PR Newswire
Summary
70% of all industrial energy used globally is to produce process heat. Finding suitable technology that can provide clean heating is now becoming a priority for many enterprises and industries. Geothermal Heat Pumps (GHPs) offer solutions for cleaner heating, with options for cooling, which many industries are beginning to take advantage of. According to global technology intelligence firm ABI Research, GHPs show promise for the future with more enterprises investing in this technology, growing the GHP market to approximately US$18.5 Billion in 2030.
"Where heat pumps cannot generate high temperatures past 150°C, they still find applications for using waste heat to repurpose it for general space/water heating or process heating that can operate at lower temperatures. The drive for cleaner energy for heating is pushing the market, and its integration with smart energy is allowing it to be introduced in nearly any industry," explains Sam Torbet, Smart Energy for Enterprises and Industries Industry Analyst at ABI Research.
Approximately 415 thousand geothermal heat pump units were sold globally in 2022, ranging from small domestic use to large district heating projects. Non-residential GHP units consisted roughly 43% of the market in 2022 while contributing 69% of the revenue. This is due to larger units sold to enterprises and industries, which rapidly scale the cost. The Asia-Pacific region will continue to hold the largest market share in terms of units and revenue.
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