air during summer. The increasing installation of geothermal plants across the country for fulfilling residential as well as commercial energy need has been strengthening the U.S. geothermal heat pump industry size.
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In order to accelerate the deployment of geothermal technologies, several governmental agencies have been proving sufficient funds to the energy companies. For instance, the Department of Energy’s (DOE) Geothermal Technology Office has unveiled that the eight projects will receive approximately USD 2.4 million funding from Beyond Batteries Lab. The objective of these new projects is to utilize geothermal energy to develop a modern grid. The investment in the number of geothermal projects has been generating new opportunities for the players in the U.S. geothermal heat pump industry.
Geothermal heat pump market (GHP) share from closed loop is anticipated to witness growth due to growing demand for energy efficient heating system from residential and commercial sectors across cold climatic region. Improved reliability and low maintenance & operating cost are the few highlighted features that will fuel the product penetration. In addition, the vertical installation is preferred over horizontal on account of its less space requirements.
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Residential GHP market size is anticipated to witness growth on account of growing demand for flexible system which can easily integrate with conventional HVAC system in existing and new constructed building structure. Shift in trend to improve living standards along with rising focus to reduce electricity consumption will further augment the industry landscape.
North East geothermal heat pump (GHP) market is anticipated to reach over 55 thousand units by 2024. Abundant availability of shallow ground temperature along with introduction of several incentives and initiatives to enhance the utilization of geothermal energy will positively influence the industry dynamics.
About Global Market Insights
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
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