Geothermal Heat Pump Market Faces Challenges to Growth
High installation costs and a lack of technological advancement is limiting the growth of the market for residential geothermal heat pumps.
According to a new study from Persistence Market Research, high installation cost of geothermal heat pumps systems along with lack of consumer awareness or confidence in geothermal heat pump’s benefits is acting as major challenge in overall acceptance of this technology in major developing countries around the globe.
Moreover, lack of technological advancement and technique towards the cost and performance benefits of geothermal heat pump is limiting the market growth for geothermal heat pump.
A geothermal heat pump (GHPs) or ground source heat pump is a central water heating system that uses geothermal energy to heat the water. Geothermal heat pumps are energy efficient and are widely used in various heating application across surface water, recycled water, retention basin storm water, sewage treatment plant, and harvested rainwater.
Geothermal heat pumps can be used alone or in combination with hybrid configuration such as solar geothermal heat pump. The hybrid configurations offer high performance and cost benefits. Geothermal heat pump uses the moderate temperatures of the earth for heating and cooling systems. Most of the heat utilized by the geothermal heat pump does not always come principally from the center of the earth's crust, but directly from the sun. Some of the other popular name of geothermal heat pump in various part of the world includes geoexchange, earth energy systems and earth-coupled heat pumps.
On the basis of the major end user application of geothermal heat pumps, the market can be segmented in three broad categories namely domestic geothermal heat pump, commercial geothermal heat pump and industrial geothermal heat pump. Based on the technology used, the market is segmented as ground heat exchange, direct heat exchange, close loop system (vertical, horizontal, radial or directional and pond) and open loop system.
Among the major end user application segments, the domestic geothermal heat pump was the largest application segment whereas the closed loop geothermal heat pump was the fasted growing market segment in 2013.
The increasing concern of policy makers towards energy security, environmental sustainability, and trend towards bio-economy based development and well-being of the nation is driving the global geothermal heat pump market.
Moreover geothermal heat pump provides lessen energy consumption and helpful in minimizing greenhouse gas (GHG) emissions which is further helping the market. Moreover, in long run geothermal water pump also offers cost benefits over the tradition water heater system.
Europe is the largest market of geothermal heat pump followed closely by North America and Asia Pacific. Country wise, Denmark Sweden and Switzerland are the largest market of geothermal heat pump in Europe. The U.S. accounted for the largest market share in geothermal heat pump market in North America in 2013. Asia Pacific is the fasted growing market fueled mainly by the growing demand of the geothermal technology in economically growing countries in this region such as China, Japan and India.
Some of the major companies operating in global agrochemicals market include, Alstom SA, Altarock Energy Inc., Baker Hughes Inc., Calpine Corp., Climatemaster Inc., Contact Energy Ltd., Exorka GmbH., Florida Heat Pumps., Geodynamics Ltd., Geoglobal Energy Llc., Magma Energy Corp., Nevada Geothermal Power Inc., and Water Furnace International Inc.
Read more about geothermal heating and cooling.