The geothermal heat pump market is growing at a rate of 12.04 per cent from 2017 to 2021.
Heat pumps require high initial investments for procurement and installation which has restrained the market. However, the cost savings that the heat pumps offer are far more than what the traditional furnaces offer.
Thus, the noteworthy savings and comfort that the heat pumps offer have encouraged some SMEs to buy refurbished and reconditioned geothermal heat pumps. This has given way to the development of a parallel market for used machines.
There are manufacturers that repair and recondition the machine for resale.
Heat pumps are extensively used for space heating or space cooling in residential as well as commercial applications.
Research also shows there has been escalating demand for multiple boiler set-ups across the commercial and residential sectors.
For example, in 2017 Weil-McLain added three new smaller sizes to its advanced condensing boiler line. With this new addition, the company has managed to produce a condensing boiler for residential applications. In addition, for attracting more customers it has also worked on the design and aesthetic features of its products, which seemingly resulted in the improved functionality of boilers.
The implementation of advanced control functions is changing the heating landscape and setting the scene for the adoption of next generation technologies.
The development of gas-powered water heaters, ultra-efficient hybrid systems, and new heating technologies for commercial applications have generated many lucrative opportunities for players in the boiler market.