New York, NY, July 26, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Geothermal Heat Pumps Market by Technology (Open Loop Systems and Closed Loop Systems), by End-user (Residential and Commercial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, global geothermal heat pumps market was valued at USD 70.61 billion in 2017 and is expected to reach USD 187.72 billion in 2024, growing at a CAGR of 13% between 2018 and 2024.
For the geothermal heat pumps (GHP) market, machinery is a major development to ventilation, conventional heating, and air conditioning systems that are usually based on air-source heat pumps.
Browse through 29 Tables & 26 Figures spread over 110 Pages and in-depth TOC on “Global Geothermal Heat Pumps Market: By Type, Size, Share, Industry Trends and Forecast, 2017 – 2024”.
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The market is driven by economical energy source as compared to fossil and other fuels and the pollution-free energy source is estimated to drive the geothermal heat pumps market over the forecast period. However, the high initial cost and the difficult terrain is expected to impede the demand of the market. Nevertheless, rising investments in enhanced geothermal systems (EGS) and its provision to reduce the cost are major opportunities to the global geothermal heat pumps during the projected years.
The global market of geothermal heat pumps is segmented into technology, end-user, and region On the basis of technology, the geothermal heat pumps market is divided into open loop systems and closed loop systems. Closed-loop systems held the largest market share in 2017. Closed-loop systems from the past few years are gaining popularity among the end-users owing to the low maintenance, increased reliability, and low operating cost. The vertical installation system is mostly preferred than horizontal as it requires less space. For cooling and heating, the open loop system uses underground water. Ability to reduce the loss of heat during transfer and low initial installation cost is projected to enhance the open loop market over the forecast period.
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Europe accounted for the highest market share of the geothermal heat pumps in 2017 and is anticipated to be the dominating region until the end of the projected year. Increasing investment for the infrastructure of green building with increasing demand for cooling & heating system is anticipated to propel the geothermal heat pump market in the region. Replacement and retrofitting of old systems act as a key regional driver for the region. Investment of around USD 250 billion was announced by the Federal Government of Germany for infrastructure in 2017. Geothermal heat pumps market is a mature market in countries such as Sweden, Switzerland, France, and Germany. A scheme for Renewable Heat Incentive (RHI) initiated by the UK government has supported the growth of the geothermal heat pumps market.
North America was the second largest market of geothermal heat pumps in 2017 and it is estimated to be the fastest growing region after the Asia Pacific in near future. Countries such as Canada and the U.S. anticipate to register the fastest growth in the region owing to exponentially increasing demand for the resources of renewable energy and availability of shallow and constant ground temperature in all over the country is expected to boost the demand of the market. A geothermal system can reduce around 44% consumption of energy than the available alternatives. HR 1090 legislation has been declared by the U.S. government for the tax credits of geothermal that will enlarge tax levies for installation of GHP, small wind turbines, and CHPs until 2021. It is estimated to enhance the market for the commercial and residential applications in the upcoming years.
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The Asia Pacific is expected to be the fastest growing region followed by North America owing to the rising infrastructure in the economies such as China, Japan, and India. The increased requirement for replacement of geothermal heat pumps in China is estimated to propel the geothermal heat pumps market.
The Middle East and Africa and Latin America are estimated to exhibit moderate growth rate within the years to come, owing to undeveloped countries in the region and relatively less investment in infrastructure.
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The key players in the global geothermal heat pumps market are Altarock Energy Inc., Climatemaster Inc., Baker Hughes Inc., Alstom SA, Calpine Corp., Exorka GmbH., Florida Heat Pumps., Geoglobal Energy Llc., Contact Energy Ltd., and Geodynamics Ltd.
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This report segments the geothermal heat pumps market as follows:
Geothermal Heat Pumps Market: Technology Analysis
- Open Loop Systems
- Closed Loop Systems
Geothermal Heat Pumps Market: End-user Analysis
Geothermal Heat Pumps Market: Region Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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