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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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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