Global Geothermal Heat Pump Market 2018 Includes Market Size, Share, Trends, Growth, Demand, Supply, Application, Segmentation, Opportunity, Market Development, Production, Capacity Utilization, Supply, Analysis and Forecast by 2023
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.
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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 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 worldwide market for Geothermal Heat Pump is expected to grow at a CAGR of roughly 10.6% over the next five years, will reach 6020 million US$ in 2024, from 3640 million US$ in 2019, according to a new GIR (Global Info Research) study. This report focuses on the Geothermal Heat Pump in global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application.
The research study on Geothermal Heat Pump market forecasts this business vertical to accumulate substantial returns by the end of the projected timeline. Also included in the report, are some pivotal details related to the market dynamics – that is to say, the numerous driving factors impacting the remuneration portfolio of this industry, the myriad risks prevailing in this sphere, and the innumerable opportunities that are rampant in this business space.
What does the report incorporate with reference to the competitive terrain of the Geothermal Heat Pump market?
What does the report cover with respect to the regional landscape of the Geothermal Heat Pump market?
What are some of the other most vital takeaways from the Geothermal Heat Pump report?
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The Geothermal Heat Pump market report is thus basically a detailed analysis of this business vertical that has been projected to record a commendable annual growth rate over the forecast duration. Comprising a precise evaluation of the Geothermal Heat Pump market in excruciating detail, the report attempts to provide invaluable insights with respect to parameters like revenue forecast, market size, sales volume, and more. The Geothermal Heat Pump market segmentation and the drivers influencing the business landscape as provided in the report also serve to help understand this industry better.
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Read more reports at: https://www.marketwatch.com/press-release/repair-construction-market-size-analytical-overview-growth-factors-demand-trends-and-forecast-to-2024-2019-01-22
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