Geothermal Heat Pumps Market– Statistics And Analysis & Forecast To 2027Posted by Mrudula Anil Karmarkar on February 3rd, 2021 The global geothermal heat pumps market size is expected to reach USD 16.4 billion by 2027 registering a CAGR of 7.2%, according to a new report by Grand View Research, Inc. The growth can be attributed to the rising need for renewable energy sources coupled with extensive government support, in terms of incentives, subsidies, and other monetary benefits. The growth of the construction and housing industry for the single and multi-unit dwelling is anticipated to drive the demand for geothermal heat pumps (GHPs) during the forecast period. Rising spending in the hospitality and commercial sectors has led to the increasing demand for efficient buildings & establishments driving the demand for GHP. Growing demand for energy-efficient heating products in Europe, North America, and Asia Pacific are expected to boost market growth. Moreover, increased income levels, rapid urbanization, and climatic changes across the globe are expected to trigger the product demand in the coming years. The U.S. government has favorable policies encouraging the installation of heat pumps, such as personal tax credits and direct incentives on the product installation. Improving energy efficiency across industries is one of the prime objectives of governments across the world. Rising need for renewable energy sources along with extensive government support in the form of subsidies, incentives, and other monetary benefits projected to drive the market over the forecast period. Growing population coupled with rapid industrialization has resulted in massive energy consumption across the world. 13The global geothermal heat pumps market size was valued at USD 9.4 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2020 to 2027. Growing demand for reliable, cost-effective, and energy-efficient solutions are projected to drive market growth over the forecast period. The geothermal heat pump (GHP) extracts heat from the ground for space heating, cooling, and hot water generation. Such a pump extracts heat by the horizontal or vertical collector. The extracted heat is commonly distributed through a hydronic distribution system. A GHP offers higher efficiency than air-source owing to the advantage of the stable temperature of its geothermal subsoil heat source. The U.S. is one of the prominent markets for a geothermal heat pump. Increasing carbon emission and fluctuating energy prices led the consumers to use renewable heat sources, which is expected to drive the product demand in the country. Geothermal Heat Pump Market Report Highlights
The U.S. government has favorable policies encouraging the installation of heat pumps, such as personal tax credits and direct incentives on the product installation. Improving energy efficiency across industries is one of the prime objectives of governments across the world. Rising need for renewable energy sources along with extensive government support in the form of subsidies, incentives, and other monetary benefits projected to drive the market over the forecast period. Growing population coupled with rapid industrialization has resulted in massive energy consumption across the world. Growing consumption of fossil fuels, such as coal, oil, and natural gas, to meet heating requirements has a severely harmful impact on the environment. Rising awareness about climate change and greenhouse gas emissions is expected to boost the demand for energy-efficient products and technologies. Moreover, government regulations and emission standards are projected to increase the demand for energy-saving products, such as geothermal heat pumps, in the industrial and residential sectors, thereby supporting market growth. The closed-loop type segment accounted for the largest market share of 85% in 2020 on account of high demand for these products due to their efficiency, low maintenance cost, and high durability. Closed-loop GHP uses multiple loops of interconnected pipe buried in the ground. A water or antifreeze solution flows continuously through the pipe. Geothermal heat is absorbed into the solution flowing in the closed-loop. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/1685/ibb Companies in the market have undertaken strategies, such as technology innovations, research & development, partnerships, and merger & acquisitions, to expand their product portfolio as well as to manufacture cost-effective, highly efficient, and superior products. Regional companies form strategic partnerships with major international players to promote the development of products with international standards. Major manufacturers of heat pumps are also concentrating on improving and expanding their after-sales and service network through M&A. For instance, in May 2018, Stiebel Eltron acquired Danfoss Vlrmepumpar AB, a key manufacturer and one of the biggest suppliers in the Nordic market. Some of the prominent players in the geothermal heat pumps market include:
Grand View Research has segmented the global geothermal heat pump market on the basis of type, application: Geothermal Heat Pump Type Outlook (Revenue, USD Billion, 2016 - 2027)
o Horizontal o Vertical
Geothermal Heat Pump Application Outlook (Revenue, USD Billion, 2016 - 2027)
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