According to Pike Research, geothermal heat pump sales will experience strong growth rates over the next several years, with unit shipments in the US increasing from their current 150,000 annually to more than 326,000 units by 2017.
The clean-tech market intelligence firm forecasts that the total worldwide capacity for geothermal direct use applications will increase by 179 percent during the same period.
Pike Research also anticipates that heat pumps will represent a significant majority of the global market for such direct use applications, accounting for 84 percent of total capacity.
Other key segments include bathing and swimming applications and space (district) heating.
The new report, “Geothermal Heat Pumps and Direct Use”, analyses the global market opportunity for direct utilization of geothermal energy with a primary focus on heat pumps.
The study includes a comprehensive examination of direct use markets, demand drivers, existing and emerging technologies, the public policy and regulatory environment, and key industry players.
“The potential for geothermal heat pumps is high, but installations currently represent just 1% of the heating and cooling market,” says industry analyst Mackinnon Lawrence. “However, growing electricity demand, rising energy prices, and increasing regulation around emissions and efficiency are all expected to push demand higher.
“Used on their own, geothermal heat pumps are capable of producing large reductions in energy use and peak demand in buildings. Used in conjunction with clean energy generation and whole-building efficiency measures, the benefits of using heat pumps increase substantially,” Lawrence said.
An efficient and reliable option for residential, commercial, and institutional building owners, geothermal heat pumps exploit the nearly constant temperatures found just beneath the ground.
While cost and lack of consumer awareness remain primary obstacles to increased adoption, Pike Research said, tax incentives and policies supporting building efficiency improvements are helping to drive dramatic growth in the heat pump market.
An executive summary of the new report is available for free download on the firm’s website.
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