Accordingto a recent market research report published by Transparency Market Research,the global geothermal heat pumps market is projected to expand at a robust CAGRof 13.1% during the period from 2014 to 2020. The report, titled “GeothermalHeat Pumps Market - Global Industry Analysis, Size, Share, Growth, Trends, andForecast 2014 - 2020,” estimates the globalgeothermal heat pumps market to be worth US$130.50 bn by2020. The overall market stood at a valuation of US$55.30 bn in 2014.
Geothermal heat pumps, alsoknown as ground source heat pumps, are central heating/ cooling systems thattransfer heat from or to the ground. These systems utilize earth as the heatsource or heat sink according to weather conditions. Geothermal heat pumps havebeen in use since 1940s and have been widely popular due to their fairly highefficiency compared to air-source heat pumps.
Rising prices of oil andelectricity have led consumers to shift their focus towards low cost energyalternatives such as geothermal energy. Significant cost savings, along withenvironmental benefits have boosted the demand for geothermal heat pumps.Various initiatives taken by governments such as attractive payback periodsassociated with installing these systems in newly-built homes have furtherfueled the growth of the global geothermal heat pumps market. However,incorrect estimation of heat pump sizes and faulty installations have led toseveral instances of product recalls. This is likely to have a detrimentaleffect on the growth of the market. The overall market has a huge opportunityto grow with the rising demand across the commercial sector.
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On the basis oftechnology, the global geothermal heat pumps market is categorized into openloop and closed loop systems. The closed loop systems segment is furtherdivided into vertical loops, horizontal loops, and pond/ lake systems. In 2013,the closed loop systems segment dominated the overall market with a share of85.68%. Closed loop systems are commonly used owing to their loopconfiguration.
In terms ofapplications, the report segments the global geothermal heat pumps market intoresidential and commercial sectors. Both these sectors are sub-segmented intoretrofit systems and new building systems. The usage of geothermal heat pumpsacross the industrial and agricultural sectors is negligible. In terms ofinstalled capacity, the retrofit systems segment across the residential andcommercial sectors is expected to witness significant demand in the nearfuture.
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The report studies thegeothermal heat pumps market across three key regions: North America, AsiaPacific, and Europe. In 2014, Europe and North America dominated the overallmarket. Switzerland, Germany, France, and Sweden are the mature markets inEurope. During the forecast period, Asia Pacific is expected to expand at asteady pace with China driving the demand from this regional market.
The report profiles someof the prominent players in the global geothermal heat pumps market such asClimatemaster Inc., Bryant Heating and Cooling Systems, Danfoss Heat Pumps U.K.Ltd., Enertech Global LLC, Kensa Heat Pumps Ltd., Dimplex Ltd., Finn GeothermU.K. Ltd, GeoMaster LLC, Florida Heat Pump Manufacturing, and WaterFurnaceInternational Inc. Insightful details about these companies such as financialoverview, product portfolio, recent developments, and business strategies theyadopted have been included in the report.
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