Geothermal heat pumps growing in popularity

Geothermal heat pumps have been lately growing in popularity, mostly because of high oil and electricity prices. Many energy analysts expect strong growth of geothermal heat pump market.

The new research paper by Transparency Market Research forecasts 13.1 percent compound annual growth rate of global geothermal heat pump market from 2014 to 2020,and should reach the worth of $130.5 billion by the end of 2020.

The closed loop systems are still the preferred option and hold the biggest share of the market, even despite the fact that open loop systems are highly efficient.It is because open loop systems are reliant on the accessibility to groundwater reserves and there are regulations regarding the usage of groundwater reserves which hamper the spread of open loop geothermal heat pump systems.

North America and Europe lead the global geothermal heat pumps market, despite the recent popularity in some Asian countries. Asian market is expected to grow significantly in years to come, while Europe is already experiencing slight decline in new installations.

China is the largest contributor to the geothermal heat pumps market in Asia. The Chinese are exploring different renewable energy options, with geothermal energy being one of them.

Geothermal heat pump systems are very reliable. It is not just their reliability that gives them the edge over traditional heating systems. The US Environmental Protection Agency (EPA) has called ground source heat pumps "the most energy-efficient, environmentally clean, and cost-effective space conditioning systems available."