According to the research report titled ‘North America Geothermal Heat Pump Market Share By Product, Application, Industry Analysis Report, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2018 a?? 2024’, North America geothermal heat pump market is predicted to attain substantial expansion during 2018-2024.
 

Factors such as growing concerns regarding environmental degradation, inclination towards adopting bio economy-based development, and imposition of stringent government regulations in order to lower carbon emission levels are augmenting the growth of North America geothermal heat pump market.
 

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Citing an instance, the Canadian government proposed a funding of around USD 1 billion in the year 2019 towards the enhancement of energy-efficiency in residential, commercial, and multi-unit buildings.
 

Based on product landscape, the vertical closed loop segment of North America geothermal heat pump market is expected to witness substantial growth through 2024. Factors such as limited availability of land in suburban & urban regions and rising adoption of the product due to multiple advantages such as minimal land disruption during installation, low energy consumption, high reliability, and minimal maintenance costs.
 

On the other hand, the open loop segment is projected to grow significantly during the forecast period, owing to growing environmental concerns along with beneficial factors associated with the product such as reduced heat transfer, minimal time delay, and low costs of installation as well as operation.
 

With regards to application, North America geothermal heat pump market from the residential segment is anticipated to witness substantial expansion during 2018-2024. Factors such as rising investments towards modernization of existing infrastructure, rapid economic growth, and increasing adoption of the product in HVAC (heating, ventilation, and air conditioning) systems of new building establishments are favoring the growth if the segment.
 

Moving on to the country-level analysis, U.S. is estimated to emerge as a major growth avenue for North America geothermal heat pump market by the year 2024. Factors including growing awareness towards restricting the use of fossil resources, high availability of areas with shallow ground temperature, rising urban population, and escalating investments towards single and multi-housing constructions are fostering the market remuneration.
 

Alternatively, Canada geothermal heat pump industry is projected to expand considerably during 2018-2024. Surging demand for residential and commercial establishments, rising adoption of efficient HVAC systems, inclination towards renewable technologies with minimal emissions, and evolving standards of living are bolstering the market expansion in the country.
 

The companies that have an authoritative status in North America geothermal heat pump market are Spectrum Manufacturing Inc., Earthlinked Technologies Inc., Green Planet Supply Technologies, Carrier Global Corporation, Bard Manufacturing Company Inc., NIBE Industrier AB, Nortek Global HVAC, Bosch Thermotechnik GmbH, Daikin Industries Ltd., Mitsubishi Electric Corporation, Danfoss A/S,  Stiebel Eltron GmbH & Co. KG,  Viessmann Group, Glen Dimplex, Vaillant Group, Max Weishaupt GmbH, WOLF GmbH, Systemair AB, Toshiba Corporation, Solarbayer GmbH, Swegon AB, and Thermic Energy RZ GmbH.