Geothermal Heat Pump Market thriving Worldwide 2024 By Trane, Vaillant Group, Glen Dimplex, Danfoss, Carrier Corporation, Daikin Applied Americas
Geothermal Heat Pump Market is set to exceed USD 4 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. Shifting trends toward energy conservation & environmental sustainability coupled with rising focus toward minimizing GHG emissions from conventional heating systems will stimulate the global geothermal heat pump market (GSHP) share. A ground source heat pump consumes lesser energy to operate i.e. 20% to 50% when compared with conventional units. In addition, respective governments have introduced various green building codes, standards and norms to encourage the deployment of renewable technologies which will further boost the product demand.
Emerging demand for sustainable space conditioning and durable systems to reduce electricity consumption will fuel the geothermal heat pump market growth. Positive outlook toward development of residential infrastructure, population migration toward urban areas along with strengthening purchasing power parity are some of the key parameters propelling the energy demand. Volatility in crude oil and electricity prices have positively influenced the demand for energy efficient systems. However, the high installation cost of ground source heat pump is hindering the industry dynamics.
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.
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Germany geothermal heat pump market is anticipated to expand over 20 thousand units by 2024. Surging demand for energy efficient heating and cooling system coupled with positive outlook toward net zero emissions building infrastructure will fuel the business landscape. Growing focus to reduce import dependency along with improving living standards will further augment the industry growth. In 2016, government of Germany declared to spend over USD 200 billion on infrastructure.
Eminent participants in the Geothermal Heat Pump Market include
• Vaillant Group
• Glen Dimplex
• Daikin Applied Americas
• Carrier Corporation
• ClimateMaster, Inc.
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