The increasing demand for cost-effective solutions for energy is creating lucrative growth opportunities for the global geothermal heat pump market says Fortune Business Insights in their new study. The study is titled “Geothermal Heat Pump Market Size, Share and Global Trend By Type (Open Loop, Closed Loop, Hybrid), By End User (Residential, Commercial, Industrial), and Geography Forecast till 2028”. The report presents an in-depth analysis of various factors promoting and repelling growth, with important trends and opportunities, within the forecast period of 2018 to 2028.
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According to the report, commercial and industrial sectors are expected to register considerably high demand for geothermal heat pumps over the forecast period. This is on account of the fact that both commercial and industrial sectors demand more energy for smooth functioning of their business. This implies the demand for large amount of energy daily from both commercial and industrial sectors wsill enable these segments hold a major percentage of the overall geothermal heat pump market share.
Top Players Overview:
- Mitsubishi Materials Techno Co.
- ClimateMaster Inc.
- Altarock Energy Inc.
- Carrier Corporation
- BDR Thermea
- Energy Star
- Bosch LLC
- NIBE Energy Systems
- Water Furnace International
- Bryant Heating & Cooling Systems
- Nevada Geothermal Power Inc.
Fortune Business Insights provides a detailed evaluation of the global market by analyzing the factors driving the market. Besides this, it also discusses some of the economic trends prevailing in the energy and power industry. These trends are analyzed in the report to see an overall impact on the global market.
Increasing use of smart grids and smart metering are likely to help for the better management of power services. Better infrastructural facilities are also expected to encourage growth in the market.
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The increased spending on oil and gas across the world is another factor likely to drive the Geothermal Heat Pump Market. Rising investments in energy efficiency projects backed by governments may also stimulate growth in the market. The penetration of renewable sources is increasing, fueling demand for energy and which is expected to drive the Geothermal Heat Pump Market.
The information used is derived from various primary and secondary sources. It also throws light on some of the major players operating in the market. The report studies profiles of these leading companies and their share in the market. It provides insights on some of the strategies adopted by these companies to survive competition and maintain their stronghold.
Key Segmental Overview:
1. By Type
- Open Loop
- Closed Loop
2. By End User
3. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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Key Industry Developments
- In Feb 2017, NIBE acquires Canadian heat pump company CGC Group of companies Incorporation in Ontario and Canada with an option to acquire the remaining 50% shares in 2022. The ambition is to get an additional platform in North America for growth opportunities in Canada and the USA.
- In Sep 2018, The National Institute of Electricity and Clean Energy (INEEL) installed the first Geothermal heat pump system for air conditioning of housing spaces, which was developed in collaboration with the Federal Electricity Commission.
- In Apr 2019, Beijing Daxing International Airport is planning to equip a ground source heat pump system. The system can extract shallow geothermal energy of 563,600 GJ each year, saving 1,736 cubic metres natural gas and cutting more than 15,800 tonnes of carbon emission around 2.5 million square metres.
Major Table of Content for Geothermal Heat Pump Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Geothermal Heat Pump Market Analysis, Insights and Forecast, 2028
- North America Geothermal Heat Pump Market Analysis, Insights and Forecast, 2028. Europe Geothermal Heat Pump Market Analysis, Insights and Forecast, 2028
- Asia Pacific Geothermal Heat Pump Market Analysis, Insights and Forecast, 2028
- The Middle East and Africa Geothermal Heat Pump Market Analysis, Insights and Forecast, 2028
- Latin America Geothermal Heat Pump Market Analysis, Insights and Forecast, 2028
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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