Geothermal Heat Pump Market Research Report with Advance Strategies, Size, Share Trends Revenue, Top Key Layers,Market Potential and Global Forecast 2024| Bosch Thermotechnology, Carrier, Vaillant, BDR Thermea, Modine, Nibe Industrier, Mitsubishi Electric

Global geothermal heat pumps market is expected to witness significant growth on account of rising demand for cost-effective energy solutions as a direct result of increasing conventional fuel prices. Geothermal heat pumps or ground source heat pumps (GSHP) are the most stable and mature platforms to harness or transfer heat directly from the ground, creating a viable market for cost-efficient heat pumps across the globe. Existing heating or cooling systems can be effectively integrated into geothermal heat pumps and solar heating may also be combined to enhance efficiency, leading to rising demand for retrofitted pumps in the market. Flexible seasonality of geothermal heat pumps, which allows heating or cooling inverse to external conditions in residential, industrial and other applications is expected to be a major factor driving growth of the market. Favorable environmental regulations such as Greenhouse Gas (GHG) Emission Reduction Regulation encourage use of renewable energy resources in order to reduce depletion of fossil fuels and carbon emissions. These regulations are also expected to complement the geothermal heat pumps market growth. Higher efficiency than air source pumps and lesser noise generation than conventional pumps are expected to serve as high impact rendering factors for growth of geothermal heat pumps market. Low maintenance costs and full automation of geothermal heat pumps is also expected to contribute towards global market growth over the forecast period.

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Scope of the Report:
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.
The worldwide market for Geothermal Heat Pump is expected to grow at a CAGR of roughly 10.6% over the next five years, will reach 6020 million US$ in 2024, from 3640 million US$ in 2019, according to a new GIR (Global Info Research) study.
This report focuses on the Geothermal Heat Pump in global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application.

Market Segment by Manufacturers, this report covers
Bosch Thermotechnology, Carrier, Vaillant, BDR Thermea, Modine, Nibe Industrier, Mitsubishi Electric, Viessmann, Trane, Stiebel Eltron, Danfoss Group, Weishaupt, Swegon, Wolf, OCHSNER Warmepumpen

Market Segment by Type, covers
Vertical Closed Loop
Horizontal Closed Loop
Open Loop
Others

Market Segment by Applications, can be divided into
Residential Buildings
Commercial Buildings

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