Global Geothermal Heat Pump Market was valued US$ 70.86 Bn in 2019 and is expected to reach US$ 215.01Bn by 2027, at a CAGR of around 13.13% during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Global geothermal heat pumps market is anticipated to witness significant growth on account of increasing demand for cost-effective energy solutions as a direct result of increasing conventional fuel prices. Flexible seasonality of geothermal heat pumps, which enables heating or cooling inverse to external conditions in residential, industrial and other applications is projected 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 condense depletion of fossil fuels and carbon emissions. These regulations are also estimated to complement geothermal heat pumps market growth. Higher efficiency than air source pumps and lesser noise generation than conventional pumps are projected 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 anticipated to contribute towards global market growth over the forecast period.
However, high installation costs and faulty installations are the major restraints in this market. The external conditions should be systematically examined before installation to achieve optimal efficiency. Operational difficulties are posing as a major threat to the market growth.
According to applications, the commercial sector is anticipated to become as the most prominent segment over the forecast period. The widespread demand for geothermal heat pumps installations among commercial end-users is driven by the demand for benefits of an incremental energy saving over the years.
Several Mergers and acquisitions, and collaborations has been witnessed in the marketplace, with an aim to enhance customer portfolio and expand global footprint in global geothermal heat pumps market.
Geographically, highest growth has been witnessed in the North American countries of U.S. and Canada where demand for renewable energy resources is increasing exponentially. Developed markets for geothermal heat pumps in Europe include Germany, Sweden, France and Switzerland. The newly introduced Renewable Heat Incentive (RHI) scheme in the UK is also likely to positively impact European geothermal heat pumps market growth. Rising requirement for geothermal heat pumps replacement in China is anticipated to drive Asia Pacific market growth. Rising geothermal capacity and stable demand for retro-fitted geothermal heat pumps are likely to further strengthen Asia Pacific market growth over the forecast period.
This report will help to decision maker and it analyzes the market for geothermal heat pumps with taking into considerations the major drivers, restraints, opportunities, burning issues, and winning necessities in the geothermal heat pumps market. Also, the report provides analysis of the competitive landscape with respect to geothermal heat pumps manufacturers.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global geothermal heat pump market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in global geothermal heat pump market.
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Scope of Global Geothermal Heat Pump Market
Global Geothermal Heat Pump Market, By Technology
• Open Loop Systems
• Closed Loop Systems
Global Geothermal Heat Pump Market, By End-User
• Residential
• Commercial
Global Geothermal Heat Pump Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating in Global Geothermal Heat Pump Market
• Bryant Heating and Cooling Systems
• Climatemaster Inc.
• Danfoss Heat Pumps U.K. Ltd.
• Dimplex Ltd.
• Enertech Global LLC
• Finn Geotherm U.K. Ltd
• Florida Heat Pump Manufacturing
• GeoMaster LLC
• Kensa Heat Pumps Ltd.
• WaterFurnace International Inc.
• Carrier Corporation
• NIBE Industrier AB
• Bard Manufacturing Company
• Daikin McQuay
• Hydro-Temp Corp. Inc.
• Mammoth Inc.
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