Report Predicts Geothermal Heat Pump Systems to Surpass $17 Billion Worldwide by 2020

A new report, Geothermal Heat Pumps, Residential and Commercial Applications for Geothermal Heat Pumps: Global Market Analysis and Forecast, predicts worldwide revenue from geothermal heat pump (GHP) systems will grow from $6.5 billion in 2013 to $17.2 billion annually by 2020.

Navigant Research forecasts that installed GHP capacity will grow from 46.7 gigawatts thermal (GWt) worldwide in 2012 to 127.4 GWt in 2020. While they do not directly displace fossil-based energy generation, GHP systems can reduce the dependence on fossil fuel-generating sources by a factor of up to 71%.

The 94-page report conveys its predictions through the use of 71 tables and charts, covering market and technology issues, key industry players, and market forecasts.

Click here to access the report.

Advances in geothermal technologies and their usage created the need for a specific voluntary certification designation for geothermal drillers. NGWA responded to this need with the designation of Certified Vertical Closed Loop Driller (CVCLD).

The CVCLD is considered an independent designation from the CWD or CWD/PI. It reflects an individual who has passed a written exam administered by NGWA that evaluates an individual’s knowledge of the skills and competencies associated with constructing a loop well while protecting groundwater resources. Click to learn more.

NGWA also published Guidelines for Construction of Loop Wells for Vertical Closed Loop Ground Source Heat Pump Systems in 2010. The guidelines are written for loop well contractors, loop well design consultants, government officials, educators, students, and consumers. It is a stand-alone document that does not supersede regulations or standards, but provides details on issues related to the construction of vertical closed loop ground source heat pump systems and offers insights to practical resolutions of the issues. Click for more information.