Strong renewable and cost-effective energy solutions demand is projected to positively impact the global geothermal heat pumps market. Rising conventional fuel-prices have shifted consumer preferences towards mature and stable energy solutions such as the geothermal heat pumps. Such trends have the ability to critically impact global market development. Geothermal heat pumps have several positive attributes such as cost effectiveness, less environmental impact, seasonal flexibility, low maintenance and use renewable energy. Geothermal heat pumps can be segmented into open loop technology and closed loop technology. The closed loop technology dominates the global market and occupies nearly four-fifth of the global market share. On the basis of application, geothermal pumps can be segmented into residential and commercial categories, with further categorization into new building systems and retrofit systems.
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Government initiatives to incorporate renewable energy solutions into everyday applications are projected to further aid the global market. Higher energy efficiency compared to the more prevalent air source pumps and lower noise pollution are some other factors capable of critically impacting the market. Higher costs and installation problems are anticipated to hinder global market development. R&D initiatives to reduce manufacturing costs offer ample opportunities to the industry participants. Market penetration opportunities in the developing regions such as Asia Pacific and Latin America offer abundant scope for both the existing as well as new industry entrants.
North America and Europe dominated the global geothermal heat pump market over the recent past. Emerging economies such as China, India, Brazil, Argentina and South Africa are expected to witness strong geothermal heat pump demand. Several government initiatives and incentives to promote renewable energy usage are touted to compliment the growing regional markets. Emerging countries such as China, India and Brazil are presumed to drive their respective regional markets. Mature European markets such as France, Germany, Switzerland and Sweden are presumed to witness robust demand owing to government incentives and a shift towards renewable energy usage.