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Geothermal Heat Pump Market in West North Central to reach over $500mn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-04-16 

Geothermal Heat Pump Market in West North Central is predicted to reach over USD 500 million by 2024. Surging demand for sustainable and efficient space heating and cooling system subject to accelerating investments toward the construction of single and multi- housing units will boost the product demand. Government measures to promote the adoption of green technologies along with stringent norms pertaining to GHG emissions will further augment the business outlook.

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237 Pages

216 Market Data Tables

37 Figures & Charts 

U.S. Geothermal Heat Pump (GHP) Market size will surpass USD 2 Billion by 2024.Rising focus to enhance energy security, improve climatic condition coupled with government reforms to minimize carbon emissions will provide stimulus to the U.S. geothermal heat pump market size. Increasing penetration of renewable energy technologies along with strict government norms and mandates toward green building infrastructure will further complement the industry dynamics. In 2018, U.S. EPA established International Green Construction Code to improve the environmental performance and health of building, sites and structures.

Growing demand for durable, continuous, reliable and energy efficient system to reduce energy consumption across the residential and commercial establishments will propel the U.S. geothermal heat pump market share. Increase in disposable income of individuals, demographic change, improved living standards and strong purchasing power parity are some of key parameters positively influencing the demand for energy consumption. The GHP utilizes 20% to 50% less energy than conventional heating or cooling systems. The soaring prices of electricity and crude oil have boosted the demand for energy efficient technologies. However, the high installation cost of geothermal heat pump is a major factor restraining the industry growth.

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Growth drivers

  • Increasing demand for energy-efficient systems
  • Favourable measures to reduce carbon footprints

Geothermal heat pump market (GHP) share from closed loop is anticipated to witness growth due to growing demand for energy efficient heating system from residential and commercial sectors across cold climatic region. Improved reliability and low maintenance & operating cost are the few highlighted features that will fuel the product penetration. In addition, the vertical installation is preferred over horizontal on account of its less space requirements.

Residential GHP market size is anticipated to witness growth on account of growing demand for flexible system which can easily integrate with conventional HVAC system in existing and new constructed building structure. Shift in trend to improve living standards along with rising focus to reduce electricity consumption will further augment the industry landscape.
 

North East geothermal heat pump (GHP) market is anticipated to reach over 55 thousand units by 2024. Abundant availability of shallow ground temperature along with introduction of several incentives and initiatives to enhance the utilization of geothermal energy will positively influence the industry dynamics. 

Key participants across geothermal heat pump market include. Viessmann, Bosch Thermotechnology, Carrier, Bryant Heating & Cooling Systems, WaterFurnace, OCHSNER Warmepumpen, Nortek Global HVAC, Glen Dimplex, Daikin, Bard HVAC, Earthlinked Technologies, Mitsubishi Electric, Trane, Danfoss, Green Planet Supply Technologies, NIBE, Spectrum, Vaillant, ClimateMaster, MODINE and Stiebel Eltron. 

Browse Complete Summary of this report @ www.gminsights.com/industry-analysis/us-geothermal-heat-pump-market

Related Report:

Heat Exchanger Market By Technology (Shell & Tube, Plate, Air Cooled, Others), By Application (Oil & Gas, Chemical, Power Generation & Metallurgy, Marine, Mechanical Industry, Central Heating & Refrigeration, Food Processing, Others), Industry Analysis Report, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2019 – 2025

www.gminsights.com/industry-analysis/heat-exchanger-market

 

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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