Research and Markets recently released a 67 page report that forecasts a 15.29% growth in the geothermal heat pump market from 2015-2019.
If you are not familiar, a geothermal heat pump uses the constant temperature of the ground to heat and cool buildings. To get a more detailed description of what a geothermal heat pump is and how it works you can check out this article “What is a Geothermal Heat Pump and How Does it Work?”. There is a short video on that page that does a pretty good job of explaining it as well. Geothermal heating is actually a bit of a misnomer. Other more accurate names for this form of heating and cooling a building are ground source heat pump or geoexhange heat pump.
The report sites that the major driver of this growth will be from governments. In an effort to reduce green house gas emissions many countries are implementing building regulations and legislation that impacts both residential and commercial buildings. These initiatives promote the use of products that do not use fossil fuels like geothermal heat pumps. It is important to note that the report also states “These systems cannot directly replace fossil fuel-based energy generation but can reduce reliance on fossil fuel-based energy sources by almost 71%.”
According to Research and Markets the primary barrier to the growth of geothermal heat pumps is the relatively high initial investment of installation. There has been numerous independent studies that show the usual return on energy savings is about 7 years.
The report goes on to site the major players in the market as being Bosch, Carrier, Danfoss Group, Trane. Other vendors in the geothermal heat pump space also include, Bryant Heating and Cooling Systems, Climatemaster, Dimplex, EarthLinked Technologies, Enertech Global, Finn Geotherm, Florida Heat Pump Manufacturing, Geothermal Heat Pumps, GeoMaster, Kensa Heat Pumps, NEURA, OCHSNER Wärmepumpen, Spectrum Manufacturing, and WaterFurnace Renewable Energy.
One of the analyst on the team that created the report commented one reason that will drive both individuals and companies to opt for geothermal heat pumps over conventional heating and cooling equipment is, “Organizations and individuals across sectors such as residential, commercial, and industrial look for technologically progressive geothermal heat pumps with improved display and control systems. They prefer systems that can be controlled with ease and require low maintenance. Vendors are therefore adding greater functionality to their geothermal heat pumps such as two-speed compressors, dual-speed motors, de-super heaters, scroll compressors, and backup burners. This motivates end-users to opt for modern technology-equipped geothermal heat pumps rather than conventional heating and cooling equipment.”