Albany, NY -- (SBWIRE) -- 09/03/2015 -- The global geothermal heat pumps market was valued at US$55.30 billion in 2014 and is expected to be valued at US$130.50 billion by 2020. The global geothermal heat pumps market is expected to develop at a 13.1% CAGR in the period between 2014 and 2020. The report, titled 'Geothermal Heat Pumps Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020', highlights the factors that drive the global geothermal heat pumps market.The report segments the global geothermal heat pumps market as per cumulative revenue and installed capacity. As per the installed capacity, in 2013, the global geothermal heat pumps market was worth 52,638.18 MWt and is expected to be worth 119,303.66 MWt during the forecast period. The global geothermal heat pumps market is poised for healthy growth at a CAGR of 12.8% for the period from 2014 to 2020.

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Rising oil prices and electricity costs have generated more demand for energy substitutes. Cost-effectiveness and reliability make the energy substitutes more popular than oil-operated ones. The demand from the global geothermal heat pumps market has increased in recent years and is expected to increase further during the forecast period. As per technology, the global geothermal heat pumps market is segmented into closed loop systems and open loop systems. Closed loop systems are subdivided into pond/like loops, horizontal loops, and vertical loops. The closed loop systems market dominated the global geothermal heat pumps market in 2013 with an 85.68% share. Considering their loop configuration and other features, closed loop systems are commonly used across the globe. For every market segment, regional market tables are provided to better understand the market penetration of different technologies in different regions.

By application, the global geothermal heat pumps market is segmented into the commercial and residential sectors. Both commercial and residential segments are subdivided into new building systems and retrofit systems. The report geographically segments the global geothermal heat pumps market into Europe, Asia Pacific, and North America. North America and Europe dominated the global geothermal heat pumps market in 2014. Germany, France, Switzerland, and Sweden are the mature segments of the European market. In Asia Pacific, the geothermal heat pumps market is expected to grow at a steady pace in the coming few years. China will continue to lead the geothermal heat pumps market in Asia Pacific for the period between 2014 and 2020.

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WaterFurnace International, Dimplex, GeoMaster LLC, Bryant Heating and Cooling Systems, Danfoss Heat Pumps U.K., Climatemaster, Florida Heat Pump Manufacturing, and Enertech Global LLC, are some of the key players in the global geothermal heat pumps market. The report studies the Porter's Five Forces analysis to understand the major forces or factors that affect profitability and industry structure of the global geothermal heat pumps market.

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