Geothermal heat pump market size is anticipated to exceed USD 130 billion by 2023, growing at over 13% CAGR from 2016 to 2023. Escalating need for low cost energy substitutes owing to rising oil prices is likely to drive industry demand over the forecast period. In addition, consequent hike in electricity and energy cost is forecast to positively impact the geothermal heat pump market size.
These products are majorly used for cooling or heating the interiors of an entire building and pool water. They are also known as ground source heat pump and transfer the heat stored in the ground into a building during winters and vice-versa during summers. High efficiency and substantial energy savings is expected to fuel geothermal heat pumps market growth from 2016 to 2023. Unfavorable climatic conditions are also forecast to boost demand over the forecast period.
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Installation of ground loops is mandatory during the system's setup in order to provide platform for the heat exchange process. On the basis of technology, the geothermal heat pumps market includes open loop and closed loop systems. Closed loop systems are further segregated into vertical loop, horizontal loop, as well as pond or lake systems. These systems are predicted to occupy significant industry share owing to wide usage. As of 2015, they accounted for more than 80% of the installation across the globe. Open loop systems offer high efficiency and are highly dependent on the availability of adequate groundwater reserves.
Quiet operation and superior comfort are the key features anticipated to increase demand from 2016 to 2023. Ability to substitute traditional HVAC (heating, ventilating, and air conditioning) systems is predicted to boost consumption. Various regulatory hurdles associated regarding utilization of groundwater aquifers are anticipated to adversely impact growth from 2016 to 2023. In addition, air source heat pumps market is forecast to pose a threat to industry growth.
Horizontal systems require digging trenches for installing the ground loops. However, vertical systems require drilling of vertical boreholes for placing the loops. The aforementioned products primarily find significance in low space applications, and are ideally used in closed loop systems. Pond or lake systems offer high efficiency and involve negligible earth moving expenditure. Surging needs to cut down the dependence on fossil fuels is predicted to propel the geothermal heat pump market share over the forecast period. In addition, high cost involved in installation of these devices may pose a challenge to the industry in the coming years.
Based on end-use, the industry can be segregated into residential and commercial sectors. Both segments are further segregated into new building systems and retrofit systems. Retrofit systems are predicted to exhibit higher growth prospects when compared to new building systems.
Increasing demand from countries such as India and China is likely to provide massive growth prospects to industry players. Attractive payback period associated with the installation of these products in newly-built or green homes is expected to positively impact demand over the forecast period. In addition, easy financing along with high reliability offered by these devices is forecast to fuel the geothermal heat pumps market demand over the next seven years.
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Europe geothermal heat pumps market share is expected to witness high growth prospects. Sweden, Germany, France, and Switzerland are predicted to be key industries owing to rising replacement needs across the region. Asia Pacific is forecast to grow at a steady pace over the next seven years. China geothermal heat pump market size is likely to be the most attractive segment between 2016 and 2023.
Industry participants occupying substantial share include Dimplex, GeoMaster, WaterFurnace International, Bryant Heating and Cooling Systems. Other prominent industry players are Climatemaster, Danfoss, Enertech Global, NIBE, Kensa, and Ice Energy Technologies.
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