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New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Geothermal Heat Pump Global Market Report 2022' -
The global geothermal heat pump market is expected to grow from $3.56 billion in 2021 to $3.88 billion in 2022 at a compound annual growth rate (CAGR) of 8.91%. The geothermal heat pump market is expected to reach $5.29 billion in 2026 at a CAGR of 8.05%.
The geothermal heat pump market consists of sales of geothermal heat pumps by entities (organizations, sole traders, and partnerships) that refer to a system with high-efficiency renewable energy technology that uses the earth's constant temperature to heat and cool buildings. Geothermal heat pumps are packaged in a single cabinet, which includes a compressor, loop-to-refrigerant heat exchanger, and controls.
The main type of geothermal heat pumps includes open-loop geothermal heat pumps and closed-loop geothermal heat pumps.The open-loop geothermal heat pumps refer to a heat pump that uses groundwater, which acts as a refrigerant to transfer thermodynamic energy for heating or cooling.
They are widely used in residential, commercial, and industrial applications.
Asia-Pacific was the largest region in the geothermal heat pump market in 2021, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the geothermal heat pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The geothermal heat pump market research report is one of a series of new reports that provides geothermal heat pump market statistics, including geothermal heat pump industry global market size, regional shares, competitors with a geothermal heat pump market share, detailed geothermal heat pump market segments, market trends and opportunities, and any further data you may need to thrive in the geothermal heat pump industry. This geothermal heat pump market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The increasing government initiatives to curb carbon emissions are driving the growth of the geothermal heat pumps market.Governments across the world are launching various initiatives to cut carbon emissions and some countries have made futuristic plans to target net-zero carbon emissions through the utilization of natural resources such as geothermal energy, nuclear energy, and others.
Increasing government's shift toward natural resources is expected to boost demand for geothermal heat pumps as they are increasingly being used for heating and cooling over carbon emissions-producing products such as electricity-powered air conditioning units, thermal-powered power plants and others.For instance, according to International Energy Agency, a France-based autonomous intergovernmental organization, there is a road map for the net-zero carbon emissions by 2050 that requires all governments to significantly strengthen and then successfully implement their energy and climate policies.
The number of countries that pledged to achieve net-zero emissions has grown rapidly over the last year and now (as of 2021) covers around 70% of global CO2 emissions.In addition, New Zealand Japan, Canada, and Korea have passed laws committing to achieving net-zero by 2050 whereas Fiji, Ireland, and Chile have proposed legislation.
The UK has a legally attached net-zero target by 2050 and new interim targets to reduce emissions by 78% by 2035. Therefore, increasing government initiatives to curb carbon emissions is expected to boost demand for geothermal heat pumps during the forecast period.
Technological advancement is a key trend gaining popularity in the geothermal heat pumps market.The key players operating in the geothermal heat pumps market are focusing on developing new technologies with minimal complexities with enhanced operational and performance capabilities.
For instance, In April 2019, Google X, a startup promoted by Google launched new technologically-advanced ground-source heat pumps, with a reduction in the average acquisition cost of 50% from $40,000 to $20,000 per unit.
In January 2022, Energy Machines, a Danish company offering integrated energy systems for buildings acquired Enopsol for an undisclosed amount.With this acquisition, Energy Machines is focused on exapanding its portfolio of energy systems technologies and increases its business presence across the globe.
Enopsol is a Danish company engaged in the design and installation of groundwater cooling and heating systems.
The countries covered in the geothermal heat pump market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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