Sellbyville, DE -- (SBWIRE) -- 01/16/2019 -- Geothermal Heat Pump Market size is set to exceed USD 4 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.

Shifting trends toward energy conservation & environmental sustainability coupled with rising focus toward minimizing GHG emissions from conventional heating systems will stimulate the global geothermal heat pump market (GSHP) share. A ground source heat pump consumes lesser energy to operate i.e. 20% to 50% when compared with conventional units. In addition, respective governments have introduced various green building codes, standards and norms to encourage the deployment of renewable technologies which will further boost the product demand.

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Emerging demand for sustainable space conditioning and durable systems to reduce electricity consumption will fuel the geothermal heat pump market growth. Positive outlook toward development of residential infrastructure, population migration toward urban areas along with strengthening purchasing power parity are some of the key parameters propelling the energy demand. Volatility in crude oil and electricity prices have positively influenced the demand for energy efficient systems. However, the high installation cost of ground source heat pump is hindering the industry dynamics.

Increasing spending toward the construction of single house building units in Midwest and Northeast region along with availability of constant shallow ground temperature will stimulate the U.S. geothermal heat pump market share. Government measures to encourage the adoption of renewable energy mix along with strict norms pertaining to carbon footprints will further augment the industry outlook. For instance, tax rebate & credits and financial assistance has been introduced for promoting the penetration of geothermal energy driven heat pump.

Closed loop GHP market size is set to witness growth on account of emerging demand for sustainable heating systems from commercial establishments across cold climatic regions. Low O&M costs and improved reliability are the few parameters that will enhance the product adoption. In addition, limited space requirement features will make the adoption of vertical installation preferable over its counterparts.

Residential geothermal heat pump market is anticipated to exceed 300,000 units by 2024. Increasing disposable income of individuals along with growing investment toward refurbishment and renovation of new establishments are some of the major factors which will boost the product demand. Growing measures to improve air quality along with rising awareness toward benefits of renewable technologies will further complement the business outlook.

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China geothermal heat pump market is set to witness growth of over 6% by 2024. Introduction of several government mandates to reduce environmental pollution by promoting the utilization of renewable technologies will boost the industry growth. For instance, the Government of China announced to triple the consumption of geothermal energy from 2016 to 2020 i.e. up to 72 MTOE.

Major participants across ground source heat pump industry are Weishaupt, Viessmann, Stiebel Eltron, Mitsubishi Electric, Bard HVAC, OCHSNER Warmepumpen, Nortek Global HVAC, Trane, Bosch Thermotechnology, Green Planet Supply Technologies, Spectrum Manufacturing, Earthlinked Technologies, Modine, NIBE, ClimateMaster, Glen Dimplex, Carrier, Swegon, Danfoss, Vaillant, Daikin and Wolf.

Browse key industry insights spread across 250 pages with 228 market data tables & 8 figures & charts from the report @ https://www.gminsights.com/industry-analysis/geothermal-heat-pump-market

Geothermal Heat Pump Market, By Application
- Residential
- Commercial
- Educational Institutes
- Healthcare
- Retail
- Logistics and transportation
- Offices
- Hospitality
- Others