May 25, 2015: Geothermal Heat Pumps Market to Be Driven by Rising Electricity and Oil Prices
North America and Europe Lead the Global Geothermal Heat Pumps Market
ALBANY, N.Y. — 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.
Increasing electricity and oil prices are shifting consumer preference towards cost-effective energy substitutes, states the report. The highly reliable nature of the system and easy financial options for consumers are fueling demand for geothermal heat pumps. On the other hand, faulty installations and wrong estimation of pump size are factors curbing global demand. On the basis of application, the market is categorized into residential and commercial. Both the residential and commercial segments are further categorized into retrofit systems and new building systems. On the basis of technology, the geothermal heat pumps market is categorized into open loop systems and closed loop systems. The closed loop system segment is further divided into vertical loops, pond/lake loops, and horizontal loops.