HVAC Residential Market

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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 CCI is calculated based on a survey of the association’s contractor members, who are asked how positive they feel about new business prospects, existing business activity, and expected staffing decisions in the short-term future. 

The state’s Renewable Energy Standard (RES) requires that at least 20 percent of electricity sales in Minnesota originate from renewable sources by 2020 and 25 percent by 2025.

Kenneth D. Goodrich, managing partner of US Peach LLC, an HVAC and plumbing service provider, recently announced the acquisition of The Honest Plumber, Heating & Air, a Las Vegas-based air conditioning, heating, and plumbing company, and Corona, California-based Walton’s Air Conditioning.

Despite the numbers, manufacturers remain optimistic about the future and are focused on growing the market by introducing new products and educating the public on the many benefits of GHPs.

The market was estimated to be valued at $2,860.4 million in 2014 and is forecast reach $15,620.9 million by 2019, with a compound annual growth rate (CAGR) of 40.4 percent between 2014 and 2019.

Barring an act of Congress, the 30 percent federal tax credit for residential geothermal heat pump (GHP) systems will expire at the end of 2016. The industry is worried about what that means for the future.

The boiler can be configured to provide supplemental heat when the heat pump can’t quite keep up with the load. This allows the heat pump to be sized for 50 percent to 75 percent of design load while still providing the majority of the total seasonal heating energy requirement.

Many homebuilders across the country are differentiating themselves from the competition by offering green communities that feature sustainable products and features. 

If you believe in your service, your products, the talent you have to solve problems for customers, and in your people to do the right thing, you have an obligation to serve your customers to the fullest. And, sometimes, selling is the service.