The Geothermal Heat Pump Market exceeded USD 3 billion in 2017 and the annual installation is projected to exceed 720 thousand units by 2024 as shifting trends toward bio economy-based development will boost industry demand.
Sellbyville, DE -- (SBWIRE) -- 02/28/2019 -- The tremendous governmental pressure to adopt renewable energy sources will drive Geothermal Heat Pump Market. The rising depletion of fossil fuels and the never-ending requirement of energy across the world has necessitated the adoption of alternative energy sources. Geothermal heat pumps primarily transfer heat to or from the ground, using the heat absorbed by the Earth from the Sun. They are extremely useful for space heating in areas that lack geothermal energy sources. Subject to the rising requirement for efficient space heating systems from the commercial and residential arenas, geothermal heat pump market is slated to exceed USD 130 billion by 2024, having held a revenue of USD 80 billion in 2016.
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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Growing concerns toward environmental sustainability and energy security along with shifting trends toward bio economy-based development will drive the global geothermal heat pump market. Introduction of energy efficiency protocols by regulators with an aim to reduce carbon footprint will further propel the industry outlook. In 2016, Government of Germany introduced Climate Action Plan 2050 across the nation with an aim to curb GHG emissions up to 55% by 2030 compared with 1990 levels.
Speaking of North America, U.S. is forecast to be a key revenue contributor, subject to the fact that the country's ground temperature is constantly shallow. The EPA has stated that geothermal systems help curtail more than 44% of the energy consumption in comparison to other sustainable energy sources. Pertaining to this factor, U.S. geothermal heat pump market is expected to grow lucratively over the next few years, having held a valuation of USD 20 billion in 2016.
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.
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Germany geothermal heat pump market is anticipated to expand over 20 thousand units by 2024. Surging demand for energy efficient heating and cooling system coupled with positive outlook toward net zero emissions building infrastructure will fuel the business landscape. Growing focus to reduce import dependency along with improving living standards will further augment the industry growth. In 2016, government of Germany declared to spend over USD 200 billion on infrastructure.
Major participants across ground source heat pump industry are Viessmann, Weishaupt AG, Trane, Vaillant Group, Glen Dimplex, Danfoss, Modine Manufacturing Company, Daikin Applied Americas, NIBE Energy Systems Limited, Carrier Corporation, ClimateMaster, Inc. & Daikin Applied Americas.