One of the most mature and stable platforms of renewable energy usage, geothermal heat pumps (GHPs) were first used in the 1940s, and current systems became commercially available in the 1970s.
Today, GHP systems are being deployed in nearly every region of the world and in residential, commercial, institutional, and industrial environments with great success. The GHP market, however, has experienced declines in deployments over the last few years. The economic downturn slowed construction, reduced government investments in renewable energy products, and limited the ability of developers to acquire capital for high-end construction products.
While the downturn has taken a toll on many of the manufacturers of GHP products, the market stands to experience significant growth in the coming years. As the world economy recovers, renewable energy initiatives in Europe, North America, and Asia Pacific will drive product deployments. The main barrier to GHP system deployment growth has been and remains to be the high upfront cost of system installation. Developments aimed to reduce this upfront cost are a primary focus of today’s R&D efforts. Navigant Research forecasts that installed GHP capacity will grow from 46.7 gigawatts thermal (GWt) worldwide in 2012 to 127.4 GWt in 2020.
This Navigant Research report analyzes the global market opportunity for geothermal heat pumps, including a comprehensive examination of GHP markets, demand drivers, existing and emerging technologies, the public policy and regulatory environment, and key industry players. Market forecasts, segmented by geography and market segment, extend through 2020 and include examinations of market dynamics in all key regions worldwide.