Geothermal Heat Pump Market to Grow at CAGR of 15.26% to 2019
Vendors are adding greater functionality to their geothermal heat pumps
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.