WorldWide Geothermal Heat Pump Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 - 2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Geothermal Heat Pump Market

Industry / Sector Trends

Geothermal Heat Pump Market size in 2017 was valued over USD 3 billion and the annual installation is projected to exceed 720 thousand units by 2024.
 

Sweden GHP Market Size, By Product, 2017 & 2024 (USD Million)

 

 

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 size. 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.
 

Surging demand for sustainable, cost effective, and energy efficient space conditioning systems across commercial and residential embodiments will stimulate the geothermal heat pump market share. Increasing investment across real estate industry along with growing measures to promote environmental awareness are some of the vital factors influencing energy efficient technologies demand. For instance, ground source heat pump can reduce the energy consumption from 20% to 50% in the cooling mode and 30% to 70% in heating mode when compared with conventional HVAC systems.
 

Geothermal Heat Pump (GHP) Market, By Product

U.S. Geothermal Heat Pump Market Share, By Closed Loop, 2017 (USD Million)

 

 

Low O&M cost, high reliability and less energy consumption are some of the imperative parameters which will fuel closed loop geothermal heat pump market size. The system circulates antifreeze solution for transferring the ground temperature to GHP through buried pipe which will enhance the product deployment.
 

Open loop in 2017, accounted for over 15% of the geothermal heat pump market share. Ability to offer higher efficiency, low installation cost, minimize delay time and reduce heat transfer loss are some of the indispensable parameters fueling the product penetration. These products use ground water for cooling and heating applications and finds wide applicability across tenant finish installation.
 

Market Segmentation, Outlook & Regional Insights: Geothermal Heat Pump Market

 Geothermal Heat Pump Market, By Application
 

Japan GHP Market Share, By Commercial Application, 2017 (USD Million)

 

 

Residential application market will witness a growth on account of surging demand for revamping and replacement of conventional systems. The product ability to easily integrate with HVAC systems across existing and new constructed establishments will make its adoption preferable over other counterparts. Furthermore, increase in investment toward the re-establishment and refurbishment of buildings along with strong economic growth will further stimulate the industry dynamics.
 

Commercial ground source heat pump market is anticipated to witness growth of over 3% by 2024. Introduction of several codes and standard toward green building infrastructure to reduce the GHG emissions by promoting the deployment of renewable technologies will positively influence the industry outlook. For instance, in 2017, the U.S. Governor Andrew announced to invest over USD 10 million under the rebate program, to reduce GHG emissions, promoting adoption of sustainable heating and cooling system in New York.
 

Geothermal Heat Pump Market, By Region

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.
 

Increased in investment toward single and multi -housing building infrastructure backed by population migration toward urban area and strong economic growth will enhance the U.S. ground source heat pump market size. In addition, availability of shallow ground temperature primarily in Wilkes/Scranton -Barre areas along with growing focus to limit the consumption of fossil resources will further complement the industry dynamics.
 

Key Players, Recent Developments & Sector Viewpoints: Geothermal Heat Pump Market


Eminent players across ground source heat pump industry are Swegon, Thermic Energy, Solarbayer, Wolf, Toshiba, Systemair, Weishaupt, Trane, Vaillant, Viessmann, Glen dimplex, Stiebel Eltron, Bosch Thermotechnology, Danfoss, Modine, Mitsubishi Electric, Daikin, NIBE, Carrier, Bard HVAC, Spectrum Manufacturing, Green Planet Supply Technologies, OCHSNER Warmepumpen, ClimateMaster, Earthlinked Technologies and Nortek Global HVAC.
 

Several M&A and collaborations has been witnessed in the marketplace, with an aim to enhance customer portfolio and expand global footprint. In 2018, Dandelion launched a geothermal system that enable the consumers save on electricity bills and reduce carbon emissions.
 

Geothermal Heat Pump (GHP) Industry Viewpoint

 

GSHP is energy efficient system that extract heat from ground surface by circulating antifreeze solution through underground piping loops. The product harnesses a constant ground temperature as exchange medium. They are categorized by ground heat exchanger component, air delivery system and heat pump units. It is suitable for heating and cooling application across residential and commercial establishments.

Key Insights Covered: Exhaustive Geothermal Heat Pump Market
1.  Market size (sales, revenue and growth rate) of Geothermal Heat Pump industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Geothermal Heat Pump industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Geothermal Heat Pump industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Geothermal Heat Pump industry.

Research Methodology: Geothermal Heat Pump Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.