With players striving to attain a stable and prominent position in the market through product innovation, the level of competition among them is intense. The leading market players compete in terms of pricing strategies and by implementing smart marketing strategies. However, the scope of differentiating products is quite low in the geothermal heat pumps market. The leading multinational companies have an advantage over medium and small-sized installers and manufacturers owing to the access they have to different channels of distribution, even if the competition among them is relatively strong. The leading companies operating in the global geothermal heat pumps market are WaterFurnace International Inc., Florida Heat Pump Manufacturing, GeoMaster LLC, Finn Geotherm U.K. Ltd., Dimplex Ltd., Kensa Heat Pumps Ltd., Enertech Global LLC, Danfoss Heat Pumps U.K. Ltd., Bryant Heating and Cooling Systems, and Climatemaster Inc.
Consumers Preference to Tilt towards Closed Loop Geothermal Heat Pumps
Based on technology, the global geothermal heat pumps market is bifurcated into closed and open loop geothermal heat pumps. Amidst these two, the dominant segment was closed loop in 2013 and is likely to retain a lead until 2020. This segment is further classified into pond/lake systems, horizontal loops, and vertical loops. The demand for closed loop geothermal heat pumps is likely to gain momentum over the forthcoming years due to the loop configuration employed during the water heating processes.
Among the various end users of geothermal heat pumps, commercial heat pumps gained comparatively more than the residential heat pumps as they have better capacities. Commercial customers are the prominent users of geothermal heat pumps as they are anesthetized towards the high cost of the pumps and the high initial investment costs.
Mounting Energy Prices to Propel Mass Consumption
The decline of non-renewable resources coupled with rising demand for energy from the residential and commercial sectors are the primary reasons behind the growth of the global geothermal heat pumps market. The dearth of electricity has compelled consumers to adopt alternatives in order to meet their unmet needs. Moreover, the peak touching prices of LPG and electricity is also expected to boost their demand.
The global geothermal heat pumps market is projected to expand at a 13.1% CAGR between 2014 and 2020 reaching an estimated valuation of US$130.50 bn by the end of 2020.
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