Geothermal Heat Pump Market size is slated to surpass USD 130 billion by 2024, according to a new research report by Global Market Insights, Inc. Growing demand for energy efficient space heating systems from cold climatic regions, especially in North America and Europe, will drive the geothermal heat pump market size. In the U.S., GHP installation in the Southern states accounted for 35%, the North East was 20%, Midwest at 34% and Western region stood at 11%.
Introduction of various incentives including RHI, financial assistance and tax rebate to encourage the adoption of sustainable heating and cooling system will drive the U.S. geothermal heat pump market. In February 2017, the U.S. government announced that HR 1090 will extend the residential and commercial installation tax credit for GHP systems, small wind turbine, CHP and fuel cell through 2021.