In a recent published report, Kenneth Research has updated the market report for Geothermal Heat Pump Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Geothermal Heat Pump Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Geothermal Heat Pump Market is estimated to reach $174 billion by 2025; growing at a CAGR of 8.9% from 2017 to 2025.Geothermal heat pump (GHPs), is a central heating/cooling system that exchanges heat to or from the ground. They use the uniform temperature of the earth as the transfer medium, instead of the outside air temperature. They are sometimes referred to as geo exchange, ground-source, earth-coupled, or water-source heat pump. Geothermal heat pumps technology is gaining improved adoption across commercial and residential buildings, since they are considered as feasible technology in sustainable heating of homes. This technology has been keeping consumers comfortable for more than five decades and can cut energy bills by up to 65% compared to traditional HVAC units.
Growing demand for cost effective and efficient space conditioning system from residential & commercial spaces and mounting prices of oil & electricity globally are the major factors driving the growth of the global geothermal heat pump market. However, the market consists of certain restraints such as high initial investment, and high installation cost. Favorable government initiatives to encourage the adoption of renewable energy, and technological advancement in the GHPs are expected to present potential growth opportunities over the forecast timeframe.
Product, application, and geography are the major bifurcations considered in the global geothermal heat pump market. The product segment is further bifurcated into open loop, and closed loop. Closed loop comprises vertical and horizontal.The segmentation by application includes residential, and commercial. Commercial comprises government center, educational institute, and office buildings.
Based on geography, geothermal heat pump market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S. and Canadawhereas Europe consists of Germany, UK, France, Sweden, Finland, Austria, Netherland, and Rest of Europe. Asia-Pacific is segmented into China, India, Japan, Switzerland, SouthKorea, New Zealand, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
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The major players operating in the global market include Robert Bosch GmbH, MODINE MANUFACTURING COMPANY, Carrier Corporation, Danfoss Group, Bryant Heating & Cooling Systems, Kensa Heat Pumps, CLIMATEMASTER, INC., Trane, EarthLinked Technologies, Inc., and Finn Geotherm, among others.
The key takeaways from the report
The report will provide detailed analysis of Global Geothermal Heat Pump Market with respect to major segments such as product, application, and geography
The report will include the qualitative and quantitative analysis with market estimation over 2016 – 2025 and compound annual growth rate (CAGR) between 2017 and 2025
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Geothermal Heat Pump Market has been included in the report
Profile of the key players in the Global Geothermal Heat Pump Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Geothermal Heat Pump Market
Product Segments
Open Loop
Closed loop
Vertical
Horizontal
Application Segments
Residential
Commercial
Government Center
Educational Institute
Office Buildings
Geographical Segments
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North America
U.S.
Canada
Europe
UK
Germany
France
Sweden
Finland
Austria
Netherland
Rest of Europe
Asia-Pacific
China
Switzerland
New Zealand
Japan
India
South Korea
Rest of Asia-Pacific
RoW
South America
Middle East
Africa
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