by Shane Henson — August 16, 2013—Worldwide revenue from geothermal heat pump (GHP) systems is expected to grow as nations increasingly turn to this renewable energy source to meet buildings’ heating and cooling needs, according to a new report from Navigant Research, a market research and consulting team that provides in-depth analysis of global clean technology markets.
Geothermal heat pump (GHP) systems—sometimes referred to as ground source heat pumps—harness moderate and constant temperatures just below the Earth’s surface, and play a vital role in global strategies to reduce greenhouse gas emissions and the burden on overtaxed infrastructure, says Navigant Research. First used in the 1940s, GHP systems are being deployed in nearly every region of the world and in residential, commercial, institutional, and industrial environments with great success, the company adds.
According to the report, Geothermal Heat Pumps, GHP systems will grow from $6.5 billion in 2013 to $17.2 billion annually by 2020. The report analyzes the global market opportunity for geothermal heat pumps, including a comprehensive examination of GHP markets, demand drivers, existing and emerging technologies, the public policy and regulatory environment, and key industry players. Market forecasts, segmented by geography and market segment, extend through 2020 and include examinations of market dynamics in all key regions worldwide.
The authors of the report note that although GHPs rely on electricity to run, they are considerably more efficient at heating and cooling than air-source conditioners and other traditional heating, air conditioning and ventilation competitor solutions. Although they do not directly displace fossil-based energy generation, GHP systems can reduce the dependence on fossil fuel-generating sources by a factor of up to 71 percent. Used on their own, GHPs are capable of delivering large reductions in energy use and peak demand in buildings. They offer even greater benefits when used in conjunction with clean energy generation and whole building efficiency, the authors stress.
