U.S. Geothermal heat pump Market to accrue US $2 Bn by 2024

September 18, 2019

United States geothermal heat pump market is expected to cross US $2 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.

Surging oil prices, along with the concern for energy security are encouraging the need for adoption of energy efficient systems. Geothermal heat pumps (GHP) are highly efficient, noiseless, and environment friendly heating systems suitable for commercial and residential sectors. Its ability to reduce electricity consumption will aid the market growth. Other factors augmenting the GHP market are strict directives by authorities to reduce carbon emissions and initiatives to reduce fossil fuels energy consumption.

Based on the product type, open loop GHP market is estimated to register significant growth over the forecast period, owing to less installation cost, reduction in delay time, high efficiency, and minimum heat loss. However, the necessity of ample water below the surface for efficient operation turns out to be a drawback which will hamper the segmental growth to some extent, claims the report.

Considering the application spectrum, GHP market from commercial segment is presumed to grow momentously over the analysis time frame. The industrial growth can be credited to the increasing demand for cooling & heating systems which can be integrated with HVAC. Growing investments towards developing public amusement infrastructures and government policies to reduce carbon emission will further propel the growth of U.S. geothermal heat pump market.

Closed loop GHP market is predicted to witness growth owing to its ability to provide heating solution across residential and commercial sector by heat transfer between the antifreeze solution in the closed loop and refrigerant in the heat pump. Furthermore, vertical configuration is preferred over horizontal due to limited space requirement and is suitable where there is insufficient soil for trenching.

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In terms of regional landscape, West North central region dominated the U.S. geothermal heat pump market with 20% share in 2017. Increasing awareness regarding the benefits of deploying renewable technologies and plentiful presence of geothermal energy resource in large amounts, along with surging investments towards R&D to enhance system efficiency will augment the GHP market outlook.

According to the report, the prominent contenders of the U.S. GHP market include MODINE, Mitsubishi Electric, Vaillant, Trane, Daikin, Bosch Thermotechnology, WaterFurnace, Green Planet Supply Technologies, and Stiebel Eltron among others.