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Analysis of the North American Geothermal Heating and Cooling Market

  • July 2013
  • 65 pages
  • Frost & Sullivan
Report ID: 1591471

Summary

Table of Contents

Demand Rising in Non-residential Applications

Higher energy savings can be achieved by the use of geothermal heating and cooling systems. This research service provides an in-depth analysis of the North American geothermal heating and cooling market. It is split between open-loop and closed-loop geothermal heat pumps segments. The analysis provides revenue forecasts for the total market and considers the various drivers and restraints that affect the market in North America. In addition, revenue forecasts for each market segment, distribution channel, and vertical markets are provided as is an analysis of the competitive landscape. The study period for this research service is 2009 to 2017; the base year is 2012.

Key Findings

• Total revenue for the geothermal heating and cooling market was $X million in 2012, an increase of X% over the previous year.
• The total market is expected to grow at a CAGR ofX% from 2012 to 2017.
• By 2017, the market is expected to reach $Xmillion assuming all economic conditions remain the same.
• The key factor driving growth in this market is the need to increase the energy efficiency of heating and cooling systems.
• In addition, increasing energy efficiency enables a lifetime of cost savings for end users, despite the price premium required during the initial purchase.
• The product is a one-time investment.
• Energy efficient heating/cooling systems are environmentally friendly, and, therefore, of interest at the state and federal levels, so tax rebates and incentives may propel end-user adoption.
• The market is small compared to the heating ventilation and air conditioning (HVAC) market. However, interest is expected to increase as awareness increases.

CEO’s Perspective

1. Frost & Sullivan research suggests economic recovery and the revitalization of the construction market will drive growth after 2012.
2. A shift toward energy-efficient equipment will continue throughout the forecast period.
3. The closed-loop geothermal heat pumps segment will witness the highest growth and increase its share of the market.
4. The commercial segment is the vertical with the highest growth potential.
5. The open-loop geothermal heat pumps segment will continue to lose share to the closed-loop segment.

Definitions

Geographic Coverage
North America

Study Period
2009–2017

Base Year
2012

Forecast Period
2013–2017

Monetary Unit
US dollars

Market Scope
• This research service covers the total geothermal heating and cooling market in North America.
• The 2 key market segments are open-loop and closed-loop geothermal heat pumps.
• Focusing on the key segments, this research service offers an overview of market trends, growth forecasts, and company market shares. It also provides market forecasts for the key vertical segments in which geothermal heat pumps are sold.
• Key vertical segments included in this analysis are the commercial, institutional, and industrial sectors.

Revenue
• Revenue for the North American geothermal heating and cooling market is in current US dollars.
• Revenue represents the sale price at the manufacturer level; secondary sales figures could be higher.
• Pricing at the manufacturer level is used to avoid price fluctuations that occur once the system enters the different distribution channels in this market.
• Depending on the contract stipulations and volume of each distribution channel, the price for the same product can vary significantly upon leaving these channels.
• All revenue not resulting from sales, such as installation and maintenance fees, is excluded from these figures.

Geographic Scope
• This research covers the North American market, including the United States and Canada.
• This research excludes Mexico.

Market Segmentation
• The 2 key segments in the North American geothermal heating and cooling market are as follows:
- Open-loop geothermal heat pumps
- Closed-loop geothermal heat pumps

Geothermal Heat Pump
• A geothermal heat pump uses the constant temperature of the earth as the exchange medium instead of the temperature from the outside air.
• A geothermal heat pump extracts heat from the ground and then distributes it as warm air through a duct system.
• To cool, the geothermal heat pump extracts heat from the air inside of a building and transfers it back into the earth loop.
• Geothermal heat pumps can have closed or open loops.

Vertical Markets
• The key vertical markets for the geothermal heating and cooling market encompass the entire spectrum of the nonresidential sector.
• Vertical markets have been divided into the following 3 groups for the purpose of this study:
- Commercial
- Institutional
- Industrial

Key Questions this Study will Answer

• Is the geothermal heating and cooling market growing, how long will it continue to grow, and at what rate?
• Are the existing competitors structured to meet customer needs?
• What are the main drivers and restraints underlying the growth of this market?
• What segments of the market will represent the greatest growth potential over the next several years?
• How will the structure of the market change with time?
• What vertical markets will represent the most growth potential over the next few years?

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