Transparency Market Research Report Added "Geothermal Heat Pumps Market" to its database.
Albany, NY -- (SBWIRE) -- 12/17/2014 -- Also known as ground source heat pump (GSHP), geothermal heat pumps are devices that can transfer heat to and from the ground for heating or cooling purposes. Though first used in the 1940's the technology was not commercially available to us until recently.
In these pumps, electrically driven compressors are used to raise the temperature of fluids near ground temperature, to one useful for heating. Such pumps primarily use the inherent heat in the earth's surface for heating or cooling purposes. In these pumps the earth is used as a heat sink during summertime and as a heat source during the winter. Efficiencies ofGHP's generally exhibit seasonal variations.
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The primary driver for this technology is the energy savings it delivers. Apart from saving energy, financial savings are substantial too. Pay back periods for such pumps can be as low as five years along with additional savings in operating expenses. With conventional fuel oil prices rising globally, such heat pumps can provide cheaper and cleaner energy. Since burning of fuel is not required in GHP's, heating requirements are addressed with little or no pollution from the user's end. Such pumps are extremely durable in nature and demand very little maintenance. The useful life of GHP's go up to over 30 years making them extremely cost efficient in the long run. A booming housing sector inemerging economies around the world along with supportive government policies is fuelling the growth of this sector. Certain challenges like an economic slowdown in the U.S. and a faltering construction industry may pose certain challenges for the GHP industry. However as the economy recovers, investor and consumer interest towards installation of such pumps is going to be reinstated. Also the policies supporting these installations before the economic downturn are still in place, and are likely to support the industry as it did in the past.
The geothermal heat pumps may be segmented on the basis of types and end use. The types of heat pumps may be classified as open loop systems, closed loops systems and hybrid systems. Closed loop systems are further sub classified into horizontal, vertical and pond/lake systems. On the basis of end use the classification may be done as residential, commercial, institutional and industrial.
The U.S. has the largest worldwide GHP installed base. European markets are also catching up with large installations in Sweden and Germany. Asian heat pump markets are currently much less established compared to the U.S. or Europe. However recent developments in China and Japan in terms of acceptance of the technology and R&D for the same, are causing significant growth in these regions. Korean markets are growing significantly due to legislative policies being passed by the government. Hence regional segmentations will be done as North America, Europe and Asia Pacific.
Some of the key players in the industry include Aquatherm Industries Inc., FHP Bosch Group, Airgenerate, Climate Master Inc., ECR International Inc. and Nyle Systems among others.
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