Geothermal Heat Pumps Market size for 2016 was over $80bn and is set to exceed 110 GWt by 2024 led by increasing demand for energy efficient products

Sellbyville, DE -- (SBWire) -- 10/09/2018 --Introduction of various incentives including RHI, financial assistance and tax rebate to encourage the adoption of sustainable heating and cooling system will drive the U.S. geothermal heat pump market. In February 2017, the U.S. government announced that HR 1090 will extend the residential and commercial installation tax credit for GHP systems, small wind turbine, CHP and fuel cell through 2021.

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Growing demand for energy efficient space heating systems from cold climatic regions, especially in North America and Europe, will drive the geothermal heat pump market size. In the U.S., GHP installation in the Southern states accounted for 35%, the North East was 20%, Midwest at 34% and Western region stood at 11%.

Finland geothermal heat pump market size is set to exceed 3GWt by 2024. Increasing installation of renewable heating and cooling system owing to economic downturn will stimulate the business landscape. In 2015, over 8000 people were switched from electricity or oil driven heating and cooling system to GHP systems. It has been analyzed that installation of these products will help to reduce heating cost by USD 2.3 billion over next 20 year.

Ability to use ground temperature as fuel to provide reliable and cost-effective energy for heating and cooling purposes will stimulate geothermal heat pump market share by 2024. Government has introduced several regulations and policies including EU Emission Trading Scheme, 2030 Climate and Energy Framework and Paris Climate Agreement with aim to curb carbon emissions. In 2016, Germany announced to launch USD 19.2 billion campaign to reduced 50% of energy consumption by 2050 and encourage the adoption of energy efficient systems.

Rising investments towards energy efficient building infrastructure along with introduction of net zero emissions building regulation will propel the commercial geothermal heat pump market. In 2016, Lloyd bank announced to invest approximate USD 1 billion for commercial property to cut carbon dioxide emission from their real state asset.

South Korea geothermal heat pump market for 2016 accounted over 6% of Asia Pacific share. Introduction of various government subsidy program including Regional Deployment Program, Residential House Program and Building Deployment Program will augment the industry size. This program helps to provide 50% of the total installation cost.

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Closed loop accounted for over 75% of global geothermal heat pump market share in 2016. Higher efficiency, reliability and flexibility are some of the key features which makes it adoption preferable over conventional systems. Lower life cycle and O&M cost will further complement the business growth. These systems can be install either horizontally or vertically depending on plot size. Vertical installation is mostly preferred owing to less space requirement. Low installation cost requirement owing to absence of drilling rig and pipes will positively impact open loop geothermal heat pump market.