WASHINGTON — According to a new report — “Geothermal Heat Pumps, Residential and Commercial Applications for Geothermal Heat Pumps: Global Market Analysis and Forecast” — worldwide revenue from geothermal heat pump (GHP) systems will grow from $6.5 billion in 2013 to $17.2 billion annually by 2020. Navigant Research forecasts that installed GHP capacity will grow from 46.7 gigawatts thermal (GWt) worldwide in 2012 to 127.4 GWt in 2020.
GHP systems are a growing part of the worldwide movement toward using renewable-energy sources for building heating and cooling. They have been deployed around the globe since the 1970s in residential, commercial, institutional, and industrial environments with great success. While the recent recession and economic downturn in construction has taken a toll on many of the manufacturers of GHPs and related products, the market stands to experience significant growth in coming years.
While they do not directly displace fossil-based energy generation, GHP systems can reduce the dependence on fossil fuel-generating sources by a factor of up to 71 percent, according to the study.
The 94-page report conveys its predictions through the use of 71 tables and charts, covering market and technology issues, key industry players, and market forecasts. For more information, visit http://bit.ly/1cYu9rC.
Publication date: 10/7/2013