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Geothermal Heat Pump Market to Grow at 12.04% CAGR to 2021: Growth Factors & Trends
For overview analysis, the report introduces Geothermal Heat Pump Market basic information including definition, classification, application, industry chain structure, industry overview, policy analysis, and news analysis, etc.
Marketsizeforecasters.com adds new global Geothermal Heat Pump market: report that lists top active companies as Carrier Corporation, Danfoss, Mitsubishi Electric, and NIBE.
Other Prominent Vendors in the market are: BDR Thermea, Bosch Thermotechnology, Bryant Heating & Cooling systems, CIAT, Hitachi Appliances, LSB Industries, and SIRAC.
Other Prominent Vendors in the market are: Clariant, ERCO Worldwide, Imerys, SNF Floerger, and Solvay.
Research Analysts forecast the global Geothermal Heat Pump market to grow at a CAGR of 12.04% during the period 2017-2021.
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Commenting on the report, an analyst team said: One trend in market is emergence of BEMS. A heat pump is a term that is more commonly applied to HVAC systems. Heat pumps are extensively used for space heating or space cooling in residential as well as commercial applications. Since the emphasis is on energy efficiency and reduction of emissions, building energy management systems (BEMS) is an emerging concept that can lead to significant energy savings. The global BEMS market is projected to grow at a steady rate during the forecast period; the market is mainly driven by the need for energy efficiency and cost reduction in buildings. Countries such as the US and China have introduced energy labels such as the Energy Star and Three-Star that rate buildings based on energy consumption and other parameters. These ratings have further spurred the demand for BEMS.
The listed pricing for this Geothermal Heat Pump Market report starts at $ 3500.
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According to the report, one driver in market is rising global energy consumption coupled with recovery in the housing sector. The rise in population along with rapid economic growth across the world will likely increase the demand for energy. As per International Energy Agency (IEA), the global primary energy consumption increased by just 1% in 2015, which was significantly lesser than the 10-year average of 1.9%. Emerging economies accounted for 97% of the rise in global demand for electricity; despite the decline in its consumption, China recorded the largest increment in primary energy consumption.
Further, the report states that one challenge in market is competition from refurbished pumps. Heat pumps require high initial investments for procurement and installation. This has restrained the market from growing at its full potential and poses a challenge. These high costs act as inhibitors to the adoption of heat pumps in small businesses. However, the cost savings that the heat pumps offer are far more than what the traditional furnaces offer. Thus, the noteworthy savings and comfort that the heat pumps offer have encouraged some SMEs to buy refurbished and reconditioned geothermal heat pumps. This has given way to the development of a parallel market for used machines. The heat pumps available in the refurbished markets are pre-owned and used. There are manufacturers that repair and recondition the machine for resale. The coexistence of a parallel market with reconditioned and cheaper products also poses a challenge for the global geothermal heat pump market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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