Geothermal Power and Heat Pump Market
system in newly built homes is also fuelling the global geothermal power and heat pump market. Conversely, fake estimation and faulty installations may restrain the global market growth in future.
Global Geothermal Power and Heat Pump Market: Segmentation
The global geothermal power and heat pump market is bifurcated on the basis of end-use application as the industrial geothermal heat pump, domestic geothermal heat pump, and commercial geothermal heat pump. Of these, the domestic geothermal heat pump segment accounted for the largest market chunk. Based on the technology the global market is segmented as open loop system, direct heat exchange, close loop system, and ground heat exchange. Of these, closed loop systems technology segment accommodated for the largest market share in the global market. It is widely used in the loop configuration. The closed loop system is further sub-segmented as pond / lake systems, vertical loops, and horizontal loops. The commercial geothermal heat pump is further sub-segmented as new building systems and retrofit systems. The retrofit systems are fastest growing segment of the global market.
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Global Geothermal Power and Heat Pump Market: Regional Analysis
Europe is the fastest growing region for geothermal power and heat pump. It accounted for largest the market share in the global geothermal power and heat pump market. This trend is followed by the North America where demand for geothermal power and heat pumps is escalating at the fastest rate. Moreover, Asia Pacific is emerging as economically stable country