Sellbyville, DE -- (SBWire) -- 02/19/2019 --The tremendous governmental pressure to adopt renewable energy sources will drive Geothermal Heat Pump Market. The rising depletion of fossil fuels and the never-ending requirement of energy across the world has necessitated the adoption of alternative energy sources. Geothermal heat pumps primarily transfer heat to or from the ground, using the heat absorbed by the Earth from the Sun. They are extremely useful for space heating in areas that lack geothermal energy sources. Subject to the rising requirement for efficient space heating systems from the commercial and residential areas, geothermal heat pump market is slated to exceed USD 130 billion by 2024, having held a revenue of USD 80 billion in 2016.
The global demand for green construction and green building infrastructure is on a constant rise. Subject to this factor, Germany geothermal heat pumps industry held more than 15% of Europe revenue in 2016. In the same year, the government of Germany announced an investment of more than USD 250 billion on sustainable infrastructure. Driven by the high demand for heating and cooling systems and the increased spending toward green construction, Germany geothermal heat pump market will observe a remarkable growth over 2017-2024.
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Speaking of North America, U.S. is forecast to be a key revenue contributor, subject to the fact that the country's ground temperature is constantly shallow. The EPA has stated that geothermal systems help curtail more than 44% of the energy consumption in comparison to other sustainable energy sources. Pertaining to this factor, U.S. geothermal heat pump market is expected to grow lucratively over the next few years, having held a valuation of USD 20 billion in 2016.
Heat pumps are being extensively deployed across the cold regions of North America and Europe, thereby fueling the regional geothermal heat pump industry. As per statistics, Northeastern USA was responsible for more than 20% of the GHP installations and Southern USA was responsible for more than 35% of the installations. The Midwestern and Western regions stood at 34% and 11% respectively. The number of installations are slated to rise exponentially over the next seven years, which will drive U.S. geothermal heat pump market.
Closed loop geothermal heat pumps are highly reliable and efficient, as this design encompasses an anti-freeze liquid in the underground piping, which helps transfer the ground temperature to the heat pumps. Driven by the advantages of low operating costs and reduced maintenance, closed loop geothermal heat pump market will observe a CAGR of more than 8% over 2017-2024, having accounted for more than 75% of the overall share in 2016. In addition, low operating and maintenance costs will also drive closed loop geothermal heat pump market, especially if the system is vertically installed.
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The rising concern to reduce GHG emissions will also boost global geothermal heat pump market growth. For instance, the EU has declared a directive, under which renewable energy is slated to account for 27% of the overall energy utilization by 2030. Over the years to come, the governments and regulatory bodies of various countries will introduce more and more directives to cut down on GHG emissions and adopt renewable energy sources, pertaining to which global heat pump market will witness a significant rise.
