Selbyville, Delaware, March 14, 2022 (GLOBE NEWSWIRE) --
The geothermal heat pump market size is anticipated to record a valuation of USD 5 billion by 2028, according to the most recent study by Global Market Insights Inc. Growing sustainable energy integrations along with rising government initiatives will augment the overall market growth. Moreover, increasing concerns towards green energy generation along with rising fossil fuel price will drive the market expansion.
The COVID-19 outbreak has hindered the expansion of the geothermal heat pump market significantly. The spread of the virus on the global basis has restricted the industry growth along with obstructed the supply chain which led to production delay. However, it has been estimated that the industry is poised to improve its strength to conceal these impacts over the coming years.
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Closed loop product segment is projected witness substantial growth on account of its low heat transfer losses along with reduced O&M cost. Ability of these pumps to provide single flow path enabling easy removal of air from the loop along with simpler pipe fusion points minimizes the overall installation cost and time which in turn impel the product demand.
Mounting energy demand in the residential & commercial sector for the construction purpose combined with advanced technology adoption will foster the unit deployment. Rising mandates for HVAC system across the newly built and existing buildings will ensure the market penetration. Ongoing public and private investments toward the construction of commercial and residential buildings will further complement the industry landscape.
U.S. geothermal heat pump market demand is predicted to showcase an exponential growth by 2028. Positive outlook towards low carbon emission along with paradigm shift toward the integration of green fuel technology will sway the industry dynamics. Growing focus toward construction of new building infrastructure along with renovation of old buildings will further spur the overall industry trend.
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Major participants operating in the market consist of Trane, Weishaupt Group, WOLF GmbH, Green Planet Supply Technologies, Viessmann, Vaillant, Bryant Heating & Cooling Systems, Modine Manufacturing Company, Mitsubishi Materials Techno Co., Nortek Global HVAC, CLIMATEMASTER, Inc, FINN GEOTHERM UK Limited, GLEN DIMPLEX GROUP, Carrier, Bard HVAC, STIEBEL ELTRON GmbH & Co. KG, Danfoss, De Dietrich, Daikin, NIBE Industrier AB, OCHSNER, Bosch Thermotechnology Corp., WaterFurnace International Inc., and Kensa Heat Pumps.
Some of the prime findings of the geothermal heat pump market report include:
- Surging public and private sector investments towards geothermal activities along with implementing government regulations to reduce carbon footprints is projected enhance the product deployment.
- Reconstruction of building infrastructures along with positive outlook towards renewable energy will further propel the business dynamics
- Reducing dependency upon fossil fuel as well as growing preference for space heating will complement the product landscape.
Table of Contents (ToC) of the report:
Chapter 3 Geothermal Heat Pump Market Insights
3.1 Industry ecosystem analysis
3.1.1 Vendor Matrix
3.2 U.S. new housing units and heat pump penetration
3.3 Innovation & sustainability
3.4 Regulatory landscape
3.5 COVID- 19 impact on the industry outlook
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.7 Market entry barrier
3.8 Growth potential analysis
3.9 Porter's Analysis
3.10 Competitive landscape, 2021
3.11 PESTEL Analysis
Browse Complete Table of Contents (ToC) @
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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.
