Report Description
A recent market
intelligence report that is published by Data Insights Partner on the
global Geothermal Power and Heat Pump Market makes an offering of in-depth analysis of segments and
sub-segments in the regional and international Geothermal
Power and Heat Pump Market. The research
also emphasizes on the impact of restraints, drivers, and macro indicators on
the regional and global Geothermal Power and Heat Pump Market over the short as well as long period of time. A detailed
presentation of forecast, trends, and dollar values of global Geothermal
Power and Heat Pump Market is offered. In
accordance with the report, the global Geothermal Power and Heat Pump Market is projected to expand by healthy CAGR over the period of forecast.
Market Insight, Drivers, Restraints,
Opportunity & Trends of the Market:
Definition
Geothermal
power refers to the energy derived from the Earth’s crust. This form of energy
is inexhaustible. This geothermal power is used for drilling wells, binary
cycling, flash streaming and dry streaming. Heat pumps are centralized heating
and cooling systems that transfer heat to and from the underground. When
buildings (in which these are installed) are heated up in the summer season, it
transfers heat from buildings to the ground and when the buildings are cooler
in the winter season, it transfers heat from the earth’s core. Geothermal power
and heat pump are the earth’s source of power. These are both cost-effective
and highly performing.
Market Drivers
The
soaring prices of electricity and oils like diesel, petroleum and many more
that are used for powering different activities and consequent drive for
alternative sources of powering coupled with the skyrocketing power demand for
both commercial and residential purpose is providing the initial impetus to the
global geothermal power and heat pump market.
The use of geothermal power and heat pump does
not imply and adverse effect on the environment. Neither does it exhausts the
quantity of non-renewable natural resources nor does it have a significant
carbon emission. The people’s concern with regard to the environmental
protection coupled with the government’s various incentive to adhere to the
policies aimed at achieving a better environment is driving the growth of this
market.
Apart
from the government’s incentive to protect the environment, the government is
also directly is carving a niche of being the cornerstone for the development
of the geothermal power and heat pump market. Government of different countries
are providing policy benefits to the households of newly built houses. Also,
the industry emission standards set by the government is compatible with the
emission resulting from the use of geothermal power and heat pumps. These
factors are empowering the growth of this market.
Market Restraints
However,
the forgery based gauging and malfunctioning installation techniques are
severely hindering the growth prospects of this market.
The
initial cost incurred during the installation of the mechanisms of geothermal
power and heat pumps are extravagantly priced and hampers the geothermal power
and heat pump market. Also, the procedure of installation is complex that
involves the systematic check of outer temperature and achievement of optimal
efficiency.
The
operation cost and difficulties associated with the application of geothermal
and heat pump is threatening the growth of this market.
Opportunities
The
rising population and urbanization are likely to provide good opportunities to
broaden the application base of geothermal power and heat pumps. The erection
of new houses as a result of rising population and urbanization is likely to
escalate the use of this product.
Rapid
industrialization and the expected upsurge in it in the near future is a good
scope for this market. Due to industrialization, the demand for cheap source of
power will increase that must compile with the emission standards posed by the
government and this is a good set of circumstances for the geothermal power and
heat pump market.
Other
factors like environmental concerns, cost effectiveness of these product, and
the inclination towards sustainability is likely to provide lucrative
opportunities to this market.
Trends
Asia
Pacific is projected to be the fastest growing market for this product during
the forecast period owing to the rapid economic development, urbanization,
industrialization, commercialization, consumer awareness with respect to
environment and the availability of the product, and the welcoming attitude
towards geothermal power and heat pumps. Europe is also expected to showcase
positive market growth owing to the expanding demand for heating and cooling
technologies. North America is also projected to experience a significant
market growth because the increasing demand of energy efficient modes of
powering, favorable government policies for the reduction of carbon footprint,
the soaring demand for water heating and space heating technologies, and also
geographical presence of geothermal powers. The booming industrial sector can
be assumed to be the cause of market growth for South America. The rising
energy consumption and governmental concerns can be associated with the projected
rise of market in Latin America and Middle East and Africa.
Segment Covered:
This market
intelligence report on the global Geothermal Power and Heat Pump Market encompasses market segments based on technology, application,
and country.
By Technology
the global Geothermal Power and Heat Pump Market has been divided into:
q Ground Heat Exchange
q Direct Heat Exchange
q Open Loop System
q Closed Loop System
o Vertical Loops
o Horizontal Loops
o Pond/Lake Systems
By Application the global Geothermal
Power and Heat Pump Market has been divided into:
q Domestic
q Industrial
q Commercial
o Retrofit Systems
o New Building Systems
By country/region,
the global Geothermal Power and Heat Pump Market has been divided into:
q North
America (the U.S., Canada),
q Latin
America (Brazil, Mexico, Argentina and other countries),
q Europe
(Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia
Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle
East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market
Players:
This business
intelligence report offers profiling of reputed companies that are operating in
the market. Companies such as:
q Dandelion
q NIBE
q Steibel
Eltron
q ClimateMaster,
Inc
q Maritime
Geothermal
q Carrier
q Vaillant
Group
q Bard
HVAC
q Glen
Dimplex
q Spectrum
Manufacturing
q Daikin
others have been
profiled into detail so as to offer a glimpse of the market leaders. Moreover,
parameters such as Geothermal Power and Heat Pump Market related investment & spending and developments by
major players of the market are tracked in this global report.
Report Highlights:
In-depth
analysis of the micro and macro indicators, market trends, and forecasts of
demand is offered by this business intelligence report. Furthermore, the report
offers a vivid picture of the factors that are steering and restraining the
growth of this market across all geographical segments. In addition to that, IGR-Growth
Matrix analysis is also provided in the report so as to share insight of the
investment areas that new or existing market players can take into consideration.
Various analytical tools such as DRO analysis, Porter's five forces analysis
has been used in this report to present a clear picture of the market. The
study focuses on the present market trends and provides market forecast from
the year 2020-2028. Emerging trends that would shape the market demand in the
years to come have been highlighted in this report. A competitive analysis in
each of the geographical segments gives an insight into market share of the
global players.
Few Recent Developments
Dandelion
A geothermal
system that assists the consumers to keep track of electricity consumption
bills and reduce carbon footprints was launched by Dandelion in 2018.
NIBE
CGC Group of
Companies Inc was a heat pump company. A hemisphere of the shares of this
company was acquired by NIBE on February 2017.
Stiebel Eltron
Danfoss
Vlrmepumpar AB was one of the dominant manufacturers and largest supplier of
heat pumps in the Nordic Market. This company was acquired by Steibel Eltron in
May 2018.
Salient Features:
Ø
This study offers
comprehensive yet detailed analysis of the Geothermal
Power and Heat Pump Market, size of the
market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of
forecast: 2020-2028, taking into account 2019 as the base year
Ø
It explains upcoming
revenue opportunities across various market segments and attractive matrix of
investment proposition for the said market
Ø
This market intelligence
report also offers pivotal insights about various market opportunities,
restraints, drivers, competitive market strategies of leading market players,
emerging market trends, and regional outlook
Ø
Profiling of
key market players in the world Geothermal Power and Heat Pump Market is done by
taking into account various parameters such as company strategies, distribution
strategies, product portfolio, financial performance, key developments,
geographical presence, and company overview
Ø
The data of
this report would allow management authorities and marketers of companies alike
to take informed decision when it comes to launch of Type of models, government
initiatives, marketing tactics and expansion, and technical up gradation
Ø
The world
market for Geothermal Power and Heat Pump caters to the needs of various stakeholders pertaining to this
industry, namely suppliers, manufacturers, investors, and distributors for Geothermal
Power and Heat Pump Market. The research
also caters to the rising needs of consulting and research firms, financial
analysts, and new market entrants
Ø
Research
methodologies that have been adopted for the purpose of this study have been
clearly elaborated so as to facilitate better understanding of the reports
Ø
Reports have
been made based on the guidelines as mandated by General Data Protection
Regulation
Ø
Ample number
of examples and case studies have been taken into consideration before coming
to a conclusion
Reasons to buy:
v
Identify
opportunities and plan strategies by having a strong understanding of the investment
opportunities in the Geothermal Power and Heat Pump Market
v
Identification
of key factors driving investment opportunities in the Geothermal
Power and Heat Pump Market
v
Facilitate
decision-making based on strong historic and forecast data
v
Position
yourself to gain the maximum advantage of the industry’s growth potential
v
Develop
strategies based on the latest regulatory events
v
Identify key
partners and business development avenues
v
Respond to
your competitors’ business structure, strategy and prospects
v
Identify key
strengths and weaknesses of important market participants