Geothermal Heat Pumps Market: Introduction
According to the report, the global market opportunity in geothermal heat pumps will rise from US$ 115.74 Bn in 2020 to US$ 505.47 Bn by 2031, expanding at a 13.1% CAGR between 2020 and 2031. The global geothermal heat pumps market has a very moderate scope of realizing product differentiation. Thus, the market players need to compete by employing a cost leadership strategy.
Competition in the geothermal heat pumps market is currently at a medium level; however, the competition will become high in the next few years, suggests a new report by Transparency Market Research.
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Increasing Prices of Electricity Compels Consumers to Shift to Renewable Heating Solutions
Electricity is largely consumed by residential as well as commercial sectors. LPG is the other most commonly used fuel in homes. Rising prices of electricity and LPG, have thus become a cause of concern. Additionally, increase in greenhouse gas emissions from these energy sources is becoming a global issue. Thus, a rising number of consumers are shifting toward renewable heating solutions such as geothermal heat pumps. The durability of geothermal heat pumps and their stable cost are also driving their adoption.
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Geothermal heat pumps are robust in nature and require negligible maintenance. These systems eliminate the risk of combustion of fuels leading to fumes, unpleasant odors, and flames. Moreover, as they have moving parts, they are more resilient and reliable. These benefits of geothermal heat pumps are likely to attract consumers and boost their adoption.
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Incorrect Estimation of Heat Pump Size and Faulty Installations May Negate Cost Savings of Consumers
Any error or mismatch in the size of the heat pump installed for a particular sized house can jeopardize the sustainability of the heat pump system and result in significant expenses for the consumer. When the pump installed is incorrectly sized, it is unable to handle the entire load and thus, rely on the immersion heater to supply the actual energy load. The high cost thus incurred will negate the savings of the customer, and is expected to be one of the biggest challenges hampering the installation of geothermal heat pumps.
Moreover, even an incorrect estimation of insulation of a particular house may lead to various issues, thus making the installation a very sophisticated process, requiring extreme precision.
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“The high installation costs of geothermal heat pumps will restrict small residential owners from installing the system,” states a TMR analyst. The actual price of the pump is only a part of the overall expenditure; surveying, siting, installation of ground loops, and various other groundwork activities increase the expenses associated with the pump. Customers, therefore, find it an expensive technology and refrain from its adoption.
Commercial Sector to Emerge as Rapidly Growing Segment
While many residential owners may hesitate in installing geothermal heat pumps due to high cost of installation, the same is not true for commercial consumers. The commercial sector is likely to be the fastest growing segment of the geothermal heat pumps market over the next few years, states TMR. Commercial customers are more focused and attracted to the huge accumulated savings that they benefit from over the years. Furthermore, commercial consumers are eligible for tax benefits. This results in significant savings over the years, making geothermal heat pumps an attractive option for commercial consumers.
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Closed Loop Geothermal Heat Pump Systems to Gain Preference
Based on technology, the global geothermal heat pump market is segmented into open and closed loop geothermal heat pumps. Of these, the closed loop technology segment accounted for 85.68% of the market in 2020. The share of this segment is expected to rise to 87.99% by the end of 2031.
In terms of end-user, the global geothermal heat pumps market is segmented into commercial, residential. Of these, the residential sector accounted for 58.07% of the market in 2020. The residential sector is expected to lead the market, despite a slight drop in the share, which is expected by 2031.
Europe accounted for the largest share of 54.9% of the market in 2020. Its share is expected to increase further to 59.2% by 2031.
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