GEOTHERMAL HEAT PUMPS MARKET ANALYSIS

Market Challenges And Opportunities

Global Geothermal Heat Pumps Market Drivers:

Growing construction activities worldwide to stimulate market growth

Growing awareness regarding the risks associated with fossil fuels and are adopting environment-friendly options among governments is propelling market growth. As the construction sector accounted for around 40% of the greenhouse emissions in 2019, a number of guidelines are now being implemented in order to reduce the environmental footprint of the construction sector. Moreover, some mandatory requirements in the U.S. are voluntary certification for LEED and EDGE and adhering to NYC emissions reduction law. Furthermore, growing awareness regarding the energy-efficient systems and hazards associated with the burning of fossil fuels is again expected to fuel market growth.

Increasing demand for energy-efficient solution to uplift market growth

Geothermal power uses no fossil fuel, which makes it one of the greenest energy sources available. In addition, geothermal power doesn’t produce any emissions during operation, unlike coal and oil furnaces. Geothermal energy is also renewable, meaning it will continue to be a source of energy for as long as the planet exists. It does, however, need electricity to operate, so pairing it with solar panels is a great way to lower its environmental impact.

Global Geothermal Heat Pumps Market Opportunities:

Increased oil prices and subsequent rises in electricity & energy costs have created a dire need for alternative energy sources. This has led to a significant growth in the geothermal heat pump market, especially in developed and emerging countries. The technology offers a variety of benefits, including cost efficiency, environmental sustainability, and durability. It also helps reduce air pollution, as it eliminates the need for fuel and is more powerful than other heating and cooling appliances.

The global geothermal heat pumps market is also likely to benefit from an increased focus on energy efficiency by governments. Many countries have initiated programs that encourage the installation of geothermal heat pumps. For instance, the U.S. provides a 30% tax credit for new geothermal heating systems. Additionally, the Canadian government has established an incentive program for the development of geothermal energy in Canada. These factors are expected to drive the market growth of the geothermal heat pump market over the forecast period.