Marketing & Advertising

Geothermal Heat Pumps Market: Introduction

According to the report, the global market opportunity in geothermal heat pumps will rise from US$ 115.74 Bn in 2020 to US$ 505.47 Bn by 2031, expanding at a 13.1% CAGR between 2020 and 2031. The global geothermal heat pumps market has a very moderate scope of realizing product differentiation. Thus, the market players need to compete by employing a cost leadership strategy.

Competition in the geothermal heat pumps market is currently at a medium level; however, the competition will become high in the next few years, suggests a new report by Transparency Market Research.

Increasing Prices of Electricity Compels Consumers to Shift to Renewable Heating Solutions

Electricity is largely consumed by residential as well as commercial sectors. LPG is the other most commonly used fuel in homes. Rising prices of electricity and LPG, have thus become a cause of concern. Additionally, increase in greenhouse gas emissions from these energy sources is becoming a global issue. Thus, a rising number of consumers are shifting toward renewable heating solutions such as geothermal heat pumps. The durability of geothermal heat pumps and their stable cost are also driving their adoption.

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