Global Geothermal Power and Heat Pump Market: Overview
Geothermal power and a heat pump are also known by ground source heat pump. It is a central water heating system which uses geothermal energy to heat water. Geothermal power and a heat pump is energy-efficient and is largely used in a number of applications such as harvested rainwater, recycled water, sewage treatment plant, surface water, and retention basin stormwater. These geothermal power and heat pumps are the cost-efficient and high performance in nature. For example, Nortek Global HVAC, a subsidiary of Nortek, Inc. introduced a new geothermal heat pump system in the market. It needs less drilling compared to other geothermal systems.
Global Geothermal Power and Heat Pump Market: Growth Factors
Consumers opt for cheap sources of energy owing to increasing electricity and oil prices. This is expected to drive the global market growth. Due to environmental benefits and cost saving benefits, geothermal power and heat pump market are anticipated to witness considerable growth in the near future. A government initiative to offer attractive benefits on an installation of the system in newly built homes is also fuelling the global geothermal power and heat pump market. Conversely, fake estimation and faulty installations may restrain the global market growth in future.
Global Geothermal Power and Heat Pump Market: Segmentation
The global geothermal power and heat pump market are bifurcated on the basis of end-use application as the industrial geothermal heat pump, domestic geothermal heat pump, and commercial geothermal heat pump. Of these, the domestic geothermal heat pump segment accounted for the largest market chunk. Based on the technology the global market is segmented as open loop system, direct heat exchange, close loop system, and ground heat exchange. Of these, closed loop systems technology segment accommodated for the largest market share in the global market. It is widely used in the loop configuration. The closed loop system is further sub-segmented as pond/ lake systems, vertical loops, and horizontal loops. The commercial geothermal heat pump is further sub-segmented as new building systems and retrofit systems. The retrofit systems are fastest growing segment of the global market.
Global Geothermal Power and Heat Pump Market: Regional Analysis
Europe is the fastest growing region for geothermal power and heat pump. It accounted for largest the market share in the global geothermal power and heat pump market. This trend is followed by the North America where demand for geothermal power and heat pumps is escalating at the fastest rate. Moreover, Asia Pacific is emerging as economically stable country owing to rising urbanization in this region which is anticipated to boost the global geothermal power and heat pump market growth.
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Global Geothermal Power and Heat Pump Market: Competitive Players
Some of the major players in the global geothermal power and heat pump market are Geodynamics Ltd., Contact Energy Ltd., Nevada Geothermal Power Inc., Geoglobal Energy Llc., Magma Energy Corp., Florida Heat Pumps., and Calpine Corp. Other key players influencing the global market are Climatemaster Inc., Altarock Energy Inc., Exorka GmbH., Water Furnace International Inc., Baker Hughes Inc., and Alstom SA.