A US study predicts that worldwide sales of geothermal heat pumps will increase by 179% to 2017.
According to the report from Pike Research, geothermal heat pump sales will experience strong growth rates in the next several years, with annual unit shipments in the US alone increasing from fewer than 150,000 in 2011 to more than 326,000 units by 2017. The cleantech market intelligence firm forecasts that the total worldwide capacity for geothermal direct use applications will increase by 179% during the same period. Pike Research anticipates that heat pumps will represent a significant majority of the global market for such direct use applications, accounting for 84% of total capacity. Other key segments include bathing and swimming applications and space (district) heating.

While cost and lack of consumer awareness remain primary obstacles to increased adoption, tax incentives and policies supporting building efficiency improvements are helping to drive dramatic growth in the heat pump market.

'The potential for geothermal heat pumps is high, but installations currently represent just 1% of the heating and cooling market,' says industry analyst Mackinnon Lawrence. 'However, growing electricity demand, rising energy prices, and increasing regulation around emissions and efficiency are all expected to push demand higher.'