According to the latest report published by Variant Market Research,the global geothermal heat pump market size is projected to reach $174 billion by 2025 from $88 billion in 2017. In this report,geothermal heat pump market forecast says that the global market is growing at a CAGR of 6.2% from 2017 to 2025.By geography, Asia-Pacific and North America are expected to grow at a CAGR of 10.2% and 8.8%, respectively, during the forecast period. Geothermal heat pumpis a central heating/cooling system which exchanges heat to or from the ground, use uniform temperature of the earth. Geothermal heat pumps technology has been adopted across commercial and residential buildings.
"Geothermal Heat Pump Market (By Product: Open Loop, and Closed Loop; By Application: Residential, and Commercial; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025"
Rising prices of oil & electricity around the worlddrives the global geothermal heat pump market
The global geothermal heat pump market trend includes reliable nature of the overall system as well as easy financing options present for customers, increase in demand for efficient & cost-effective space conditioning system from residential & commercial spaces, and rising prices of oil & electricity around the world. Though,high installation cost& high initial investmentmight act as a roadblock for the global geothermal heat pump market growth. Moreover, technological advancement in the geothermal heat pumpsis likely to offer worthwhile opportunities for the market in the coming years.
The global geothermal heat pumpmarket has been bifurcated into product, application, and geography. Product is segmented into open loop, and closed loop. Closed loop is further bifurcated as vertical and horizontal. Residential, and commercialare the segregation of application segment.Commercial segmentis sub-segmented into government center, educational institute, and office buildings.
By geography, global geothermal heat pump market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further split in U.S. and Canada whereas Europe segment consists of Germany, UK,Sweden, France, Austria, Netherland,Finland, and Rest of Europe. Asia-Pacific is segmented into China, India, Switzerland, South Korea,Japan, New Zealand, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Closed loop, by product dominated the global market with highest market share in 2017
On the basis of product, closed loop segment dominated in 2017 with the largest share of the geothermal heat pumpmarket and expected to continue the trend over the coming years.Its reliability as well as low maintenance & operating costis driving the growth of theclosed loopsegment of the global geothermal heat pump market.Theseclosed loop systems contain antifreeze liquid in underground piping loops, which support to transfer the ground temperature to geothermal heat pump.
Commercial, by application is expected to grow with highest CAGR over the forecast period
Commercial, by application is predicted to achieve the fastest CAGR during the forecast period, owing to increasing demand for GHPs installations among commercial applications. Growing infrastructure expenditurecoupled with growing focus towards acceptance of efficient building envelope will also drive the commercial market over the forecast timeframe.
RoW dominated the global market with highest market share over the forecast period
RoW dominated the globalmarket with largest market share of 29.28% in 2017 and expected to continue its dominance during the forecasted period. The growth is attributed tothe growing construction activities, particularly in the residential sector, coupled with easy credit facilities & changing consumer preferences in the region. Increasing government emphasis on growing energy efficiency &dropping carbon emissions in the region further stimulate the growth of the geothermal heat pump market over the near future.
Key players are offering innovative products and services to increase theirgeothermal heat pump market share. Main players competing in the market includeCarrier Corporation, Robert Bosch GmbH, Modine Manufacturing Company, Danfoss Group, Bryant Heating & Cooling Systems,CLIMATEMASTER, INC.,Kensa Heat Pumps,Trane, EarthLinked Technologies, Inc., and Finn Geotherm, among others.