Europe geothermal heat pump market to exhibit phenomenal growth trajectory over 2017-2024, favorable regulatory framework to augment the industry demand

Geothermal heat pump market is slated to register a remarkable valuation of USD 130 billion by 2024, driven by its proven efficiency over the traditional air conditioners and gas furnaces. The rising electricity costs are providing the adoption of geothermal heat pumps a considerable push, as these systems reduce the overall electricity expenditure by 30% - 60%, which is indeed a decent curtailment. The ongoing initiatives by both the government and private entities to facilitate the usage of renewable energy resources and parallelly ensure the sustainability of fossil fuels are also substantially driving the global geothermal heat pump industry trends. Global Market Insights, Inc. evaluated the geothermal heat pump market valuation to be worth USD 80 billion in 2016.

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Europe is one of the prominent regions partaking in the ‘go-green’ march, the testimony of the fact being the favorable government norms in the European countries emphasizing on the usage of renewable energy. For instance, UK launched the Renewable Heat Incentive Program to leverage financial support in terms of tax rebates, incentives, etc. for generating renewable heat. Also, as per the EU directive, the renewable energy should account for 27% of the total energy consumption by 2030. Europe, under the 2030 climate and energy framework, also targeted to cut the greenhouse gas emissions by 47% from its level in 1990. On these grounds, Europe geothermal heat pump market is poised to be a lucrative growth avenue over the coming years. Germany will majorly drive the regional revenue, with the growing trend of green buildings across this region. As per the estimates, Germany geothermal heat pump market held 15% of the European industry share in 2016.

In terms of application, both the residential and the commercial sectors are significantly contributing to the global share. The increasing infrastructure spending and focus toward energy-efficient building envelope is stimulating the geothermal heat pump market size from the commercial sector. Also, the demand to reduce the electricity bills and the rapid urbanization is propelling the residential geothermal heat pump industry share. The U.S. will witness a substantial adoption of these systems in the residential space over the coming timeframe. As per EPA, the geothermal systems curtail the total energy consumption by 44%, which is a remarkable reduction when compared to the other alternatives. As per the estimates, U.S. geothermal heat pump market was worth USD 20 billion in 2016.

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Asia Pacific geothermal heat pump market will also record substantial gains over the coming period, with China driving the regional demand. The Chinese government, in 2016, declared to triple its consumption of the geothermal energy to 72.1 million tons of coal equivalent by 2020.

With the stringent regulatory framework pertaining to the usage of renewable energy, geothermal heat pump market is certain to witness a commendable degree of commercialization over the coming period. The overall geothermal heat pump industry is projected to surpass 110 GWT by 2024, in terms of volume. The industry is characterized by frequent collaborations to enhance the global expansion and customer pipeline. Key players include NIBE, Modine Manufacturing, Danfoss, Robert Bosch, Byrant, and Kensa Heat Pumps.

Browse key industry insights spread across 200 pages with 194 market data tables & 9 figures & charts from the report, “Geothermal Heat Pump Market Size By Product (Open Loop, Closed Loop (Vertical, Horizontal)), By Application (Residential, Commercial (Government Center, Office Buildings, Educational Institutes)), Industry Analysis Report, Regional Outlook (U.S., Canada, Sweden, Germany, France, Finland, Austria, Netherland, China, South Korea, Japan, Switzerland), Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/geothermal-heat-pump-market

Browse Related Report:
District Heating Market Size By Source (CHP, Geothermal, Solar, Heat Only Boilers), By Application (Residential, Commercial/Institutional (College/University, Office, Government/Military), Industrial (Chemical, Refinery, Paper)), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Poland, Russia, Sweden, Finland, Italy, Denmark, UK, China, Japan, South Korea), Price Trends, Competitive Market Share & Forecast, 2017 – 2024

https://www.gminsights.com/industry-analysis/district-heating-market

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