Press release
Geothermal Heat Pumps (GHPs) Market to Develop Rapidly by 2020
On the basis of the major end user application of geothermal heat pumps, the market can be segmented in three broad categories namely domestic geothermal heat pump, commercial geothermal heat pump and industrial geothermal heat pump. Based on the technology used, the market is segmented as ground heat exchange, direct heat exchange, close loop system (vertical, horizontal, radial or directional and pond) and open loop system.
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Among the major end user application segments, the domestic geothermal heat pump was the largest application segment whereas the close loop geothermal heat pump was the fasted growing market segment in 2013.
The increasing concern of policy makers towards energy security, environmental sustainability, and trend towards bio-economy based development and well-being of the nation is driving the global geothermal heat pump market. Moreover geothermal heat pump provides lessen energy consumption and helpful in minimizing greenhouse gas (GHG) emissions which is further helping the market. Moreover, in long run geothermal water pump also offers cost benefits over the tradition water heater system.
High installation cost of geothermal heat pumps systems along with lack of consumer awareness or confidence in geothermal heat pump’s benefits is acting as major challenge in overall acceptance of this technology in major developing countries around the globe. Moreover lack of technological advancement and technique towards the cost and performance benefits of geothermal heat pump is limiting the market growth for geothermal heat pump.
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Europe is the largest market of geothermal heat pump followed closely by North America and Asia Pacific. Country wise, Denmark Sweden and Switzerland are the largest market of geothermal heat pump in Europe. The U.S. accounted for the largest market share in geothermal heat pump market in North America in 2013. Asia Pacific is the fasted growing market fueled mainly by the growing demand of the geothermal technology in economically growing countries in this region such as China, Japan and India.
Some of the major companies operating in global agrochemicals market include, Alstom SA, Altarock Energy Inc., Baker Hughes Inc., Calpine Corp., Climatemaster Inc., Contact Energy Ltd., Exorka GmbH., Florida Heat Pumps., Geodynamics Ltd., Geoglobal Energy Llc., Magma Energy Corp., Nevada Geothermal Power Inc., and Water Furnace International Inc.
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