Research suggests HVAC contractors installing geothermal technologies could be in line for an increased workload. In terms of revenue, the global geothermal heat pump market was valued at $55.3 billion in 2013 and is anticipated to reach $130.5 billion by 2020, per Transparency Market Research.
“Geothermal HVAC systems are becoming common features of eco-friendly homes as part of the growing green-building movement,” said Jay Egg, president, Egg Geothermal, Port Richey, Florida. “Green projects accounted for 20 percent of all newly built homes in the U.S. last year.