Global Geothermal Heat Pumps (GHPs) market will reach 7420 million US$ by the end of 2025

Publisher: QYResearch
Published Date: 2019/8/28

A geothermal heat pump or ground source heat pump (GSHP) is a central heating and/or cooling system that transfers heat to or from the ground. It uses the earth all the time, without any intermittency, as a heat source (in the winter) or a heat sink (in the summer).
Geothermal heat pump systems consist of the heat pump unit, the ground heat exchanger, and the air delivery system (ductwork). The heat exchanger has a system of pipes called a loop, which is buried in the ground near the building. Fluid will circulate within the heat exchanger system. The pump exchanger either takes the heat from the building and transfers it to the ground or absorbs the heat from the ground and uses it to warm the house. The main advantage of geothermal heat pumps is that they use the stable underground temperature to increase the efficiency and decrease the operational cost of the cooling and heating systems. Global geothermal heat pump market size in 2017 was valued over USD 3 billion and the annual installation is projected to exceed 873 thousand units by 2025.

Growing concerns toward environmental sustainability and energy security along with shifting trends toward bio economy-based development will drive the global geothermal heat pump market size. Introduction of energy efficiency protocols by regulators with an aim to reduce carbon footprint will further propel the industry outlook. In 2016, Government of Germany introduced Climate Action Plan 2050 across the nation with an aim to curb GHG emissions up to 55% by 2030 compared with 1990 levels.

The global Geothermal Heat Pumps (GHPs) market is valued at 3640 million US$ in 2018 is expected to reach 7420 million US$ by the end of 2025, growing at a CAGR of 10.7% during 2019-2025.

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