Geothermal Heat Pump Market

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Geothermal Heat Pump Market Trends Research and
Projections For 2022- 2028
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Industry Overview

• The geothermal heat pump market is anticipated to
  showcase notable expansion through 2028 owing to
  prevalent demand in leading regions across the
  globe. In addition, rising consumer demand in
  areas with harsh weather conditions is slated to
  further support industry growth over the forecast
  timespan.
• Geothermal heat pumps, which are also known as
  ground source heat pumps, have been in use for
  numerous decades, particularly in regions that
  experience extreme temperatures. These pumps are
  used for water heating as well as space heating
  and cooling. They are a highly efficient
  renewable energy technology and have gained
  massive importance in both commercial and
  residential buildings.
• Geothermal heat pumps utilize the relatively
  constant temperature of the ground as the
  exchange medium as opposed to other pumps that
  use outside air temperature. Ground source heat
  pumps are beneficial as they concentrate
  naturally occurring heat instead of generating
  heat through fossil fuel combustion. These
  factors have played a vital role in promoting
  product adoption in recent years.
• Notably, increasing number of government
  initiatives focused on boosting the uptake of
  renewable technologies in the energy sector has
  been profitable for business growth in key
  regions worldwide.

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• Furthermore, industry players have been investing
  in product development and innovation to gain a
  competitive edge in the geothermal heat pump
  market, which has further propelled industry
  expansion. To cite an instance, in September
  2021, WaterFurnace International, Inc., a major
  provider of geothermal heat pumps, introduced its
  novel AlpinePure Ionization System as an add-on
  accessory for residential units. The new system
  claims to enhance indoor air quality, eliminating
  harmful airborne bacteria and viruses, and
  decrease power consumption by nearly 30 compared
  to other technologies.
• For extensive analysis, the geothermal heat pump
  market has been categorized on the basis of
  product, application, and region. From the
  product perspective, the market has been
  segmented into closed loop, open loop, and pond
  loop. The pond loop product segment is likely to
  grow at a rate of over 5 through 2028 to attain
  a sizable share in the geothermal heat pump
  market by the end of the study timeline.
• In the regional landscape, the Asia Pacific
  geothermal heat pump industry accounts for a
  considerable portion of the global market revenue
  and is set to observe robust growth at more than
  6 CAGR over the forecast period to reach a
  substantial valuation by the end of 2028.

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Geothermal Heat Pump Market

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