Geothermal Heat Pumps Market By Technology (Closed Loop and Open Loop), For Residential and Commercial (New Build and Retrofit) and End-Use Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 05/08/2015 -- Transparency Market Research (TMR), a U.S.-based market research and intelligence firm, has recently announced the release of a new market research report. The research report is titled "Geothermal Heat Pumps Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020".According to the findings of the research report, in 2013, the global geothermal heat pumps market stood at US$55.30 billion and is estimated to touch US$130.50 billion by the end of 2020, exhibiting a progressive 13.1% CAGR between 2014 and 2020. In terms of installed capacity, this market was worth 52638.18 MWt in 2013, further projected to be at 119303.66 MWt by the end of 2020. This market is anticipating a healthy growth at a 12.8% CAGR between 2014 and 2020.
The increasing electricity and oil prices are shifting consumer preference towards cost-effective energy substitutes. Moreover, the highly reliable nature of the system and easy financial options for consumers are fueling the demand from the geothermal heat pumps market. However, faulty installations and wrong estimation of pump size are curbing the demand for geothermal heat pumps across the globe. On the basis of technology, the global geothermal heat pumps market has been categorized into open loop systems and closed loop systems. The closed loop system segment is further divided into vertical loops, pond/lake loops, and horizontal loops. Geothermal heat pumps are primarily required for installing ground loops, which give a platform for heat exchange to take place.
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The closed loop segment held the largest share of the global geothermal heat pump according to installed capacity, holding an 85.68% share of the total market in 2013. Even though open loop systems are highly efficient, closed loop systems are widely used for loop configuration across the globe. Open loop systems are majorly reliant on the accessibility to groundwater reserves. The regulatory barriers regarding the usage of groundwater reserves are responsible for hampering the spread of open loop geothermal heat pump systems across the globe. On the basis of application, the global geothermal heat pumps market is categorized into residential and commercial. Both residential and commercial segments are further categorized into retrofit systems and new building systems.
The global heat pumps market has been geographically segmented into Asia Pacific, Europe, and North America. As per the research report, Europe and North America are leading the global geothermal heat pumps market. European countries such as France, Germany, Sweden, and Switzerland are mature markets and have experienced a steady decline in installed capacity in the last few years. In the Asia Pacific geothermal heat pumps market, the demand for retrofit systems is expected to remain high in the coming years. In Asia Pacific, China is the largest contributor to the geothermal heat pumps market.
Browse the full Geothermal Heat Pumps Market By Technology (Closed Loop and Open Loop), For Residential and Commercial (New Build and Retrofit) and End-Use Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 - 2020 report at http://www.transparencymarketresearch.com/geothermal-heat-pumps-market.html
The research report has specified the prominent players operating in the global geothermal heat pumps market and has presented their detailed company analysis. Some of the key players of this market are WaterFurnace International, Enertech Global LLC, Dimplex, Finn Geotherm U.K., GeoMaster LLC, Florida Heat Pump Manufacturing, Bryant Heating and Cooling Systems, Kensa Heat Pumps, Danfoss Heat Pumps U.K., and Climatemaster.
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