The
global geothermal heat pumps market stood at US$55.30 billion and is
estimated to touch US$130.50 billion by the end of 2020, exhibiting a
progressive 13.1% CAGR between 2014 and 2020. In terms of installed
capacity, this market was worth 52638.18 MWt in 2013, further
projected to be at 119303.66 MWt by the end of 2020. This market is
anticipating a healthy growth at a 12.8% CAGR between 2014 and 2020.
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The
increasing electricity and oil prices are shifting consumer
preference towards cost-effective energy substitutes. Moreover, the
highly reliable nature of the system and easy financial options for
consumers are fueling the demand from the geothermal heat pumps
market. However, faulty installations and wrong estimation of pump
size are curbing the demand for geothermal heat pumps across the
globe. On the basis of technology, the global geothermal heat pumps
market has been categorized into open loop systems and closed loop
systems. The closed loop system segment is further divided into
vertical loops, pond/lake loops, and horizontal loops. Geothermal
heat pumps are primarily required for installing ground loops, which
give a platform for heat exchange to take place.
The
closed loop segment held the largest share of the global geothermal
heat pump according to installed capacity, holding an 85.68% share of
the total market in 2013. Even though open loop systems are highly
efficient, closed loop systems are widely used for loop configuration
across the globe. Open loop systems are majorly reliant on the
accessibility to groundwater reserves. The regulatory barriers
regarding the usage of groundwater reserves are responsible for
hampering the spread of open loop geothermal heat pump systems across
the globe. On the basis of application, the global geothermal heat
pumps market is categorized into residential and commercial. Both
residential and commercial segments are further categorized into
retrofit systems and new building systems.
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The
global heat pumps market has been geographically segmented into Asia
Pacific, Europe, and North America. As per the research report,
Europe and North America are leading the global geothermal heat pumps
market. European countries such as France, Germany, Sweden, and
Switzerland are mature markets and have experienced a steady decline
in installed capacity in the last few years. In the Asia Pacific
geothermal heat pumps market, the demand for retrofit systems is
expected to remain high in the coming years. In Asia Pacific, China
is the largest contributor to the geothermal heat pumps market.
The
research report has specified the prominent players operating in the
global geothermal heat pumps market and has presented their detailed
company analysis. Some of the key players of this market are
WaterFurnace International, Enertech Global LLC, Dimplex, Finn
Geotherm U.K., GeoMaster LLC, Florida Heat Pump Manufacturing, Bryant
Heating and Cooling Systems, Kensa Heat Pumps, Danfoss Heat Pumps
U.K., and Climatemaster.
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