ShareNorth America and Europe lead the global geothermal heat pump market
The global geothermal heat pumps market is expected to have a 13.1% compound annual growth rate (CAGR) from 2014 to 2020, reaching USD 130.5 billion by the end of 2020.
The global geothermal heat pumps market is expected to have a 13.1% compound annual growth rate (CAGR) from 2014 to 2020, reaching USD 130.5 billion by the end of 2020.
Global geothermal heat pump market growth is driven by rising electricity and oil prices. The global geothermal heat pumps market is expected to have a 13.1% compound annual growth rate from 2014 to 2020, reaching USD 130.5 billion by the end of 2020, says new market research report from Transparency Market Research.
According to the report, rising electricity and oil prices are shifting consumer preference towards cost-effective energy substitutes. The highly reliable nature of the system and easy financial options for consumers are fuelling demand for geothermal heat pumps. On the other hand, faulty installations and wrong estimation of pump size are factors curbing global demand.
North America and Europe lead the global geothermal heat pump market, the report also says. European countries such as France, Germany, Sweden, and Switzerland are mature markets, having experienced a steady decline in installed capacity in the last few years.
Source : EGEC Newsletter May 2015
Global geothermal heat pump market growth is driven by rising electricity and oil prices. The global geothermal heat pumps market is expected to have a 13.1% compound annual growth rate from 2014 to 2020, reaching USD 130.5 billion by the end of 2020, says new market research report from Transparency Market Research.
According to the report, rising electricity and oil prices are shifting consumer preference towards cost-effective energy substitutes. The highly reliable nature of the system and easy financial options for consumers are fuelling demand for geothermal heat pumps. On the other hand, faulty installations and wrong estimation of pump size are factors curbing global demand.
North America and Europe lead the global geothermal heat pump market, the report also says. European countries such as France, Germany, Sweden, and Switzerland are mature markets, having experienced a steady decline in installed capacity in the last few years.
Source : EGEC Newsletter May 2015