The
global geothermal heat pumps market was valued at USD 55.30 billion
in 2013 and is anticipated to reach USD 130.50 billion by 2020, at a
CAGR of 13.1% from 2014 to 2020.
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Geothermal
heat pump is a renewable heating technology which utilizes the earth
as both a heat source and heat sink. Geothermal heat pumps have
proved to be highly capable of substituting conventional heating,
ventilating, and air conditioning (HVAC) systems globally. These heat
pumps are a method of directly utilizing geothermal energy for
heating a building. Apart from heating, these systems can be
customized to provide cooling as well as hot water when required.
Geothermal heat pumps are a widely accepted technology in North
America and Europe. These heat pumps are also rapidly gaining ground
in Asia Pacific, spearheaded mostly by China’s aggressive
initiatives towards utilizing renewable heating technologies.
One
of the major requirements of geothermal heat pumps is the
installation of ground loops. These ground loops are of utmost
importance as they provide a platform for the heat exchange to take
place. Depending on the type of ground loop being installed, the
market for geothermal heat pumps has been broadly segmented into open
loop systems and closed loop systems. Closed loop systems have been
further sub-segmented into horizontal loops, vertical loops, and
pond/lake systems. Although open loop systems are more efficient,
closed loop systems are the most widely utilized loop configuration
globally. In 2013, closed loop systems accounted for 85.68% of the
global geothermal heat pump installed capacity. Open loop systems are
highly dependent on the availability of adequate groundwater
reserves. Numerous regulatory hurdles associated with the utilization
of groundwater aquifers have played a major role in inhibiting the
deployment of open loop geothermal heat pump systems globally.
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Both
horizontal and vertical loop configurations are highly popular choice
while installing a closed loop geothermal heat pump system.
Horizontal closed loop configurations involve digging trenches for
installation of the ground loops. On the other hand, vertical ground
loop installations involve drilling vertical boreholes for placing
the loops. Vertical loop configurations are highly useful when
relatively lower space is available for installing the ground loop.
As a result, vertical loop systems are the most popular and widely
installed loop configuration globally. Pond/Lake systems are also
highly efficient and require minimal earth moving expenses. However,
this loop configuration is highly dependent on the availability of a
water body nearby, which significantly stunts adoption rates.
Residential
and commercial users are the major adopters of geothermal heat pumps
globally. Both the industrial and agricultural sector also utilize
geothermal heat pumps; however since the utilization of the
technology by these sectors is negligible, they have been
incorporated within the commercial sector. Both residential and
commercial segments have been further sub-segmented into new building
systems and retrofit systems. Both new building and retrofit systems
are likely to be equally popular among adopters throughout the
forecast period. However, in terms of installed capacity, the
retrofit sector is likely to exhibit more attractive growth rates.
Mature markets for geothermal heat pumps in Europe such as Sweden,
Germany, France, and Switzerland have been utilizing this technology
for over 20 years. We estimate that within the forecast period,
numerous ageing geothermal heat pump units in these countries are
likely to be replaced. This is expected to significantly bolster the
market for retrofit geothermal heat pumps within the forecast period.
A similar scenario might also be observed in the U.S., which is also
a mature market for this technology.
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North
America and Europe are currently the major markets for geothermal
heat pumps globally. In North America, the U.S. accounts for a large
majority of the installed capacity. Mature markets for geothermal
heat pumps in Europe include Sweden, Germany, France, and
Switzerland. Despite the economic crisis in the region, numerous
European countries have taken definite steps towards increasing the
share of geothermal heat pumps in their heating portfolios. The U.K.
has recently started its Renewable Heat Incentive (RHI) scheme which
is likely to bolster the installations of geothermal heat pumps in
the country. Regulatory support mechanisms play an instrumental role
for any renewable energy technology and geothermal heat pumps are no
exception. Annual installations in Sweden, Germany, and Canada, among
others have exhibited a definite slowdown post the retraction of
incentive schemes. Mature markets for geothermal heat pumps in
Europe, especially France and Germany have been registering an
alarming increase in annual installations of air source heat pumps.
There is a definite threat of substitution of geothermal heat pumps
by air source heat pumps in these countries as well as other European
economies.
Post
retraction of the Federal Tax Credit scheme in the U.S. in 2016, the
market for geothermal heat pumps in the country is likely to enter
into a temporary phase of uncertainty. China is the largest adopter
of geothermal heat pumps in Asia Pacific. Countries such as South
Korea, New Zealand, and Australia are likely to emerge as major
adopters of the technology within the forecast period. China’s
installed capacity of geothermal heat pumps has grown significantly
over the last decade. This growth in capacity additions has
outstripped the growth in experience of installers and heat pump
manufacturers in the country. As a result, there are numerous
incorrectly installed heat pump units across China, which are likely
to require replacement within the forecast period. Thus, demand for
retrofit systems in Asia Pacific is likely to remain high throughout
the forecast period. The global market for geothermal heat pumps has
been segmented as follows:
Geothermal
Heat Pumps Market: Technology Analysis
Open
Loop Systems
Closed
Loop Systems
- Vertical Loops
- Horizontal Loops
- Pond/Lake Systems
Geothermal
Heat Pumps Market: End-User Analysis
Residential
- New Building Systems
- Retrofit Systems
Commercial
- New Building Systems
- Retrofit Systems
Geothermal
Heat Pumps Market: Regional Analysis
- North America
- Europe
- Asia Pacific
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