DUBLIN — The global geothermal heat pump market is forecast to grow at a compound annual growth rate (CAGR) of 15.26 percent over the period of 2015 to 2019, according to a report from Research and Markets.
The report notes that individuals and organizations across the residential, commercial, and industrial sectors are looking for technologically progressive geothermal heat pumps with improved display and control systems. They prefer systems that can be controlled with ease and require low maintenance. Vendors are therefore adding greater functionality to their geothermal heat pumps such as two-speed compressors, dual-speed motors, desuperheaters, scroll compressors, and backup burners. This helps motivate end-users to opt for modern geothermal heat pump technology rather than conventional heating and cooling equipment.
According to the report, the increased use of fossil fuels is leading to a rise in greenhouse gas (GHG) emission levels. The concept of renewable energy is regarded as one of the most significant among various practices used to curb GHG emissions. The U.S., Germany, France, Sweden, Japan, and China have taken initiatives such as changes in building regulations and legislation that aim to reduce emission of GHGs. These initiatives have shifted the focus to adopting highly energy efficient products such as geothermal heat pump systems, which are also considered renewable energy products.
Regarding restraints on the market, the report states that the installation of a geothermal heat pump system involves high initial investment that makes consumers reluctant to adopt these products.
More information on the report, Global Geothermal Heat Pump Market 2015-2019, is available here.
Publication date: 8/3/2015