There are multiple ways to heat and cool an interior space, only one of which involves a conventional heating, cooling and ventilation (HVAC) system. A popular alternative to an HVAC system is a geothermal heat pump. This report analyzes the global geothermal heat pump market.
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Geothermal heat pumps have become a popular heating and cooling solution for both homes and buildings. As their name suggests, they are designed to "pump" heat. It's a common assumption, however, that geothermal heat pumps are only used to warm the interior of homes and buildings. While there are certainly effective at warming interior spaces, they can also be used to cool homes or buildings.
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To warm a home during the winter, a heat pump may pump heat from the ground into the home. Statistics show the average ground temperature at 20 feet below the Earth's surface is about 50 to 60 degrees Fahrenheit. As a result, heat pumps are able to take some of that heat and transfer it into a home or building.
To cool a home during the summer, a heat pump may pump out the hot air inside a home or building. Heat pumps aren't one directional. They can pump heat either to the ground or from the ground, making them an incredibly versatile climate-control system for homes and buildings.
The Geothermal Heat Pump Market Size By Product, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 - 2024 report by Global Market Insights is a professional study of the global geothermal heat pump market. According to the report, the market is poised to reach $4 billion by 2024. So, what's fueling the market's growth? Well, geothermal heat pumps offer several advantages over conventional HVAC systems, including energy efficiency. When compared to HVAC systems, geothermal heat pumps are about 20% to 50% more efficient. As a result, homeowners and business owners can save money on their heating and cooling expenses by investing in a geothermal heat pump.
There are downsides to choosing a geothermal heat pump, including high installation costs. It usually costs more to install a geothermal heat pump than it does a conventional HVAC system. The good news, however, is that most homeowners and business owners will recoup their investment within three to 10 years in the form of savings on their utility bills. Because geothermal heat pumps are more energy efficient than HVAC systems, they offer long-term cost-savings benefits for users.
Some of the key geothermal heat pump vendors profiled in this report include Weishaupt, Viessmann, Stiebel Eltron, Mitsubishi Electric, Bard HVAC, OCHSNER Warmepumpen, Nortek Global HVAC, Trane, Bosch Thermotechnology, Green Planet Supply Technologies, Spectrum Manufacturing, Earthlinked Technologies, Modine, NIBE, ClimateMaster, Glen Dimplex, Carrier, Swegon, Danfoss, Vaillant, Daikin and Wolf.