Nov. 20, 2013: Installed Capacity of Geothermal Heat Pumps to More than Double by 2020
The Future Looks Bright for Worldwide Geothermal Heat Pump Market
BOULDER, Colo. — Geothermal heat pump (GHP) systems are being installed in nearly every region of the world and in residential, commercial, institutional, and industrial applications with great success, according to a Navigant Research report. Despite recent setbacks in deployments due to the economic downturn, the future looks bright for the global GHP market. The research firm forecasts that worldwide installed capacity of GHP systems will grow by nearly 150 percent over the next seven years, from 52.7 gigawatts-thermal (GWt) to 127.4 GWt.
“The renewable energy policies that led to strong growth in the GHP market in the last decade are still in place, and will drive expansion as the global economy improves,” said Mackinnon Lawrence, principal research analyst with Navigant Research. “Although their overall penetration remains low, GHP installations are gaining traction in both the construction industry and the regulatory environment, and this high-efficiency technology will likely play a larger role in both new build and retrofit projects going forward.”