(EnergyIndustry.Net, September 26, 2022 ) The global geothermal heating and cooling market size is expected to reach huge growth during the forecast period. A high-efficiency heat exchanger that transfers heat to or from the ground via a vapor compression refrigeration cycle is called a geothermal heat pump, often referred to as a ground source heat pump. It uses the Entire planet as a heat source or a heat sink depending on the surrounding temperature. It serves as a practical and effective air conditioning system by transferring heat from the building to the grounds for cooling in the summer and from the ground to the building for heating during the winter.
The Geothermal Heating and Cooling Market Growth Factors:
Energy alternatives are urgently needed as a result of rising energy and electricity expenses and increasing oil prices. Alternative sources of energy are becoming more and more well-liked in recent years due to their affordability and reliability. These factors have contributed to the amazing expansion of the geothermal heat pump market worldwide. In the near future, the market for geothermal heat pumps will be driven by the escalating problem of climate change. Open loop systems & closed loop systems are the techniques employed in this market.
Major Market Trends of Geothermal Heating and Cooling Market
• Increased awareness among consumers of the need to reduce carbon emissions, as well as favorable regulatory frameworks and laws, will benefit the industrial standpoint.
• Due to their accessibility and dependability, alternative energy sources had recently become increasingly popular.
The Geothermal Heating and Cooling Market Segmentation
The Geothermal Heating and Cooling Market on the basis of Product, the market is classified into Open Loop, Closed Loop (Vertical and Horizontal), Pond Loop). On the basis of Application, the market is fragmented into (Residential, Commercial (Government Centers, Office Buildings, Educational Institutes, Healthcare, Hospitality, and Others)
After North America and Asia Pacific, Europe is the biggest regional market for geothermal heating and cooling. Poland, Greece, the Czech Republic, and the United Kingdom are predicted to provide market players lucrative development prospects, whereas Germany, France, Switzerland, & Sweden are mature country markets with a progressive drop in installed capacity addition.
The major players operating in the geothermal heating and cooling market are Stiebel Eltron, Ingersoll Rand (Trane), Vaillant Group, Viessmann, Glen Dimplex, Daikin, NIBE, Carrier, Bard HVAC, Spectrum Manufacturing.
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