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Global Geothermal Heat Pumps Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024

12-19-2019 09:02 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Global Info Research

Global Geothermal Heat Pumps Market 2019 by Manufacturers,

Global Info Research offers a latest published report on Geothermal Heat Pumps Market Analysis and Forecast 2019-2024 delivering key insights and providing a competitive advantage to clients through a detailed report. The report contains 158 pages which highly exhibit on current market analysis scenario, upcoming as well as future opportunities, revenue growth, pricing and profitability.

Click to view the full report TOC, figure and tables:
https://www.globalinforesearch.com/global-geothermal-heat-pumps-market_p187457.html
 
Global Geothermal Heat Pump Market Size In 2017 Was Valued Over USD 3 Billion

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).

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.

Surging demand for sustainable, cost effective, and energy efficient space conditioning systems across commercial and residential embodiments will stimulate the geothermal heat pump market share. Increasing investment across real estate industry along with growing measures to promote environmental awareness are some of the vital factors influencing energy efficient technologies demand. For instance, ground source heat pump can reduce the energy consumption from 20% to 50% in the cooling mode and 30% to 70% in heating mode when compared with conventional HVAC systems.

Low O&M cost, high reliability and less energy consumption are some of the imperative parameters which will fuel closed loop geothermal heat pump market size. The system circulates antifreeze solution for transferring the ground temperature to GHP through buried pipe which will enhance the product deployment.

Europe accounted for the highest market share of the geothermal heat pumps in 2017 and is anticipated to be the dominating region until the end of the projected year. Increasing investment for the infrastructure of green building with increasing demand for cooling & heating system is anticipated to propel the geothermal heat pump market in the region. Replacement and retrofitting of old systems act as a key regional driver for the region. Investment of around USD 250 billion was announced by the Federal Government of Germany for infrastructure in 2017. Geothermal heat pumps market is a mature market in countries such as Sweden, Switzerland, France, and Germany. A scheme for Renewable Heat Incentive (RHI) initiated by the UK government has supported the growth of the geothermal heat pumps market.

North America was the second largest market of geothermal heat pumps in 2017 and it is estimated to be the fastest growing region after the Asia Pacific in near future. Countries such as Canada and the U.S. anticipate to register the fastest growth in the region owing to exponentially increasing demand for the resources of renewable energy and availability of shallow and constant ground temperature in all over the country is expected to boost the demand of the market. A geothermal system can reduce around 44% consumption of energy than the available alternatives. HR 1090 legislation has been declared by the U.S. government for the tax credits of geothermal that will enlarge tax levies for installation of GHP, small wind turbines, and CHPs until 2021. It is estimated to enhance the market for the commercial and residential applications in the upcoming years.

The Asia Pacific is expected to be the fastest growing region followed by North America owing to the rising infrastructure in the economies such as China, Japan, and India. The increased requirement for replacement of geothermal heat pumps in China is estimated to propel the geothermal heat pumps market.

The Middle East and Africa and Latin America are estimated to exhibit moderate growth rate within the years to come, owing to undeveloped countries in the region and relatively less investment in infrastructure.

For More Information On This Report, Please Visit @
https://www.globalinforesearch.com/global-geothermal-heat-pumps-market_p187457.html

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