Geothermal heat pump market size to exceed $130B US by 2023
December 14, 2016 By Ground Water Canada
Ocean View, DE – The global geothermal heat pump market is anticipated to exceed $130 billion US by 2023, growing at over 13 per cent compound annual growth rate from 2016 to 2023, says a report from U.S. researcher Global Market Insights.
The escalating need for low-cost energy substitutes owing to rising oil prices is likely to drive industry demand over the forecast period, the report suggests. In addition, consequent hike in electricity and energy cost is forecast to positively impact the geothermal heat pump market size.
These products are largely used for cooling or heating the interiors of an entire building and pool water. They are also known as ground source heat pump and transfer the heat stored in the ground into a building during winters and vice-versa during summers. High efficiency and substantial energy savings are expected to fuel geothermal heat pumps market growth from 2016 to 2023. Unfavourable climatic conditions are also forecast to boost demand over the forecast period.
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