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This example demonstrates that even though the geothermal heat pump has a higher seasonal COP compared to the air-to-water heat pump — 36% higher in this case — the annual energy cost savings of operating the geothermal heat pump in a modern energy-efficient house is such that the higher installed cost cannot be recovered in a reasonable time. This example is not meant to imply that similar economic results occur in all situations. Each must be evaluated based on specific heating loads, estimated performance for the installed systems and local cost of electrical energy. It should also be mentioned that cooling costs were not factored into this comparison since the location was assumed to be a relatively cool climate with minimal cooling requirements. Any cooling load would be met at a slight lower cost by the geothermal heat pump compared to the air-to-water heat pump, but the associated savings would be very small. 7. Influence of global markets: Although they currently represent a small portion of the heat pump market in North America, air-to-water heat pumps are widely used in Asia and Europe. The Japanese publication JARN reported that the European market for air-to-water heat pumps reached 368,900 units in 2018, which represented a 14.3% increase over the previous year. France and Germany are the two largest markets. Split system air-to-water heat pump configurations represent about 70% of the overall market. Several European companies that are well known as boiler manufacturers have made significant investments in air-to-water heat pump technology and now offer a range of products. JARN also reported the following number of air-to-water heat pump installations during 2018: China, 1,280,000 units, and Japan, 475,000 units. Heat pump sales in Europe are incentivized by directives aimed at carbon reduction. In China there are also incentives aimed at converting coal-fired heating systems to electricity. JARN did not report an estimate for the number of air- to-water heat pumps (for space heating and cooling applications) for the U.S. or Canada. The number of air- to-water heat pumps installed for building heating and cooling in the U.S. and Canada during 2018 is very small in comparison to the European and Asian market, perhaps under 1,000 units. Still, past trends indicate that many aspects of hydronics technology migrate from Asian and European markets into North America. 27PDF Image | Heat Pump Systems 2020
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