Global Geothermal Heat Pumps Market: Commercial Consumers to Remain Key Contributors owing to High Installation.

The competition among players operating in the global geothermal heat pumps market is intense, as they strive to gain a prominent position in the market, finds Transparency Market Research (TMR). The players compete in terms of cost and by employing marketing strategies. According to a TMR analyst, “The scope of product differentiation is comparatively low in the global geothermal heat pumps market.” Although the competition among the manufacturers and installers of geothermal heat pumps is strong, the key multinational companies have an advantage over small-sized manufacturers and installers, as they have access to several distribution chains and channels.

The prime companies operating in the market are WaterFurnace International Inc., Florida Heat Pump Manufacturing, GeoMaster LLC, Finn Geotherm U.K. Ltd., Dimplex Ltd., Kensa Heat Pumps Ltd., Enertech Global LLC, Danfoss Heat Pumps U.K. Ltd., Bryant Heating and Cooling Systems, and Climatemaster Inc.

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The global geothermal heat pumps market is projected to expand at a 13.1% CAGR between 2014 and 2020, reaching an estimated valuation of US$130.50 bn by the end of 2020.

Closed Loop Geothermal Heat Pumps to Gain Popularity

On the basis of technology, the global geothermal heat pumps market has been bifurcated into closed and open loop geothermal heat pumps. Among these two, closed loop geothermal heat pumps technology emerged as the dominant segment in 2013 and is expected to retain a leading position in the market until 2020. The closed loop geothermal heat pumps technology segment is further divided into pond/lake systems, horizontal loops, and vertical loops. Closed loop geothermal heat pumps are likely to gain popularity over the coming years owing to the loop configuration it employs during the water heating process.

Based on end use, the market has been classified into commercial and residential systems. They are the key users of geothermal heat pumps. As compared to residential geothermal pump systems, commercial pumps have enhanced capacities. Commercial customers are expected to emerge as the prominent end users of geothermal heat pumps over the next couple of years. The demand for geothermal heat pumps from the commercial customers segment is high because they are relatively immune to the high initial investments required for the installation of geothermal heat pumps. Commercial customers stress on long-term energy savings rather than short-term returns on investment.

Geographically, Europe leads the global geothermal heat pumps market at present, closely trailed by North America and Asia Pacific. The four prominent markets for geothermal heat pumps in Europe are Switzerland, France, Germany, and Sweden. However, countries such as Poland, the Czech Republic, the U.K., and Greece are likely to emerge as attractive markets for manufacturers to capitalize on.

Adoption of Geothermal Heat Pumps to Intensify as Energy Prices Surge

The rising demand for energy from both commercial and residential sectors and the declining availability of non-renewable resources have impelled consumers to focus on employing energy alternatives to meet their unmet energy needs. Furthermore, the mounting prices of LPG and electricity have also caused concerns among consumers. High emissions of greenhouse gases are further expected to boost the demand for geothermal heat pumps over the coming years. Their adoption is being further driven by their durability and resilient nature.

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However, faulty installations and errors in the deployment of geothermal heat pumps are anticipated to negatively affect the sustainability of the pumps, as they can lead to huge expenses for the consumer. An incorrectly installed pump is unable to handle the total load and thus puts pressure on the immersion heater for supplying the energy. This problem is expected to hinder the market’s growth over the forthcoming years.

Global geothermal heat pumps market has been segmented as:

Geothermal Heat Pumps Market: Technology Analysis

Open Loop Systems
Closed Loop Systems
Vertical Loops
Horizontal Loops
Pond/Lake Systems

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