Geothermal Heat Pumps Market to Advance at CAGR of 13.1% during 2021-2031; Finds TMR Study
· Inclination toward renewable energy technologies spurring purchasing and installation by residential and commercial users, increasingly in retrofit system installations, and generating lucrative opportunities in geothermal heat pumps market
· Growing awareness about benefits of geothermal heat pump system especially among commercial users to catalyze adoption, especially in Asia Pacific and Europe
ALBANY, N.Y., April 14, 2022 /PRNewswire/ -- Residential and commercial users gravitating toward renewable and sustainable source of energy have underpinned massive lucrative avenues in the geothermal heat pumps market. The simplicity and low maintenance of the equipment combined with remarkable efficiency has spurred adoption of the technology in new building and in retrofit systems. Globally, the valuation is projected to reach US$ 505.47 Bn by 2031, finds an in-depth study on the size of the geothermal heat pumps market.
Growing number of commercial building owners in developed as well as developing regions of the world are installing geothermal heat pump (GHP) system, driven by the several advantages the technology has in space heating and cooling. The wide range of applications where geothermal heat pumps can be put, in addition to their benefits in fuel savings and lowering energy bills, have bolstered the uptake in commercial and residential facilities.
The analysts at TMR in a detailed scrutiny of the dynamics of the geothermal heat pumps market assert that GHP systems have increased in configurations, thus proving to be a versatile product for applications in various types of buildings in several countries. Closed-loop system both horizontal and vertical have in recent years have proliferated in installation, expanding lucrative avenues for players in the geothermal heat pumps market.
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Key Findings of Geothermal Heat Pumps Market Study
- Installation in New & Old Residential and Commercial to Reinforce Revenue Growth: Geothermal heat pumps have gained wide traction in residential buildings. The installation has also risen in commercial buildings, and has reinforced revenue growth of the geothermal heat pumps market. The inclination toward adopting renewable energy technology has spurred the popularity of products in various configurations. Uptake of the technology in retrofit systems also has been generating incremental avenues, observed the authors of a TMR study on the geothermal heat pumps market. The adoption of heat pumps in retrofit applications is expected to rise in near future, thereby will fuel the sales prospects in the geothermal heat pumps market.
- Closed-loop Systems Gathering Traction: Closed-loop systems particularly horizontal loops and vertical loops have risen in adoption in residential and commercial buildings. The authors of the TMR study estimate the share of the segment to reach 87.99% by 2031. Of note, vertical systems are likely to gain popularity over the next few years, thus generating lucrative opportunities for companies to capitalize on, find the TMR analysts in an in-depth study. These systems are characterized by less space requirements. GHPs have proved to be relatively cost-efficient for water heating applications in all types of buildings, thus bolstering the demand potential. Technological advancements are expected to boost energy efficiency further. Additionally, manufacturers are gearing toward launching products that promote users' comfort.
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Geothermal Heat Pumps Market: Key Drivers
- Advancements in HVAC systems have increasingly aimed at integration of renewable energy sources in conditioning equipment for buildings. The trend has continued to drive the evolution of the geothermal heat pumps market over the years.
- The demand for energy-efficient and quieter heat pumps that don't depend on outdoor ambient air temperature has spurred the popularity of the technology underlying geothermal heat pumps. The technology has especially attracted commercial building owners as a system to save energy bills with emphasis on reducing the use of fossil-fueled source of heating.
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Geothermal Heat Pumps Market: Regional Growth Dynamics
- Europe has witnessed widespread adoption of geothermal heat pumps. While the demand has matured in a few countries, some nations including the U.K., Poland, Greece, and the Czech Republic will continue to attract purchase and installation of products. This is expected to offer revenue gains to players in the Europe geothermal heat pumps market.
- Asia Pacific is a potentially lucrative geothermal heat pumps market, with China alone witnessed a large number of installed capacities in buildings. New revenue streams will emerge from the expected installation among various end users in Australia, Korea, and New Zealand.
Geothermal Heat Pumps Market: Key Players
Some of the key players in the geothermal heat pumps market are WaterFurnace International Inc., Kensa Heat Pumps Ltd., Florida Heat Pump Manufacturing, Danfoss Heat Pumps U.K., WaterFurnace International, and GeoMaster LLC.
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Global Geothermal Heat Pumps Market: Segmentation
Geothermal Heat Pumps Market by Technology
- Open Loop Systems
- Closed Loop Systems
- Vertical Loops
- Horizontal Loops
- Pond/Lake Systems
Geothermal Heat Pumps Market by End-user
- Residential
- New Building Systems
- Retrofit Systems
- Commercial
- New Building Systems
- Retrofit Systems
Geothermal Heat Pumps Market Region
- North America
- Europe
- Asia Pacific
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