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Geothermal Heat Pumps Market Trends and Forecast 2014 - 2020

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This research study is designed to analyze the market for geothermal heat pump globally, in terms of both installed capacity (MWt) and cumulative revenue (USD Billion). The market for geothermal heat pumps has been segmented on the basis of technolo
Transparency Market
Research
Geothermal Heat Pumps Market - Global Industry Analysis,
Size, Share, Growth, Trends, and Forecast 2014 - 2020
Published Date
29-Jan-2015
155 Page Report
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Press Release
Global Geothermal Heat Pump Installed Capacity and Market
Revenue is Anticipated to reach 119,303.66 MWt and USD 130.50
billion, respectively, by 2020
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Geothermal Heat Pumps Market
REPORT DESCRIPTION
Geothermal Heat Pumps Market - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast 2014 - 2020
Transparency Market Research has released a new market report titled Geothermal Heat Pumps Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 - 2020. According to this report,
the global installed capacity for geothermal heat pumps stood at 52,638.18 MWt in 2013 and is expected
to reach 119,303.66 MWt by 2020, at a CAGR of 12.8% from 2014 to 2020. In terms of revenue, the global
geothermal heat pumps market was valued at USD 55.30 billion in 2013 and is anticipated to reach USD
130.50 billion by 2020, at a CAGR of 13.1% from 2014 to 2020.
Browse Geothermal Heat Pumps Market Report with Full TOC at
http://www.transparencymarketresearch.com/geothermal-heat-pumps-market.html
Geothermal heat pump is a renewable heating technology which utilizes the earth as both a heat source
and heat sink. Geothermal heat pumps have proved to be highly capable of substituting conventional
heating, ventilating, and air conditioning (HVAC) systems globally. These heat pumps are a method of
directly utilizing geothermal energy for heating a building. Apart from heating, these systems can be
customized to provide cooling as well as hot water when required. Geothermal heat pumps are a widely
accepted technology in North America and Europe. These heat pumps are also rapidly gaining ground in
Asia Pacific, spearheaded mostly by China’s aggressive initiatives towards utilizing renewable heating
technologies.
One of the major requirements of geothermal heat pumps is the installation of ground loops. These ground
loops are of utmost importance as they provide a platform for the heat exchange to take place. Depending
on the type of ground loop being installed, the market for geothermal heat pumps has been broadly
segmented into open loop systems and closed loop systems. Closed loop systems have been further subsegmented into horizontal loops, vertical loops, and pond/lake systems. Although open loop systems are
more efficient, closed loop systems are the most widely utilized loop configuration globally. In 2013, closed
loop systems accounted for 85.68% of the global geothermal heat pump installed capacity. Open loop
systems are highly dependent on the availability of adequate groundwater reserves. Numerous regulatory
hurdles associated with the utilization of groundwater aquifers have played a major role in inhibiting the
deployment of open loop geothermal heat pump systems globally.
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Geothermal Heat Pumps Market
Both horizontal and vertical loop configurations are highly popular choice while installing a closed loop
geothermal heat pump system. Horizontal closed loop configurations involve digging trenches for
installation of the ground loops. On the other hand, vertical ground loop installations involve drilling
vertical boreholes for placing the loops. Vertical loop configurations are highly useful when relatively lower
space is available for installing the ground loop. As a result, vertical loop systems are the most popular and
widely installed loop configuration globally. Pond/Lake systems are also highly efficient and require minimal
earth moving expenses. However, this loop configuration is highly dependent on the availability of a water
body nearby, which significantly stunts adoption rates.
Residential and commercial users are the major adopters of geothermal heat pumps globally. Both the
industrial and agricultural sector also utilize geothermal heat pumps; however since the utilization of the
technology by these sectors is negligible, they have been incorporated within the commercial sector. Both
residential and commercial segments have been further sub-segmented into new building systems and
retrofit systems. Both new building and retrofit systems are likely to be equally popular among adopters
throughout the forecast period. However, in terms of installed capacity, the retrofit sector is likely to
exhibit more attractive growth rates. Mature markets for geothermal heat pumps in Europe such as
Sweden, Germany, France, and Switzerland have been utilizing this technology for over 20 years. We
estimate that within the forecast period, numerous ageing geothermal heat pump units in these countries
are likely to be replaced. This is expected to significantly bolster the market for retrofit geothermal heat
pumps within the forecast period. A similar scenario might also be observed in the U.S., which is also a
mature market for this technology.
North America and Europe are currently the major markets for geothermal heat pumps globally. In North
America, the U.S. accounts for a large majority of the installed capacity. Mature markets for geothermal
heat pumps in Europe include Sweden, Germany, France, and Switzerland. Despite the economic crisis in
the region, numerous European countries have taken definite steps towards increasing the share of
geothermal heat pumps in their heating portfolios. The U.K. has recently started its Renewable Heat
Incentive (RHI) scheme which is likely to bolster the installations of geothermal heat pumps in the country.
Regulatory support mechanisms play an instrumental role for any renewable energy technology and
geothermal heat pumps are no exception. Annual installations in Sweden, Germany, and Canada, among
others have exhibited a definite slowdown post the retraction of incentive schemes. Mature markets for
geothermal heat pumps in Europe, especially France and Germany have been registering an alarming
increase in annual installations of air source heat pumps. There is a definite threat of substitution of
geothermal heat pumps by air source heat pumps in these countries as well as other European economies.
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Geothermal Heat Pumps Market
Post retraction of the Federal Tax Credit scheme in the U.S. in 2016, the market for geothermal heat pumps
in the country is likely to enter into a temporary phase of uncertainty. China is the largest adopter of
geothermal heat pumps in Asia Pacific. Countries such as South Korea, New Zealand, and Australia are
likely to emerge as major adopters of the technology within the forecast period. China’s installed capacity
of geothermal heat pumps has grown significantly over the last decade. This growth in capacity additions
has outstripped the growth in experience of installers and heat pump manufacturers in the country. As a
result, there are numerous incorrectly installed heat pump units across China, which are likely to require
replacement within the forecast period. Thus, demand for retrofit systems in Asia Pacific is likely to remain
high throughout the forecast period. The global market for geothermal heat pumps has been segmented as
follows:
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Geothermal Heat Pumps Market: Technology Analysis
Open Loop Systems
Closed Loop Systems
•
Vertical Loops
•
Horizontal Loops
•
Pond/Lake Systems
Geothermal Heat Pumps Market: End-User Analysis
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Geothermal Heat Pumps Market
Residential
•
New Building Systems
•
Retrofit Systems
Commercial
•
New Building Systems
•
Retrofit Systems
Geothermal Heat Pumps Market: Regional Analysis
•
North America
•
Europe
•
Asia Pacific
Browse Geothermal Heat Pumps Market Report with Full TOC at
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TABLE OF CONTENT
Chapter 1 Preface
1.1 Report Description
1.2 Research Scope
1.3 Market Segmentation
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1.4 Research Methodology
Chapter 2 Executive Summary
2.1 Global Geothermal Heat Pump Market
Chapter 3 Geothermal Heat Pump Market – Industry Analysis
3.1 Introduction
3.2 Value Chain Analysis: Geothermal Heat Pump Market
3.3 Market Drivers
3.3.1 Rising Oil and Electricity Prices Resulting in Consumer Focus Shifting Towards Low Cost Energy
Alternatives
3.3.1.1 Global Crude Oil Prices, By Grade (USD/Barrel)
3.3.1.2 Annual Cost of Heating and Cooling, by Fuel (USD)
3.3.2 Significant Cost Savings Coupled with Environmental Benefits render Geothermal Heat Pumps as
an Attractive Investment
3.3.3 Attractive Payback Periods Associated with Installing These Systems in Newly-built Homes
3.3.4 Highly Reliable Nature of the Overall System and Easy Financing Options Available for Customers
3.4 Market Restraints
3.4.1 Incorrect Estimation of Heat Pump Size and Faulty Installations may Have a Detrimental Impact
on owners
3.4.2 Higher Upfront Investment Required May Deter Small Residential Customers From Opting For
These Systems
3.5 Market Opportunities
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3.5.1 Attractive Incentive Structure and Lower Sensitivity Towards Upfront Cost May Render the
Commercial Sector as a Rapidly Growing Market
3.6 Porter’s five forces analysis: Geothermal Heat Pumps
3.6.1 Bargaining power of suppliers
3.6.2 Bargaining power of buyers
3.6.3 Threat from new entrants
3.6.4 Degree of competition
3.6.5 Threat from substitutes
3.7 Site evaluation analysis: Geothermal Heat Pumps
3.7.1.1 Factors Influencing Geothermal Heat Pump System Cost
3.7.1.2 Factors Affecting Choice of Heat Pump System and Ground Loop Design
3.8 Regulatory framework analysis: Geothermal Heat Pumps
3.8.1 Renewable heat incentive (RHI) scheme: U.K.
3.8.1.1 Renewable heat incentive (RHI) Scheme for Domestic Consumers, by Technology
(pence/kWH)
3.8.1.2 Applications and Accreditations for the Domestic RHI Scheme, by technology
3.8.1.3 Various Incentive Payments Under the Domestic RHI Scheme for a Constant Test Case
3.8.2 Federal Income Tax Credit Scheme: The U.S.
3.9 Market Attractiveness Analysis Of The Geothermal Heat Pump Market, By Region, 2013
Chapter 4 Geothermal Heat Pump Market: Technology Analysis
4.1 Geothermal Heat Pump Market: Technology Overview
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4.1.1 Global Geothermal Heat Pump Market, volume share by Technology segment, 2013 and 2020
4.2 Closed Loop System
4.2.1 Global Closed Loop System market estimates and forecast, 2013 – 2020 (MWt) (USD Billion)
4.2.1.1 Global Closed Loop Geothermal Heat Pump market estimate and forecast, by region, 2013
– 2020, (MWt) (USD Billion)
4.2.2 Horizontal Closed Loop Systems
4.2.2.1 Global Horizontal Closed Loop System market estimates and forecast, 2013 – 2020 (MWt)
(USD Billion)
4.2.2.2 Global Horizontal Closed Loop Geothermal Heat Pump market estimate and forecast, by
region, 2013 – 2020, (MWt) (USD Billion)
4.2.3 Vertical Closed Loop Systems
4.2.3.1 Global Vertical Closed Loop System market estimates and forecast, 2013 – 2020 (MWt)
(USD Billion)
4.2.3.2 Global Vertical Closed Loop Geothermal Heat Pump market estimate and forecast, by
region, 2013 – 2020, (MWt) (USD Billion)
4.2.4 Pond/Lake Closed Loop Systems
4.2.4.1 Global Pond/Lake Closed Loop System market estimates and forecast, 2013 – 2020 (MWt)
(USD Billion)
4.2.4.2 Global Pond/Lake Closed Loop Geothermal Heat Pump market estimate and forecast, by
region, 2013 – 2020, (MWt) (USD Billion)
4.3 Open Loop System
4.3.1 Global Open Loop System market estimates and forecast, 2013 – 2020 (MWt) (USD Billion)
4.3.1.1 Global Open Loop Geothermal Heat Pump market estimate and forecast, by region, 2013 –
2020, (MWt) (USD Billion)
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Chapter 5 Geothermal Heat Pump Market: End-User Analysis
5.1 Global Geothermal Heat Pump Market: End-User overview
5.1.1 Global Geothermal Heat Pump Market, volume share by end-user, 2013 and 2020
5.2 Residential Systems
5.2.1 Global Residential Systems market estimates and forecast, 2013 – 2020 (MWt) (USD Billion)
5.2.2 Global Residential Geothermal Heat Pump market estimate and forecast, by region, 2013 – 2020,
(MWt) (USD Billion)
5.2.3 Residential (New building) Systems
5.2.3.1 Global Residential (New Buildings) Systems market estimates and forecast, 2013 – 2020
(MWt) (USD Billion)
5.2.3.2 Global Residential (New Building) Geothermal Heat Pump market estimate and forecast, by
region, 2013 – 2020, (MWt) (USD Billion)
5.2.4 Residential (Retrofit) Systems
5.2.4.1 Global Residential (Retrofit) Systems market estimates and forecast, 2013 – 2020 (MWt)
(USD Billion)
5.2.4.2 Global Residential (Retrofit) Geothermal Heat Pump market estimate and forecast, by
region, 2013 – 2020, (MWt) (USD Billion)
5.3 Commercial Systems
5.3.1 Global Commercial Systems market estimates and forecast, 2013 – 2020 (MWt) (USD Billion)
5.3.1.1 Global Commercial Geothermal Heat Pump market estimate and forecast, by region, 2013
– 2020, (MWt) (USD Billion)
5.3.2 Commercial (New Building) Systems.
5.3.2.1 Global Commercial (New Buildings) Systems market estimates and forecast, 2013 – 2020
(MWt) (USD Billion)
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5.3.2.2 Global Commercial (New Building) Geothermal Heat Pump market estimate and forecast,
by region, 2013 – 2020, (MWt) (USD Billion)
5.3.3 Commercial (Retrofit) Systems
5.3.3.1 Global Commercial (Retrofit) Systems market estimates and forecast, 2013 – 2020 (MWt)
(USD Billion)
5.3.3.2 Global Commercial (Retrofit) Geothermal Heat Pump market estimate and forecast, by
region, 2013 – 2020, (MWt) (USD Billion)
5.4 Global New Building Geothermal Heat Pump market estimate and forecast, by region, 2013 – 2020,
(MWt) (USD Billion)
5.5 Global Retrofit Geothermal Heat Pump market estimate and forecast, by region, 2013 – 2020, (MWt)
(USD Billion)
Chapter 6 Geothermal Heat Pumps Market: Regional Analysis
6.1 Geothermal Heat Pumps Market: Regional overview
6.1.1 Global Geothermal Heat Pumps market, volume share by region, 2013 and 2020
6.2 North America
6.2.1 Country Analysis - Canada
6.2.2 North America Geothermal Heat Pumps market estimates and forecast, 2013 – 2020 (MWt) (USD
Billion)
6.2.3 North America Geothermal Heat Pump market estimate and forecast, by technology, 2013 – 2020
(MWt) (USD Billion)
6.2.3.1 North America Closed Loop Geothermal Heat Pump market estimate and forecast, by
system type, 2013 – 2020 (MWt) (USD Billion)
6.2.4 North America Geothermal Heat Pump market estimate and forecast, by end-user, 2013 – 2020
(MWt) (USD Billion)
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6.2.4.1 North America Geothermal Heat Pump market estimate and forecast, by end-user
installation type, 2013 – 2020 (MWt) (USD Billion)
6.2.4.1.1 North America Residential Geothermal Heat Pump market estimate and forecast,
by end-user installation type, 2013 – 2020 (MWt) (USD Billion)
6.2.4.1.2 North America Commercial Geothermal Heat Pump market estimate and forecast,
by end-user installation type, 2013 – 2020 (MWt) (USD Billion)
6.2.4.1.3 North America Geothermal Heat Pump market estimate and forecast, by end-user
installation type, 2013 – 2020 (MWt) (USD Billion)
6.3 Europe
6.3.1 Country Analysis – Sweden
6.3.2 Country Analysis - Germany
6.3.2.1 Germany Geothermal and Air Source Heat Pumps market, 2000-2013
6.3.3 Country Analysis - Greece
6.3.4 Country Analysis – The U.K
6.3.4.1 U.K. average home size in comparison with other European countries, 2014 (square
meters)
6.3.5 Europe Geothermal Heat Pumps market estimates and forecast, 2013 – 2020 (MWt) (USD Billion)
6.3.6 Europe Geothermal Heat Pump market estimate and forecast, by technology, 2013 – 2020 (MWt)
(USD Billion)
6.3.6.1 Europe Closed Loop Geothermal Heat Pump market estimate and forecast, by system
type, 2013 – 2020 (MWt) (USD Billion)
6.3.7 Europe Geothermal Heat Pump market estimate and forecast, by end-user, 2013 – 2020 (MWt)
(USD Billion)
6.3.7.1 Europe Geothermal Heat Pump market estimate and forecast, by end-user installation
type, 2013 – 2020 (MWt) (USD Billion)
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6.3.7.1.1 Europe Residential Geothermal Heat Pump market estimate and forecast, by enduser installation type, 2013 – 2020 (MWt) (USD Billion)
6.3.7.1.2 Europe Commercial Geothermal Heat Pump market estimate and forecast, by enduser installation type, 2013 – 2020 (MWt) (USD Billion)
6.3.7.1.3 Europe Geothermal Heat Pump market estimate and forecast, by end-user
installation type, 2013 – 2020 (MWt) (USD Billion)
6.4 Asia Pacific
6.4.1 Country Analysis – South Korea
6.4.2 Asia Pacific Geothermal Heat Pumps market estimates and forecast, 2013 – 2020 (MWt) (USD
Billion)
6.4.3 Asia Pacific Geothermal Heat Pump market estimate and forecast, by technology, 2013 – 2020
(MWt) (USD Billion)
6.4.3.1 Asia Pacific Closed Loop Geothermal Heat Pump market estimate and forecast, by system
type, 2013 – 2020 (MWt) (USD Billion)
6.4.4 Asia Pacific Geothermal Heat Pump market estimate and forecast, by end-user, 2013 – 2020
(MWt) (USD Billion)
6.4.4.1 Asia Pacific Geothermal Heat Pump market estimate and forecast, by end-user installation
type, 2013 – 2020 (MWt) (USD Billion)
6.4.4.1.1 Asia Pacific Residential Geothermal Heat Pump market estimate and forecast, by
end-user installation type, 2013 – 2020 (MWt) (USD Billion)
6.4.4.1.2 Asia Pacific Commercial Geothermal Heat Pump market estimate and forecast, by
end-user installation type, 2013 – 2020 (MWt) (USD Billion)
6.4.4.1.3 Asia Pacific Geothermal Heat Pump market estimate and forecast, by end-user
installation type, 2013 – 2020 (MWt) (USD Billion)
Chapter 7 Company Profiles
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7.1 Climatemaster Inc.
7.1.1 Company overview
7.1.2 Product portfolio
7.1.3 Financial overview
7.1.4 Business strategy
7.1.5 Recent developments
7.2 Florida Heat Pumps
7.2.1 Company overview
7.2.2 Product portfolio
7.2.3 Financial overview
7.2.4 Business strategy
7.2.5 Recent developments
7.3 Kensa Heat Pumps Ltd.
7.3.1 Company overview
7.3.2 Product portfolio
7.3.3 Financial overview
7.3.4 Business strategy
7.3.5 Recent developments
7.4 Danfoss Heat Pumps U.K Ltd.
7.4.1 Company overview
7.4.2 Product portfolio
7.4.3 Financial overview
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7.4.4 Business strategy
7.4.5 Recent developments
7.5 Finn Geotherm U.K Ltd.
7.5.1 Company overview
7.5.2 Product portfolio
7.5.3 Financial overview
7.5.4 Business strategy
7.5.5 Recent developments
7.6 Dimplex Ltd.
7.6.1 Company overview
7.6.2 Product portfolio
7.6.3 Financial overview
7.6.4 Business strategy
7.6.5 Recent developments
7.7 Geomaster LLC.
7.7.1 Company overview
7.7.2 Product portfolio
7.7.3 Financial overview
7.7.4 Business strategy
7.7.5 Recent developments
7.8 Water Furnace International Inc.
7.8.1 Company overview
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7.8.2 Product portfolio
7.8.3 Financial overview
7.8.4 Business strategy
7.8.5 Recent developments
7.9 Bryant Heating and Cooling Systems
7.9.1 Company overview
7.9.2 Product portfolio
7.9.3 Financial overview
7.9.4 Business strategy
7.9.5 Recent developments
7.10 Enertech Global LLC
7.10.1 Company overview
7.10.2 Product portfolio
7.10.3 Financial overview
7.10.4 Business strategy
7.10.5 Recent developments
Browse Geothermal Heat Pumps Market Report with Full TOC at
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