The global geothermal heat pump market is estimated to grow at a CAGR of more than 3.5% during the forecast period. Rising demand for geothermal heat pumps in commercial buildings is the major factor contributing to the growth of the market. There is a significant focus on energy savings in commercial and residential buildings as it holds a considerable share in energy consumption. For instance, as per the US in the US, the buildings sector accounts for nearly 76% of electricity use and 40% of all the US primary energy use and associated greenhouse gas (GHG) emissions. By 2030, the energy use in buildings could be cut over 20% with the cost-effective use of technologies.
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As a result, certain initiatives have reported that can contribute to reduce energy consumption in buildings while meeting national energy and environmental challenges, as well as to minimize costs to building tenants and owners. For instance, the Federal Energy Management Program (FEMP), a program by the US Department of Energy (DOE) aims to reduce the federal government’s energy consumption while offering tools, information, and support to the federal agencies toward tracking and meeting energy-associated needs and goals. FEMP works with its stakeholders to support federal agencies to fulfil energy-related goals, facilitate public-private partnerships, determine affordable solutions, and offer energy leadership to the US by identifying and accelerating government best practices.
As per the US DOE, in the US, the largest energy consumer in the federal government with over 350,000 buildings totaling over 2.7 billion square feet. A 46.2% decline in energy use has witnessed in federal buildings since 1975 and a 20.6% decline since 2003. Federal agencies are continuously focusing on minimizing energy use in federal buildings. As a result, they have installed GHP systems as it is a highly efficient technology gaining foremost importance in commercial and residential buildings. For instance, as per the National Renewable Energy Laboratory (NREL), Nearly a dozen federal agencies including the Bureau of Indian Affairs, Veteran’s Administration, the Department of Defense (DOD), US Postal Service, Housing and Urban Development, and Environmental Protection Agency (EPA), have installed GHP systems in some of their buildings.
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This increasing federal government support towards GHP systems is enabling to boost the global GHP market. Further, the US DOE had allocated funding from the American Recovery and Reinvestment Act aims to perform research into ground source heat pump technologies and applications. This includes several geothermal projects with the integration of other renewable energy technologies, for use in commercial and residential applications. This, in turn, will likely offer an opportunity for the growth of the global GHP market.
GHP Market Segmentation
By Type
- Closed-Loop Systems
- Open-Loop Systems
- Hybrid Systems
By Application
- Residential
- Commercial
- Industrial
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