It would be fair to say the geothermal industry is at a bit of a crossroads. Despite being around for more than 30 years, the math says it accounts for less than 1 percent of the HVAC market. And, for the first time since 2007, geothermal contractors are out in the market selling their residential products without a 30 percent tax credit.
The geothermal heat pump industry and several other clean energy technology industries are a step closer to saving thousands of jobs with the reintroduction of tax credit legislation by Reps. Tom Reed R-N.Y., Mike Thompson D-Calif., and 18 additional cosponsors (12 Republicans and 6 Democrats).
North America and Europe Lead the Global Geothermal Heat Pumps Market
May 25, 2015
The global geothermal heat pumps market is forecast to reach $130.5 billion by the end of 2020, exhibiting a 13.1 percent compound annual growth rate (CAGR) from 2014 to 2020, according to a new market research report from Transparency Market Research.
With heating and cooling accounting for 40 to 50 percent of power consumption in nonresidential buildings, it highlights the need to increase energy efficiency in these buildings, and geothermal heating and cooling may hold the key, according to a new analysis from Frost & Sullivan.
Geothermal heat pump (GHP) sales have grown steadily in recent years, but manufacturers estimate that GHP installations account for only about 1 to 2 percent of the total market. As the economy improves, some industry experts predict sales of GHPs will command a far larger share of the market by 2016.
Modine Manufacturing Co. announced that it has signed a definitive asset purchase agreement to acquire privately-held Geofinity Manufacturing of Surrey, British Columbia. Modine said this acquisition will provide it with a full line of geothermal heat pumps in both water-to-water and water-to-air models.