Selbyville, Delaware, April 27, 2022 (GLOBE NEWSWIRE) --
The U.S. geothermal heat pump market size is expected to record a valuation of USD 3 billion by 2028, according to the most recent study by Global Market Insights Inc.
Rising demand for sustainable energy-efficient systems along with growing energy demand will positively accelerate the business dynamics. Ever-increasing private & public sector investments in geothermal activities in line with government regulations to reduce carbon footprints will boost the market demand. In addition, shifting trends toward green energy generation coupled with rising conventional fuel prices will augment the industry landscape.
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The COVID-19 outbreak has impacted the economy in an unprecedented manner as the pandemic hindered the U.S. geothermal heat pump market growth and expansion significantly. The global spread of coronavirus has restricted industry operations owing to the labor shortages, disruptions in distribution networks, and ceased facilities along with obstruction in the supply chains, which led to production delays. However, numerous vaccinations drive along with the upliftment of government restrictions on global movement have led industry operations back to normalcy, which will positively influence the industry progression.
The closed-loop segment in the U.S. geothermal heat pump market is poised to witness substantial growth impelled by its low heat transfer losses along with reduced operational & maintenance expenses. The ability of these units to deliver a single flow path will further enable the easy removal of air from the loop in line with a simpler pipe fusion. This will reduce the overall installation cost and time, which in turn, will spur the product demand. Moreover, continuously increasing energy consumption across commercial and industrial establishments will foster the product deployment.
Mounting energy demand across the residential and commercial sectors due to the growing expenditure in the construction of building infrastructures together with shifting consumer focus toward the adoption of enhanced technology will increase the demand for U.S. geothermal heat pump market. Increasing directives on HVAC systems for building infrastructures will ensure the market penetration. Escalating private and public investments in the development of sustainable buildings on account of the ongoing urbanization will complement the market expansion.
U.S. geothermal heat pump market from office buildings is estimated to attain a 4% growth rate till 2028. Rising emphasis on the construction of new & enhanced energy-efficient building infrastructures along with the renovation and refurbishment of old & existing buildings will stimulate the business potential. Furthermore, increasing decarbonization of the commercial & tall buildings coupled with growing public investment to adopt ground-source heat pump technology will propel the industry outlook specially in the Northeast region.
States including New York, Massachusetts, & Connecticut are witnessing new energy ventures and investment to uplift the acceptance of geothermal heat pump for residential application. For instance, in February 2022, New York State Energy Research and Development Authority (NYSERDA) awarded a grant of USD 20 million as a part of USD 50 million empire building challenge to reduce the energy demand in the building and other commercial structure in New York. A paradigm shift toward green fuel technology integration together with the positive outlook toward low carbon emission will escalate the demand for geothermal heat pumps.
Major participants operating in the U.S. geothermal heat pump market are Danfoss, MODINE MANUFACTURING COMPANY, Weishaupt Group, Mitsubishi Materials Techno Co., Daikin, NIBE Industrier AB, Carrier, OCHSNER, CLIMATEMASTER, Inc., Bosch Thermotechnology Corp., Nortek Global HVAC, Bryant Heating & Cooling Systems, Bard HVAC, WaterFurnace International, Inc., De Dietrich, Viessmann, Trane, Vaillant Group, STIEBEL ELTRON GmbH & Co., KG, and GLEN DIMPLEX GROUP.
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Some of the prime findings of the U.S. geothermal heat pump market report include:
- Rapid urbanization along with the increasing population level has exponentially driven the U.S. energy consumption figures, which will proliferate the market progression.
- Reconstruction and upgrading of commercial & industrial infrastructures along with shifting trends toward renewable energy consumption will further augment the business landscape.
- Growing preference for space heating solutions and diminishing dependency on fossil energy will surge the product demand.
Table of Contents (ToC) of the report
Chapter 3 U.S. Geothermal Heat Pump Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & sustainability
3.3 Regulatory landscape
3.3.1 U.S.
3.3.1.1 California Energy Commission: New Building Code, 2021
3.3.1.2 International Ground Source Heat Pump Association
3.3.1.3 Bipartisan Infrastructure Deal, 2021
3.3.1.4 Fannie Mae Green Initiative
3.3.1.5 Massachusetts Clean Energy Centre Ground-Source Heat Pump Grants
3.3.1.5.1 Renewable Heat Incentives for residential, business, commercial, and industrial segments.
3.3.1.6 Energy Improvement and Extension Act of 2008 (EIEA2008)
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Increasing demand for energy-efficient systems
3.5.1.2 Favorable measures to reduce carbon footprints
3.5.2 Industry pitfalls & challenges
3.5.2.1 High upfront cost
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape, 2021
3.9 PESTEL Analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/us-geothermal-heat-pump-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
