The global geothermal heat pump market to grow at a CAGR of 12.04% during the period 2017-2021.
The report, Global Geothermal Heat Pump Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in market is emergence of BEMS. A heat pump is a term that is more commonly applied to HVAC systems. Heat pumps are extensively used for space heating or space cooling in residential as well as commercial applications. Since the emphasis is on energy efficiency and reduction of emissions, building energy management systems (BEMS) is an emerging concept that can lead to significant energy savings. The global BEMS market is projected to grow at a steady rate during the forecast period; the market is mainly driven by the need for energy efficiency and cost reduction in buildings. Countries such as the US and China have introduced energy labels such as the Energy Star and Three-Star that rate buildings based on energy consumption and other parameters. These ratings have further spurred the demand for BEMS.
According to the report, one driver in market is rising global energy consumption coupled with recovery in the housing sector. The rise in population along with rapid economic growth across the world will likely increase the demand for energy. As per International Energy Agency (IEA), the global primary energy consumption increased by just 1% in 2015, which was significantly lesser than the 10-year average of 1.9%. Emerging economies accounted for 97% of the rise in global demand for electricity; despite the decline in its consumption, China recorded the largest increment in primary energy consumption.