Connecticut USA based market research company Global Information Inc. has highlighted a new report entitled, “Geothermal Heat Pumps and Direct Use” by Pike Research. Summary findings say that cost and lack of consumer awareness are the primary obstacles to increased adoption of geothermal heat pumps.

Pike suggests that direct use of geothermal energy (primarily heat pumps) is on the rise as demand for electricity expands worldwide and energy prices increase.

As EGSHPA readers will know, geothermal heat pumps provide an efficient and reliable option for residential commercial and institutional building owners by exploiting nearly constant temperatures found beneath the ground.

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

Geothermal heat pump shipments are predicted (by Global Information Inc) to double in volume to 326,000 units annually in the U.S. by 2017. Pike Research anticipates that heat pumps will represent a significant majority of the global market for geothermal direct use applications, accounting for 84% of total capacity.

“Used on their own, geothermal heat pumps are capable of producing large reductions in energy use and peak demand in buildings. Used in conjunction with clean energy generation and whole-building efficiency measures, the benefits of using heat pumps increase substantially,” says Lawrence.

The new report analyzes the global market opportunity for direct utilisation of geothermal energy with a primary focus on heat pumps. The study includes a comprehensive examination of direct use markets, demand drivers, existing and emerging technologies, the public policy and regulatory environment and key industry players. Market forecasts, segmented by geography, extend through 2017 and include examinations of market dynamics in all regions worldwide.

The full report can be accessed here