The global geothermal heat pumps market is expected to grow 12.8 percent annually through 2020, according to new research.
The will increase from a production figure of 52,638.18 MWt in 2013 to reach an estimated figure of 119,303.66 MWt by the end of 2020, reports Transparency Market Research. In terms of revenue, the market will grow from a revenue standpoint to $130.50 billion by that time.
Geothermal heat pumps (GHPs), also referred to as GeoExchange, have been declared as the most environmentally-friendly HVAC solutions available in the consumer market by the U.S. EPA and Department of Energy.
Geothermal heat pumps are considered as one of the best market-ready and commercially viable technologies used to achieve clean and efficient energy conditions in residential, commercial, as well as government building applications.
Several states and many other countries have developed an interest in renewable energy heating and cooling in the past recent years, thus establishing favorable incentives and groundbreaking geothermal heating and cooling projects to reduce global warming.
Due to the accelerated and widespread deployment of GHP systems in different regions of the world, opportunities exist to lower carbon emissions and reduce the global dependence on fossil fuels.
The global acceptance of using geothermal heat pumps technology is manifested mainly in North America and Europe, with rapid growth gaining grounds in Asia-Pacific, especially China, in the field of renewable heating technologies, Transparency Market Research found. Other mature markets in Europe such as France, Germany, Sweden, and Switzerland have been using this technology for much of the past two decades. They are likely to register an annual increase in installations of air source heat pumps until 2020.