Geothermal heat pumps use renewable heating technology, which has the capacity to replace conventional ventilating, heating, and air conditioning systems. Geothermal heat pumps use the ground as their heat source and sink to offer cooling and heating services to buildings. Geothermal heat pumps use an expensive heating technology, which requires higher upfront investment.
The global geothermal heat pumps market is segmented on the basis of technology, end user, and region. Based on technology, the global geothermal heat pumps market is classified into open loop systems and closed loop systems. Closed loop systems are sub-segmented into pond/lake systems, vertical loops, and horizontal loops. Closed loop systems involve installation of ground loops, whereas open loop systems use groundwater reserves to pump out water to the heat pumps for the transfer of heat.
Installation of horizontal loop pumps requires creation of trenches, whereas installation of vertical loop pumps requires drilling of boreholes in the ground. In 2013, the global geothermal heat pumps market was dominated by the closed loop systems segment. The closed loop systems segment accounted for 85.68% of the total market in 2013. Considering the loop configuration, the closed loop systems segment is expected to maintain its dominant position during the forecast period.
The demand for horizontal loop pumps is expected to increase in new building systems in the years to come. Rising prices of oil and electricity have led to more demand for geothermal heat pumps in the recent past. Reliability and cost-effectiveness make the geothermal heat pumps more preferable than the oil-operated ones.
By geography, the global geothermal heat pumps market is divided into Asia Pacific, North America, and Europe. In 2014, in terms of revenue, the global geothermal heat pumps market was dominated by Europe and North America. However, Asia Pacific is predicted to expand steadily in the years to come. Entry of new companies is expected to make the global market more competitive for the leading players in the coming few years. Some of the leading players in the global geothermal heat pumps market are WaterFurnace International, GeoMaster LLC, Danfoss Heat Pumps U.K., Florida Heat Pump Manufacturing, Dimplex, Bryant Heating and Cooling Systems, Climatemaster, and Enertech Global LLC.
Factors such as the reliable nature of geothermal heat pump technology, attractive payback periods linked with the installation of geothermal heat pumps in newly constructed homes, and cost saving are expected to propel the global geothermal heat pumps market in the years to come.
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Transparency Market Research has published a new report on the global geothermal heat pumps market. As per the report, the global geothermal heat pumps market is predicted to expand at a 13.10% CAGR during the period between 2014 and 2020. The report, titled ‘Geothermal Heat Pumps Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020’, states that the global geothermal heat pumps market is expected to grow from US$55.3 billion in 2014 to US$130.5 billion by 2020.
Key Segments of Global Geothermal Heat Pumps Market
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
- New Building Systems
- Retrofit Systems
- New Building Systems
- Retrofit Systems
Geothermal Heat Pumps Market: Regional Analysis
- North America
- Asia Pacific
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