In this market research report, Technavio covers the market outlook and growth prospects of the global geothermal heat pump market for 2017-2021. The market is further categorized into two end-user segments, comprising of residential and non-residential users, of which the residential users dominated the market with close to 53% of the market share in 2016.
“Heat pumps are the most efficient and cost-effective heating units in the market. They are environment-friendly and can reduce carbon footprint and energy bills drastically. Also, the global emphasis on changing the energy mix will boost the deployment of geothermal heat pumps,” says Gaurav Mohindru, a lead unit operations research expert from Technavio.
Technavio’s heavy industry research analysts segment the global geothermal heat pump market into the following regions:
EMEA: largest market for geothermal heat pumps
The geothermal heat pump market in EMEA is expected to grow at a CAGR of 12.21% during the forecast period. The growth of construction activities, especially in the residential sector, along with easy credit facilities and changing consumer preferences has added momentum to the geothermal heat pump market in the region. Governments in this region are emphasizing on increasing energy efficiency and reducing carbon emissions, thus adding further impetus to the geothermal heat pump market, which can ensure greater savings when compared with conventional HVAC units. Therefore, the need to replace such traditional systems with advanced and sustainable systems is fueling the market growth.
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Americas: strong housing market to boost growth
The geothermal heat pump market is expected to get a boost in the US during the forecast period owing to their energy efficiency benefits. This projection will be supported by the strong housing market in the US, which staged a remarkable comeback in 2016 after being severely affected by the credit crisis of the past 10 years.
“Apart from the US, Canada is also considered as a growth center for the market. Canada, has registered a considerable growth in demand for geothermal heat pumps. Moreover, Canadian government agencies offer rebates and incentives for the use of heat pumps,” says Gaurav.
Improving business environment, growing economic activities, and rising disposable incomes make Latin America also a potential market for geothermal heat pumps. The expansion of the construction industry in Latin American countries such as Colombia, Peru, and Mexico will positively influence the growth of the geothermal heat pump market in the region.
APAC: investments in the real estate sector to boost growth
The geothermal heat pump market in APAC is expected to grow at a CAGR of 13% during the forecast period. The rise in investments in the real estate sector will boost the demand for geothermal heat pumps in APAC. In 2013, the real estate industry grew by double digits in developing countries of this region such as China and India. Real estate deals have increased exponentially owing to heavy investments made toward the development of land sites in Tier I and Tier II cities, where the investments are driven by infrastructure development, especially in the residential sector. Apart from the residential construction sector, growing economic activities, because of infrastructure development, will significantly drive the demand for geothermal heat pumps.
The top vendors in the global geothermal heat pump market as highlighted in this market research analysis are:
- Carrier Corporation
- Mitsubishi Electric
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