Geothermal power and heat pump is also known by ground source heat pump. It is a central water heating system which uses geothermal energy to heat water. Geothermal power and heat pump is energy-efficient and is largely used in number of applications such as harvested rainwater, recycled water, sewage treatment plant, surface water, and retention basin storm water. These geothermal power and heat pumps are cost-efficient and high performance in nature. For example, Nortek Global HVAC, a subsidiary of Nortek, Inc. introduced a new geothermal heat pump system in the market. It needs less drilling compared to other geothermal systems.
MARKET DYNAMICS
Consumers opt for cheap sources of energy owing to increasing electricity and oil prices. This is expected to drive the global market growth. Due to environmental benefits and cost saving benefits, geothermal power and heat pump market is anticipated to witness considerable growth in the near future. Government initiative to offer attractive benefits on installation of the system in newly built homes is also fuelling the global geothermal power and heat pump market. Conversely, fake estimation and faulty installations may restrain the global market growth in future.
MARKET SCOPE
The ?Global Geothermal Power and Heat Pump Market Analysis to 2028" is a specialized and in-depth study of the consumer goods industry with a particular focus on the global market trend analysis. The report aims to provide an overview of the geothermal power and heat pump market with detailed market segmentation by product type, and application. The global geothermal power and heat pump market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading geothermal power and heat pump market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
1. By Product Type: On the basis of product type, the market is categorized into Closed Loop System and Open Loop System.
2. By Application: On the basis of application type, the market is categorized into Business, Household and Industrial Type.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It also provides market size and forecast estimates from the year 2018 to 2028 concerning five major regions, namely; North America, Europe, Asia- Pacific (APAC), Middle East and Africa (MEA), and South America. The geothermal power and heat pump market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the geothermal power and heat pump market from both the demand and supply sides. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive best analysis for all five regions, namely; North America, Europe APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the geothermal power and heat pump market in these regions.
IMPACT OF COVID 19
The outbreak of COVID-19 is expected to significantly impact the global geothermal power and heat pump market due to disruption in the international supply chain and a reduction in investment for the upcoming projects. Although annual additions correspond to the driven market, some projects are expected to be delayed due to COVID-19 related lockdown measures. Increasing electricity security concern owing to the clean and eco-friendly resources are driving the growth of the geothermal energy market.
MARKET PLAYERS
The report covers vital developments in the geothermal power and heat pump market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others, such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnerships and collaborations. These activities have paved the way for the expansion of businesses and the customer base of market players. The market players from the geothermal power and heat pump market are anticipated to have lucrative growth opportunities in the future with the rising demand for geothermal power and heat pump in the global market. Below mentioned is the list of a few companies engaged in the geothermal power and heat pump market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the geothermal power and heat pump market. Decide the report focuses on leading industry players with information such as company profiles, products, and services offered, financial information of the last three years, the critical development in the past five years.
- Altarock Energy
- Alstom
- Calpine
- Climatemaster
- Contact Energy
- Exorka
- Florida Heat Pumps
- GE(Baker Hughes)
- Geodynamics
- Geoglobal Energy
- Iceland America Energy
- Magma Energy
- Nevada Geothermal Power
- Ram Power