Global Geothermal Heat Pumps Market: Commercial Sector to Rise as Chief Revenue Contributor, finds TMR
The competitive rivalry among the companies operating in the global geothermal heat pumps market is significantly high as players are striving to acquire a stable position in the global market, says Transparency Market Research (TMR) in a research report. The companies are known for competing against each other based on cost of the product and by applying efficient marketing strategies. “There is less room for product differentiation in the global geothermal heat pumps market.” says a TMR analyst. In spite of the competition in the market is comparatively high, the leading international players have a competitive advantage over the medium and small sized installers and producers, as they have complete admittance to various channels of distribution. The chief companies in the market are Florida Heat Pump Manufacturing, WaterFurnace International Inc., GeoMaster LLC, Dimplex Ltd., Geotherm U.K. Ltd., Kensa Heat Pumps Ltd., Danfoss Heat Pumps U.K. Ltd., Climatemaster Inc., Enertech Global LLC, and Bryant Heating and Cooling Systems.
The global market for geothermal heat pumps is likely to rise at a 13.1% CAGR form 2014 to 2020. The market is projected to touch US$130.50 bn by 2020.
Closed Loop Geothermal Heat Pumps Gaining Prominence among Consumers
Based on technology, the global market for geothermal heat pumps is divided into open and closed loop geothermal heat pumps. Amidst these, the closed loop geothermal pump segment dominated the market in 2013 and is a possible contender for leading the market until 2020 as well. This segment has been classified into vertical loops, pond/lake systems, and horizontal loops. The closed loop geothermal heat pumps segment is expected to gain traction in the near future owing to the type of loop configuration it is known for employing during the process of heating the water. Considering end users, the market is segmented into commercial systems and residential systems. These segments are the chief consumers of geothermal heat pumps. Commercial pumps are accompanied with better features in comparison to residential geothermal heat pumps. The commercial sector is the leading consumer segment as they are capable of making high investments and they do not focus on short term goals but focus on long term savings in terms of energy.
Region-wise, the market is being currently led by Europe followed by North America and Asia Pacific in the exact order. In Europe, the key markets are Germany, Switzerland, France, and Sweden. Nevertheless, markets for geothermal heat pumps in the U.K., Poland, Greece, and the Czech Republic are also expected to present manufacturers with growth prospects for the future.
Upsurge in Energy Prices to Bolster Deployment of Geothermal Heat Pumps
The mounting demand for electricity form residential and commercial sectors coupled with the reducing availability of non-renewable energy sources has compelled manufacturers to shift their focus towards implementing alternatives to energy in order to meet the unmet needs for energy. Moreover, the growing costs of LPG and energy have also triggered concerns among people. High greenhouse gas emissions are also expected to bolster the adoption of geothermal heat pumps in the forthcoming years. Resilience and durability are further driving the growth of the market. However, the growth of the market is likely to be negatively impacted by the errors in the installation of geothermal heat pumps. It is also likely to impact the pumps sustainability. A pump installed incorrectly is unable to take the pressure of the load and thus putting extreme burden on the supply of energy through the immersion heater. Over the coming years, this problem is expected to immensely hamper the growth of the market.
This review is based on a Transparency Market Research report titled,“Geothermal Heat Pumps Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014–2020.”
Global geothermal heat pumps market has been segmented as:
Geothermal Heat Pumps Market: Technology Analysis
- Open Loop Systems
- Closed Loop Systems
- Vertical Loops
- Horizontal Loops
- Pond/Lake Systems
Geothermal Heat Pumps Market: End-User Analysis
- New Building Systems
- Retrofit Systems
- New Building Systems
- Retrofit Systems
Geothermal Heat Pumps Market: Regional Analysis
- North America
- Asia Pacific
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