Geothermal Heat Pumps Market Size | Industry Report, 2024 | Hexa Research
Geothermal heat pump is a central heating and cooling system thatuses earth as a source of energy. The price fluctuation in convention fuels has resulted in demand for cost-efficient energy solutions. This has been amajor factor behind the growth of this market in recent times. Geothermal heat pumps are the most trustworthy platforms to harness energy from the ground and use it for heating and cooling purposes thatresult in a viable market for cost-efficient heat pumps.
Geothermal heat pump is a central heating and cooling system thatuses earth as a source of energy. The price fluctuation in convention fuels has resulted in demand for cost-efficient energy solutions. This has been amajor factor behind the growth of this market in recent times. Geothermal heat pumps are the most trustworthy platforms to harness energy from the ground and use it for heating and cooling purposes thatresult in a viable market for cost-efficient heat pumps.
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<strong>Geothermal</strong> <strong>Heat</strong> <strong>Pumps</strong> <strong>Market</strong> Analysis, <strong>Size</strong>, Share, Growth,<br />
<strong>Industry</strong> Trends and Forecast to <strong>2024</strong> - <strong>Hexa</strong> <strong>Research</strong><br />
<strong>Geothermal</strong> heat pump is a central heating and cooling system thatuses earth as a<br />
source of energy. The price fluctuation in convention fuels has resulted in demand for<br />
cost-efficient energy solutions. This has been amajor factor behind the growth of this<br />
market in recent times. <strong>Geothermal</strong> heat pumps are the most trustworthy platforms to<br />
harness energy from the ground and use it for heating and cooling purposes thatresult<br />
in a viable market for cost-efficient heat pumps.<br />
<strong>Geothermal</strong> heat pumps can integrate prevalent heating and cooling solutions, and can<br />
also combine solar heating to provide enhanced efficiency. These heat pumps provide<br />
heating or cooling inverse to the external conditions. This property is a major driver for<br />
its application in the residential, industrial, and other applications. Environmental<br />
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regulations are now stressing on the use of renewable energy resources in order to<br />
reduce carbon emissions and the depletion of fossil fuels. These regulations are<br />
expected to have a positive impact on the market growth of geothermal heat pumps.<br />
Less noise generation compared toconventional pumps and improved efficiency over<br />
air source pumps is expected to impact the market in a positive way. Reduced<br />
maintenance costs and automation can contribute towards market growth over the<br />
forecast period.<br />
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High installation costs and faulty installations are the major restraints in this market.<br />
The external conditions should be thoroughly examined before installation to achieve<br />
optimal efficiency. Operational hindrances are posing as a major threat to the market<br />
growth of this product.<br />
Installation ground loops utilize geothermal heat pumps thatcreate a reliable platform<br />
for heat exchange. <strong>Geothermal</strong> heat pumps can be technologically classified as closed<br />
and open loop systems. The closed loop system is the dominant segment in the<br />
geothermal heat pump market. Open loop systems are commonly known as<br />
groundwater pumps that are used to lift water from natural water sources into a heat<br />
exchanger within a heat pump thus making itimportant for applications such as<br />
pisciculture, agriculture, remote watering, and livestock. Standing column is a<br />
specialized type of open loop system that allows heating and water extraction from<br />
deep water wells. These types of heat pumps can be majorly used in residential<br />
buildings located near water bodies.<br />
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Demand for horizontal loop pumps is expected to increase due to its application in new<br />
building systems. Rising electricity prices have made geothermal heat pumps an<br />
attractive option. The cost-effective and reliability associated with the usage of these<br />
pumps makes them preferable over oil based pumps.<br />
North America is the key market for this product due to increase in demand of<br />
renewable energy sources from countries such asCanada and U.S. However,rolling<br />
back of the Federal Tax Credit Scheme in U.S could impact the market in a negative<br />
manner. Stable markets for geothermal pumps in Europe include Sweden, France,<br />
Switzerland, and Germany. The recently introduced Renewable <strong>Heat</strong> Incentive in the<br />
UK is expected to have a positive impact on the European geothermal pump market<br />
growth. The replacement of traditional pumps by geothermal pumps is expected to<br />
drive the market in China. The growing demand for retro-fitted geothermal heat pumps<br />
and increasing geothermal capacity are expected to strengthen the growth of<br />
geothermal heat pumps in this region.<br />
Key players in the geothermal heat pumps market include Renewable Energy World,<br />
ClimateMasterInc., Mississippi Power, Energy Star, WaterFurnace International Ltd.,<br />
Florida <strong>Heat</strong> Pump Manufacturing, and Bryant <strong>Heat</strong>ing & Cooling Systems.<br />
The Climate Control Group and its subsidiariesIEC, ClimateMaster, ClimateCraft, and<br />
ClimaCool have been acquired by Swedish heating company NIBE for approximately<br />
USD 364million. ClimateMaster specializes in the manufacturingof closed loop watersource<br />
heat pumps for commercial purposes and geothermal heat pumps for both<br />
commercial and residential uses. The geothermal heat pump manufactured by<br />
Mississippi Power uses special water piping and earth to transfer heat. Water Furnace<br />
International Ltd. manufactures geothermal pumps under 7 series, 3 series, Synergy<br />
3D, and Envision Air Handler. The various models of geothermal pumps developed by<br />
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Florida <strong>Heat</strong> Pump Manufacturing are LV model, EP model, CA model, ES model, and<br />
LM model. The systems developed by Bryant <strong>Heat</strong>ing & Cooling Systems are packaged<br />
forced air system, radiant system, and split system.<br />
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