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Geothermal Heat Pump Market to cross the coveted 100-billion-dollar mark by 2024

Author : Rahul Sankrityayan | Published Date : 2019-06-20 

The tremendous governmental pressure to adopt renewable energy sources will drive Geothermal Heat Pump Market. The rising depletion of fossil fuels and the never-ending requirement of energy across the world has necessitated the adoption of alternative energy sources. Geothermal heat pumps primarily transfer heat to or from the ground, using the heat absorbed by the Earth from the Sun. They are extremely useful for space heating in areas that lack geothermal energy sources. Subject to the rising requirement for efficient space heating systems from the commercial and residential arenas, geothermal heat pump market size is slated to exceed USD 130 billion by 2024, having held a revenue of USD 80 billion in 2016.

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The governments of various countries have been providing financial incentives such as federal income tax credits, tariffs, tax rebates, and subsidies to encourage the adoption of renewable energy sources on a large scale, which will propel geothermal heat pump industry over the next few years. For instance, the UK government has launched the Renewable Heat Incentive initiative that provides funding to generate heat energy via renewable sources. The rapid growth of global Geothermal Energy Market pertaining to the rising population and the extensive adoption of renewable energy sources will also drive geothermal heat pump market, which will surpass a volume of exceed 110 GWt by 2024.

Global geothermal heat pump industry is highly fragmented, and market players constantly acquire or collaborate with other companies to maximize their customer base. For instance, in the year 2016, NIBE Industrier AB, a major player operating in geothermal heat pump market, acquired the main parts of Enertech Group, the famous Britain company, to expand their product line.

NIBE has also acquired around 50% of the shares of CGC Group of Companies Inc., the popular heat pump company based in Ontario, Canada, thereby providing an impetus to North America geothermal heat pump industry. The remaining 50% of the shares are touted to be acquired by the 2022.

Speaking of North America, U.S. is forecast to be a key revenue contributor, subject to the fact that the country’s ground temperature is constantly shallow. The EPA has stated that geothermal systems help curtail more than 44% of the energy consumption in comparison to other sustainable energy sources. Pertaining to this factor, U.S. geothermal heat pump market is expected to grow lucratively over the next few years, having held a valuation of USD 20 billion in 2016.

Heat pumps are being extensively deployed across the cold regions of North America and Europe, thereby fueling the regional geothermal heat pump industry. As per statistics, Northeastern USA was responsible for more than 20% of the GHP installations and Southern USA was responsible for more than 35% of the installations. The Midwestern and Western regions stood at 34% and 11% respectively. The number of installations are slated to rise exponentially over the next seven years, which will drive U.S. geothermal heat pump market.

The U.S. government has declared that the HR 1090 legislation, introduced in favor of geothermal tax credits, will extend the tax levied on the installation of geothermal heat pumps, CHPs, and small wind turbines until 2021. This will propel geothermal heat pump market from residential and commercial applications.

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The year 2016 seemed to be the year of major acquisitions for NIBE Industrier AB. In addition to acquiring Enertech Group and CGC Group, the company also took over the Hotwatt, Inc., in Denver, Massachusetts, which will become a part of the NIBE Element North American business group, spurring the regional geothermal heat pump industry from commercial and residential arenas.

Speaking of residential areas, the governments of various countries have been undertaking massive efforts to ensure the installation of geothermal heat pumps. In 2017, the Governor of New York, Andrew Cuomo, announced an investment of USD 15 million to increase the deployment of cooling and heating systems in New York city. Additionally, this rebate program aims to reduce GHG emissions in the atmosphere by more than 40%, by the year 2030. The product demand is likely to be driven by low electricity bills and its capability to lower carbon emissions. Rising federal efforts coupled with rapid urbanization will fuel U.S. geothermal heat pump market from residential applications.

Major participants operating in global geothermal heat pump industry include Green Planet Supply Technologies, Dimplex, MODINE, Kensa Heat Pumps, Maritime Geothermal, NIBE, Bard HVAC, WaterFurnace, Danfoss, Ecoforest, Viessmann Manufacturing, Finn Geotherm, Glen Vaillant Group, Bryant Heating & Cooling Systems, Carrier, Stiebel Eltron, Robert Bosch, and Trane.

In addition to collaborating with one another, these companies also constantly engage in enhancing their product portfolio. For instance, Modine Manufacturing Co., recently launched a novel geothermal heat pump that weighs 2 to 6 tons and is deemed perfect for residential spaces. Similar efforts by other players will result in geothermal heat pump market carving out a profitable growth path across various geographies.

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Closed loop geothermal heat pumps are highly reliable and efficient, as this design encompasses an anti-freeze liquid in the underground piping, which helps transfer the ground temperature to the heat pumps. Driven by the advantages of low operating costs and reduced maintenance, closed loop geothermal heat pump market will observe a CAGR of more than 8% over 2017-2024, having accounted for more than 75% of the overall share in 2016. In addition, low operating and maintenance costs will also drive closed loop geothermal heat pump market, especially if the system is vertically installed.

The worldwide focus on reducing carbon emissions will also impact China geothermal heat pump market share. In 2016, the Chinese government announced that it aims to increase its geothermal energy consumption to 72.1 million tons by 2020, which is reportedly around three times its consumption in 2016. This will significantly propel the regional geothermal heat pump industry share.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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