According to Global Market Insights, U.S Geothermal Heat Pump Market provides a comprehensive analysis of the market segments, including their dynamics, size, growth, regulatory requirements, technological trends, competitive landscape, and emerging opportunities of global industry.
Geothermal Heat Pump (GSHP) Market is projected to exceed USD 2 billion across the U.S. by 2024. Growing demand for noiseless, environment friendly and highly efficient heating solutions from residential and commercial sectors to reduce electricity consumption will propel the industry growth. For instance, as per department of energy ground source heat pump has ability to reduce the energy consumption from 30% to 60% over its counterparts. Soaring oil prices along with growing focus to ensure the energy security are some of the parameters stimulating the deployment of energy efficient systems.
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Rising focus to reduce heat consumption from fossil fuel driven systems with an aim to curtail carbon emissions will stimulate the U.S. GHP market share. Strict energy efficiency protocols have been introduced by policymakers to curb carbon emissions. For instance, in 2015, New Source Performance Standard has been introduced to limit carbon emissions across the nation. Moreover, energy efficient building norms further strengthen the industry landscape.
Open loop geothermal heat pump (GHP) market will grow on account of less installation cost when compared with closed loop. Ability to offer higher efficiency, minimize heat transfer loss and reduce delay time are some of its features which will further positively influence the industry outlook. However, requirement of ample source of water below the surface for effective operation of the technology may hinder the industry growth.
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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.
Commercial geothermal heat pump (GHSP) market is anticipated to witness an upsurge on account of rapid investment toward the development of public amusement infrastructure and official workspaces. Government measures to reduce carbon emissions along with positive outlook toward renewable technologies will stimulate the industry dynamics. Surging demand for space heating and cooling systems that can easily be integrated with conventional HVAC systems will further boost the product penetration across the country.
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West north central in 2017, accounted for over 20% of geothermal heat pump market share. Growing awareness toward the benefits for deployment of renewable technologies along with abundant availability of geothermal energy resources will fuel the business outlook. Moreover, increasing investment toward the research and development sector to improve the system efficiency will further complement the industry landscape.
Major players across the GHP market include: Carrier, WaterFurnace, Glen Dimplex, Bard HVAC, Green Planet Supply Technologies, MODINE, Viessmann, OCHSNER Warmepumpen, Mitsubishi Electric, Danfoss, Vaillant, Stiebel Eltron, Bryant Heating & Cooling Systems, Spectrum, Nortek Global HVAC, Earthlinked Technologies, Trane, Bosch Thermotechnology, ClimateMaster, Daikin and NIBE.