Global Geothermal Heat Pump Market 2015-2019
About Geothermal Heat Pumps
Geothermal heat pumps, also known as ground source heat pumps, are energy-efficient and cost-effective devices used for the heating and cooling of the interior of an entire building. The technology used in geothermal heat pumps is based on the fact that the ground temperature is always relatively constant, warmer than the air in winter and cooler than the air in summer. These pumps transfer the heat stored in the ground into a building during the winter season and transfer the heat out of the building during the summer season. They are used for applications such as heating or cooling of an interior of a building and heating pool water.
Technavio’s analysts forecast the global geothermal heat pump market to grow at a CAGR of 15.26% over the period 2015-2019.
Covered in this Report
This report covers the present scenario and the growth prospects of the global geothermal heat pump market during the period 2015-2019. For ascertaining the market size and vendor share, the report considers revenue generated from the sales of geothermal heat pumps.Technavio's report, Global Geothermal Heat Pump Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the global geothermal heat pump market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Global Geothermal Heat Pump Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Geothermal Heat Pump Market: Bosch, Carrier, Danfoss Group and Trane
Other Prominent Vendors in the market are: Bryant Heating and Cooling Systems, Climatemaster, Dimplex, EarthLinked Technologies, Enertech Global, Finn Geotherm, Florida Heat Pump Manufacturing, Geothermal Heat Pumps, GeoMaster, Kensa Heat Pumps, NEURA, OCHSNER Wärmepumpen, Spectrum Manufacturing and WaterFurnace Renewable Energy
Commenting on the report, an analyst from Technavio’s team said: “Organizations and individuals across sectors such as residential, commercial, and industrial look for technologically progressive geothermal heat pumps with improved display and control systems. They prefer systems that can be controlled with ease and require low maintenance. Vendors are therefore adding greater functionality to their geothermal heat pumps such as two-speed compressors, dual-speed motors, de-super heaters, scroll compressors, and backup burners. This motivates end-users to opt for modern technology-equipped geothermal heat pumps rather than conventional heating and cooling equipment.”
According to the report, the increased use of fossil fuels is leading to a rise in GHG emission levels, responsible for global warming. The concept of green energy is regarded as the most significant among various practices used to curb GHG emissions. The US, Germany, France, Sweden, Japan, and China have taken initiatives such as changes in building regulations and legislation that aim to reduce emission of GHGs. These initiatives have shifted the focus to adopting energy-efficient products such as geothermal heat pump systems, especially in the commercial and residential sectors. These pumps do not use fossil fuel, and thus do not discharge GHGs such as carbon monoxide or carbon dioxide. These systems cannot directly replace fossil fuel-based energy generation but can reduce reliance on fossil fuel-based energy sources by almost 71%.
Further, the report states that the installation of a geothermal heat pump system involves high initial investment that makes consumers reluctant to adopt these pumps.
Bosch, Carrier, Danfoss Group, Trane, Bryant Heating and Cooling Systems, Climatemaster, Dimplex, EarthLinked Technologies, Enertech Global, Finn Geotherm, Florida Heat Pump Manufacturing, Geothermal Heat Pumps, GeoMaster, Kensa Heat Pumps, NEURA, OCHSNER Wärmepumpen, Spectrum Manufacturing, WaterFurnace Renewable Energy
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