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Global Geothermal Heat Pump Market 2009: Energy Beneath the Backyard
Priority Metrics Group, June 2009, Pages: 112
Geothermal energy is a vast, renewable, low carbon energy source that can be converted to electricity and used to condition building environments. Almost everywhere on the planet, within the upper 10 feet of the earth's surface, a nearly constant temperature of 50 to 60ºF (10 to 16ºC) is maintained. A geothermal heat pump (GHP) consists of a network of piping or tubing buried in shallow ground near the building, which can tap this free, year-round reservoir of constant temperature.
Geothermal heat pumps can access the moderate temperatures just beneath the earth's surface and use it to heat and cool homes or commercial buildings. Since the source of energy for this use is found all over the world, this technology can be utilized virtually anywhere on the planet and is not dependent on accessing the extremely hot water and steam deeper inside the earth in the hot zones.
Current usage of geothermal heat pumps is limited. Out of the two million heat pumps installed in the United States each year, just over 2 percent are geothermal. However, increased development of geothermal technology will improve its acceptance and use by governments, other organizations, developers and homeowners.
Geothermal heat pumps offer a number of advantages over traditional heating and cooling methods, namely:
- Reliable
- Renewable (self-replenishing natural resource)
- Combustion-Free
- Virtually zero Emissions
- No contribution to global warming
- Local Availability (no fuel or transportation expense)
However, the systems are higher priced than traditional air-source heat pumps and installation can be substantially higher in cost due to the length of pipe that is usually required to be installed underground.
In spite of the higher cost and land requirements, geothermal energy is becoming an attractive solution as the global demand for clean, reliable, renewable energy increases. This is true not only in the United States, but at numerous locations on six continents.
The total market for U.S. GHPs in 2009 is estimated to be about $3.7 billion dollars, including equipment and installation cost (and not reduced by government or other incentives). The dealer who sells the equipment typically installs it. PMG expects a growth rate of 32% to continue for a few years. By 2013, PMG projects the U.S. geothermal heat pump market to be in excess of $10 billion.
Geothermal Heat Pumps presents a firm understanding of the technical, economic, and market potential for geothermal heat pumps. Such an understanding is required to assist decision makers in the identification of the most efficient use of resources. Both historical and projected metrics will be gathered to determine technology improve¬ments and commercialization opportunities. The report will conduct analyses of market, policy, and technology status by evaluating the impacts of research and testing options. Additionally, results of the analyses will provide information to researchers, policy makers, and investors on areas to target for greater cost reduction and market transformation.
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