Geothermal heat pump market to reach $130bn by 2020

The global market for geothermal heat pumps is predicted to reach $130.5 billion by 2020, according to new research.

In a new report, analysis firm Transparency Market Research said it expects the market to grow at a 13.10% CAGR, from a starting point of $55.3 billion in 2014.

While the market has been dominated by closed loop systems, which accounted for 86% of the total global market in 2013, and while these systems are expected to maintain their dominant position to 2020, the report said demand is expected to increase for horizontal loop pumps in new building systems.

Europe and North America currently dominate the market for geothermal heat pumps, but the Asia Pacific region is tipped for steady expansion to 2020 and new entrants are expected to make the global market more competitive for leading players such as WaterFurnace International, GeoMaster LLC, Danfoss Heat Pumps UK, Florida Heat Pump Manufacturing, Dimplex, Bryant Heating and Cooling Systems, Climatemaster and Enertech Global LLC.

Key market drivers seen for the forecast period include geothermal heat pumps’ reliability, attractive payback periods, cost savings and links with new construction.

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