According to a recent market research
report published by Transparency Market Research, the global geothermal
heat pumps market is projected to expand at a robust CAGR of 13.1%
during the period from 2014 to 2020. The report, titled “Geothermal Heat Pumps Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020,” estimates the global geothermal heat pumps market to be worth US$130.50 bn by 2020. The overall market stood at a valuation of US$55.30 bn in 2014.

Geothermal heat pumps, also known as
ground source heat pumps, are central heating/ cooling systems that
transfer heat from or to the ground. These systems utilize earth as the
heat source or heat sink according to weather conditions. Geothermal
heat pumps have been in use since 1940s and have been widely popular due
 to their fairly high efficiency compared to air-source heat pumps.

Rising prices of oil and electricity have
 led consumers to shift their focus towards low cost energy alternatives
 such as geothermal energy. Significant cost savings, along with
environmental benefits have boosted the demand for geothermal heat
pumps. Various initiatives taken by governments such as attractive
payback periods associated with installing these systems in newly-built
homes have further fueled the growth of the global geothermal heat pumps
 market. However, incorrect estimation of heat pump sizes and faulty
installations have led to several instances of product recalls. This is
likely to have a detrimental effect on the growth of the market. The
overall market has a huge opportunity to grow with the rising demand
across the commercial sector.

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On the basis of technology, the global
geothermal heat pumps market is categorized into open loop and closed
loop systems. The closed loop systems segment is further divided into
vertical loops, horizontal loops, and pond/ lake systems. In 2013, the
closed loop systems segment dominated the overall market with a share of
 85.68%. Closed loop systems are commonly used owing to their loop
configuration.

In terms of applications, the report
segments the global geothermal heat pumps market into residential and
commercial sectors. Both these sectors are sub-segmented into retrofit
systems and new building systems. The usage of geothermal heat pumps
across the industrial and agricultural sectors is negligible. In terms
of installed capacity, the retrofit systems segment across the
residential and commercial sectors is expected to witness significant
demand in the near future.

The report studies the geothermal heat
pumps market across three key regions: North America, Asia Pacific, and
Europe. In 2014, Europe and North America dominated the overall market.
Switzerland, Germany, France, and Sweden are the mature markets in
Europe. During the forecast period, Asia Pacific is expected to expand
at a steady pace with China driving the demand from this regional
market.