The trio of Europe, North America, and the Asia Pacific to Witness Fastest Growth in the Global Geothermal Heat Pumps (GHPs) Market
Although North America and the Asia Pacific are the most significant regions in the global geothermal heat pumps (GHPs) market, yet Europe has captured the largest share of the market for the predicted period. In Europe, Switzerland and Demark are the two countries which are likely to grab the largest revenue share of the market in Europe region throughout the forecasted period. In the North America region, Canada and the US have witnessed the highest growth due to the rising demand for renewable energy resources.
The Asia Pacific is however rapidly growing market propelled by the increasing demand from countries such as India, China, and Japan for geothermal technology.
Rising Concern about Environmental Sustainability to Boost the Growth of Global Geothermal Heat Pumps (GHPs) Market
Some of the important factors which are driving the growth of the global market for geothermal heat pumps (GHPs) are the well-being of the nation, environmental sustainability, rising concern of government towards the security of energy and the growing trend towards development based on bio-economy. Geothermal heat pumps generally reduce the consumption of energy and are also helpful in subsiding emission of greenhouse gas which is encouraging the market to grow during the projected period. The most important feature of a geothermal pump is it is cost effective than a conventional water heating system.
Following are the Factors which are Restraining the Growth of the Global Geothermal Heat Pumps (GHPs) Market
However, the market is also facing a lot of challenges because of lack of awareness among consumers and high installation charges of the heat pumps systems. In developing countries lack of technological advancement towards performance and cost is restricting the growth of geothermal heat pumps.
Open Loops Segment to Witness Steady Growth in the Global Geothermal Heat Pumps (GHPs) Market
On the basis of type, the global geothermal heat pumps (GHPs) market is segmented into an open loop, vertical closed loop, horizontal closed group, and Others. An open loop system is generally used for pumping the natural water into heat exchanger from local bodies of water. This capacity has increased the market potential for various applications such as remote watering, agriculture, livestock, and agriculture. Application segment is sub-segmented into a commercial building and residential building.
Global Geothermal Heat Pumps (GPHs) Market- Key Players
Some of the leading players operating in the market are OCHSNER Warmepumpen, Bosch Thermotechnology, Wolf, Carrier, Swegon, Vaillant, Weishaupt, BDR Thermea, Danfoss Group, Modine, Stiebel Eltron, Trane, Nibe Industrier, Viessmann and Mitsubishi Electric.