US Geothermal Heat Pump market has been increasing since last three years and now it is predicted that in US this market will surpass by bounds of $ 2 Billion by the year 2024. The heave in the Geothermal Heat Pump market is —-by the demand of quiet, energy efficient and smaller heating equipment. US Energy Department has mentioned in its report that Geothermal Heat Pumps are efficient enough to reserve energy from 30% to 60% than their alternatives available in the market. The ever growing rates of petroleum products have shifted the focus of people towards more energy efficient and cost effective heating solutions in residential and commercial buildings.
Another reason for adopting Geothermal technology is the awareness in masses about the carbon emission through fossil fuel that can harm Ozone layer. The stern protocols have been assigned by the government to follow by the companies who manufacture the carbon emission products in 2015 keeping in mind the need of the products with lesser carbon footprint than the current industry products. These standards have turned the focus of the market towards energy efficient products.
The rising awareness among people about conserving environment will be the major predictor of growth in the geothermal heat pump industry in the coming decade. The companies and manufacturers are getting more interested in energy efficient products and the increased investment in the research of energy saving products will definitely expand the horizon of the geothermal heat pump industry. The 20% overall share of the geothermal market in 2017 got by the west north central region in US.