The world market for ground source heating
For UK residential sector, in 2030, 4 million domestic heat pumps across 13% of homes is projected to provide 31 TWh of primary energy production.
This business-led project addresses a fundamental UK need to reduce space-heating associated carbon emissions to meet the 2050 national target of 80% reduction based on 1990 emissions. At present, buildings are mainly heated by fossil fuels, but as these are phased out the UK will depend increasingly upon renewable energy.
Although GSHPs are especially efficient in utilising electric power for space heating, at present they are very expensive to install, especially in existing buildings.
This project is well aligned to the scope of the competition since it will demonstrate an innovation that will overcome the fundamental techno-economic barrier to existing GSHPs with improved soils thermal conductivity and increased COP.
In the UK, the most residential house do not need cooling, so "heating only" heat pumps are used, and they release Carbon-dioxide 40 to 50% lower than others conventional heating systems.
The latest trend of world market heating value by region is shown in picture below. The world market value of heating accounts as high as 34.5 €billion with Europe marked the highest market of 14.9 €billion. Meanwhile the world air-conditioning market continued to surge upwards in 2014 reaching an estimated US$97.7 billion in value— up by 7% over 2013.
Much of the increase is attributed to the Asian Pacific region, in particular China. As a result, Asia Pacific is still the largest world region for air-conditioning sales at US$56.5 billion, or 58% (up from 56% in 2013) of the world market in 2014 .
Heat Pump technology has a positive market potential. Heat pumps provides a huge potential to reduce energy demand for heating, cooling and hot water production in buildings.