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North America Geothermal Heat Pump Market to be at Forefront by 2024
Published Date: 2020-02-24
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According to the Graphical Research new growth forecast report titled “North America Geothermal Heat Pump Market Size By Product, Application, Industry Analysis Report, Country Outlook (U.S., Canada), Application Potential, Competitive Market Share & Forecast, 2018 – 2024”, to be at Forefront by 2024. North America Geothermal Heat Pump Market Share is anticipated to grow on account of rising concern pertaining environmental sustainability along with shift toward bio economy-based development. Stringent guidelines for energy efficient products issued by regulators to lower the carbon footprint is set to drive the business outlook. For instance, in 2019, Canadian government has proposed to invest USD 1 billion to improve energy efficiency in commercial, residential & multi-unit buildings.
The U.S. is projected to grow owing to soaring investment toward single and multi-housing constructions facilitated by robust economic growth. Rapid population migration to urban areas along with availability of shallow ground temperature in Wilkes/Scranton-Barre area will boost product penetration. In addition, rising awareness to restrict the usage of fossil resources is set to enhance the industry scenario.
Limited land space availability in urban & suburban regions coupled with low disruption to existing landscape during installation will propel the demand for vertical closed loop. A pipe is buried into the ground and the antifreeze circulates within it which transfers the ground heat to the system. Less energy consumption, low O&M cost and high reliability are few major parameters augmenting the business outlook.
Residential is anticipated to grow on account of expanding demand for refurbishing and replacement of conventional systems. Simple integration of the system with HVAC across existing and newly built establishments is set to strengthen the product demand. Moreover, healthy economic growth coupled with increase in investment toward the revamping of buildings will further complement the industry landscape.
Open loop is projected to grow on account of high efficiency, low installation cost, reduced heat transfer, minimum time delay, small running expense & decreased heat transfer. The groundwater used for heating and cooling purpose is restored to the ground through recharge well or surcharge discharge. In addition, growing tenant finish concerning to environmental sustainability is set to boost the system installation.
Escalating demand for commercial and residential establishments along with surging need for energy efficient heating & cooling system is anticipated to complement the Canada pump market growth. Customer preference toward enhancing living standards coupled with inclination toward net zero emissions building structures through deployment of renewable technologies is projected to strengthen the industry outlook.
Ongoing innovations, product development and R&D in accordance with internationally accepted guidelines and standards is augmenting the market growth. Prominent participants across the business are Swegon, Thermic Energy, Solarbayer, Systemair, Toshiba, Wolf, Vaillant, Weishaupt, Viessmann, Danfoss, Stiebel Eltron, Mitsubishi Electric, Nortek Global HVAC, Bosch Thermotechnology, Bard HVAC, Carrier, Spectrum Manufacturing and Earthlinked Technologies amongst others.
North America Geothermal Heat Pump Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2019 to 2024, for the following segments:
North America Geothermal Heat Pump Market Share, By Product
- Open Loop
- Closed Loop
- Pond Loop
North America Geothermal Heat Pump Market Size, By Application
- Educational institutes
- Logistics & transportation