Global geothermal heat pumps market is expected to witness significant growth on account of rising demand for cost-effective energy solutions as a direct result of increasing conventional fuel prices. Geothermal heat pumps or ground source heat pumps (GSHP) are the most stable and mature platforms to harness or transfer heat directly from the ground, creating a viable market for cost-efficient heat pumps across the globe. Existing heating or cooling systems can be effectively integrated into geothermal heat pumps and solar heating may also be combined to enhance efficiency, leading to rising demand for retrofitted pumps in the market. Flexible seasonality of geothermal heat pumps, which allows heating or cooling inverse to external conditions in residential, industrial and other applications is expected to be a major factor driving growth of the market. Favorable environmental regulations such as Greenhouse Gas (GHG) Emission Reduction Regulation encourage use of renewable energy resources in order to reduce depletion of fossil fuels and carbon emissions. These regulations are also expected to complement the geothermal heat pumps market growth. Higher efficiency than air source pumps and lesser noise generation than conventional pumps are expected to serve as high impact rendering factors for growth of geothermal heat pumps market. Low maintenance costs and full automation of geothermal heat pumps is also expected to contribute towards global market growth over the forecast period.
High costs and faulty installations are expected to hamper the development of the geothermal heat pumps market. External conditions need to be thoroughly understood and matched in order to allow for optimal efficiency of geothermal heat pumps. This factor has been creating operational hindrances thus posing threat to the global market growth.
Geothermal heat pumps are primarily utilized for installation of ground loops, creating a stable platform for heat exchange. On the basis of technology, geothermal heat pumps can be classified into open and closed loop systems. Open loop systems, also known as groundwater heat pumps, are used to pump natural water from local water bodies into a heat exchanger within the heat pump thus increasing its market potential for applications such as agriculture, pisciculture, livestock and remote watering. Another specialized type of open loop system is the standing column well that allows water extraction and heating from deep water wells. Maximum applications for these kinds of geothermal heat pump can be found in residential buildings located near water wells.
Highest growth has been observed in the North American countries of U.S. and Canada where demand for renewable energy resources is increasing exponentially. However, retraction of the Federal Tax Credit scheme in the U.S. is likely to usher in a phase of uncertainty for geothermal heat pump market growth temporarily. Mature markets for geothermal heat pumps in Europe include Germany, Sweden, France and Switzerland. The recently initiated Renewable Heat Incentive (RHI) scheme in the UK is also likely to positively impact European geothermal heat pumps market growth. Increasing requirement for geothermal heat pumps replacement in China is expected to drive Asia Pacific market growth. Increasing geothermal capacity and stable demand for retro-fitted geothermal heat pumps are likely to further strengthen Asia Pacific market growth over the forecast period.
Major players in the global geothermal heat pumps market include Climatemaster Inc., Renewable Energy World, Energy Star, Mississippi Power, Bryant Heating and Cooling Systems, Florida Heat Pump Manufacturing and Water Furnace International Ltd.
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