US Geothermal Heat Pump Market Expected to Grow
31 January 2019
A recent study by Global Market Insights has concluded that the geothermal heat pump market will experience a compound annual growth rate (CAGR) of 3.3% between 2018 and 2024.
Global Market Insights suggests that demands will be supported by government mandates, favorable economics and the decreased energy demands of geothermal systems despite high installation cost.
Both LEED compliance requirements and the 2018 International Green Construction Code (2018-IgCC) support the incorporation of geothermal heating systems, as they utilize 20 to 50% less energy than conventional HVAC systems. The 2018-IgCC is a model code supporting development of green buildings, aiding contractors seeking to meet LEED initiatives.
Global Market Insights also suggested that rising costs of crude oil and electricity will influence the geothermal heat pump market. The study described geothermal heat pumps as sustainable and efficient systems that easily integrate with conventional HVAC systems. It also found that both maintenance costs and operating costs of geothermal heat pumps were lower than that of conventional HVAC systems and that they provide increased reliability.