Global Geothermal Heat Pump Market is projected to grow over 6% and exceed USD 130 billion by 2024. Escalating demand for cost effective energy efficient system for cooling and heating application, especially from Europe and North America will augment the industry growth. In the U.S., North East accounted for 20% of GSHP installation, west 11%, south 35% and Midwest 34%.
Ability to cut 30% to 60% electricity cost when compared with traditional H&C system will favor the geothermal heat pump market share. Growing concern towards fluctuating fuel price along with increasing focus to maintain fossil fuel sustainability will further complement the industry landscape. In 2016, average electricity price in Canada reached to USD 18 cents/ kWh from USD 17.5 cents/ kWh in 2015.
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Stringent government regulation to curb carbon footprint will stimulate the geothermal heat pump market. In line of reducing harmful GHG emission, European union has introduced several action plans and frameworks namely 2030 climate & energy framework, and Paris Climate Agreement. Under 2030 climate & energy framework, EU aimed to reduce 47% of greenhouse gas emission from 1990 level and increase renewable energy utilization by 27% of total consumption till 2030.
Government measures to encourage adoption of renewable technology will propel the geothermal heat pump market. Several incentives including Tax rebate, Green certificate, Renewable Heat Incentives, subsidies and financial assistance has been introduced to support the development of renewable energy. South Korea introduced various program including Residential House Program, Building Deployment Program and Regional Deployment Program to provide 50% subsidy over total installation cost.
Closed loop geothermal heat pump market was over 50 GWt in 2016. Lower maintenance and operation cost, along with higher reliability, flexibility, and efficiency features over other conventional system will propel the industry growth. Less installation cost requirement will make open loop system demand preferable. Technology advancement leading to efficient resource utilization may fuel the geothermal heat pump market.
U.S. was witnessed to hold over 90% share of the North American geothermal heat pump market in 2016. Availability of low temperature geothermal resources along with growing awareness about the benefits of renewable technology will favor the industry growth.
Growing investment towards green building infrastructure along with rising concern to reduce climate change impact will stimulate Germany geothermal heat pump market. In 2016, Germany announced to invest more than USD 250 billion on infrastructure. Introduction of zero emission building regulation will further complement the regional business growth.
Increasing focus towards adoption of geothermal energy will stimulate the geothermal heat pump market. China government set target to triple its geothermal consumption by 2020 which may further complement the industry growth.
Increasing focus towards energy efficiency system along with introduction of new building codes which restrict the energy utilization for heating application in new building will propel the Netherland geothermal heat pump market.
Major players in geothermal heat pump market includes Kensa Heat Pumps, Glen Dimplex, MODINE, Bryant Heating & Cooling Systems, Bard HVAC, Green Planet Supply Technologies, NIBE, Finn Geotherm, Climate Master, Carrier, WaterFurnace, Robert Bosch, Stiebel Eltron, Danfoss and Viessmann.
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