New York, US, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Geothermal Power Market Information Power Plant Type, Power Output, End-Use, and Region - Forecast till 2030”, In 2021, the geothermal power market was worth USD 4.10 billion. The geothermal power sector can surge at a rate of 5.26% between 2022 and 2030, from USD 4.31 billion in 2022 to USD 6.17 billion by 2030.
Geothermal Power Market Overview
Geothermal energy is used to generate geothermal power, which is a sustainable energy source classified as a renewable energy source. The utilization of this alternative energy source will help to reduce the use of fossil fuel resources as well as greenhouse gas emissions. Because there are rigorous restrictions in many countries and many governments have enacted various policies to focus on climate change in both emerging and developed countries, the worldwide geothermal power market is likely to increase throughout the forecast period.
Market Competitive Landscape:
The important firms in the geothermal power industry are
- Enel Spa (Roma)
- General Electric (US)
- Ansaldo Energia (Italy)
- Supreme Energy (Indonesia)
- Macquarie Group Limited (Australia)
- Sumitomo Corporation (Japan)
- Among others.
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As per the International Renewable Energy Agency (IRENA), power generation was 83,477 GWh in 2016 and is expected to reach 94,949 GWh in 2020. Hence, these trends indicate that global electricity consumption is increasing, which will support the expansion of the geothermal energy market throughout the forecast period.
Leading industry participants are investing heavily in R&D to advance their technology, allowing the geothermal power market to expand even further. Key market developments include new technologies, contractual agreements, collaborations, increased investments, and mergers and acquisitions with other companies. In order to expand and survive in an increasingly competitive and rising market climate, competitors in the geothermal power business must offer cost-effective solutions.
Manufacturing locally to minimize operational costs is one of the key business methods used by manufacturers in the geothermal power industry to benefit customers and develop the market sector. In recent years, the geothermal power business has developed devices that create more power while being more environmentally friendly.
Enel S.p.A., an international Italian firm, manufactures and distributes electricity and gas. Enel Green Power S.p.A. (EGP), Enel's renewables arm, and Australian renewable energy developer Fortescue Future Industries (FFI) announced in November 2022 that they would collaborate to explore the co-development of the green hydrogen value chain, with an immediate focus on Latin America and Australia.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | USD 6.17 billion |
| CAGR during 2022-2030 | 5.26% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Power Plant Type, Power Output, End-Use, and Region |
| Key Market Opportunities | Rising adoption of renewable power sources across the world |
| Key Market Dynamics | Increasing energy consumption Strict government regulations on the use of fossil fuels |
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February 2023
Freshbay is planning to construct a large-scale, deep-earth geothermal-powered 19-acre controlled environment agriculture (CEA) plant near Hinton, Alberta. The project will combine cutting-edge vertical farming technologies, greenhouses, and scientific horticulture techniques to produce 100% sustainable enterprises that will grow herbs, strawberries, and tropical fruits all year.
Geothermal Power Market USP Covered:
Market Drivers:
The worldwide geothermal power industry is expanding as a result of different stringent regulations imposed by governments around the world. The scarcity of fossil fuels, as well as rising greenhouse gas emissions, are driving market expansion. Because fossil fuel costs are relatively volatile, the market is projected to grow. Because geothermal electricity is inexpensive and has a large capacity, the market is expected to expand during the projected period. This energy source is in demand for all of these reasons. The industry is expanding due to increased demand for clean and environmentally favorable sources. Governments throughout the world are providing financial incentives and tax breaks to encourage the use of renewable energy.
The worldwide demand for geothermal power can also be related to expanding global demand for electricity. According to the same, various countries have turned to renewable and clean energy sources, geothermal being one among them. According to an International Energy Agency (IEA) assessment of geothermal power published in November 2021, geothermal power output is predicted to grow at a 2% annual pace. Furthermore, Turkey, Kenya, and Indonesia have emerged as prominent markets bolstering the use of geothermal energy globally. Several Asia Pacific countries, as well as North America and Europe, are joining in the rapid rise of geothermal power due to its low environmental effect.
The escalating demand for heating and cooling systems, including district heating and ground source heat pumps, is likely to drive strong market expansion in the coming years around the world. Installation of geothermal power also aids in lowering greenhouse gas (GHG) emissions, can boost the market size in the coming years. The increasing emphasis of governments in many nations and areas on green energy generation in order to slow the worrisome pace of increase in pollution has strengthened their vision for geothermal power as an alternative energy generating method.
Market Restraints:
The lack of sufficient investment in geothermal power plants is hindering market growth. The shortage of funding for the development of more and more geothermal power plants will be unfavorable in the long run.
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COVID 19 Analysis
The COVID-19 pandemic significantly affected the geothermal energy business due to numerous disruptions in the worldwide supply chain as well as a reduction in investment from market players in their planned projects. Aside from the annual capacity additions in geothermal power that are expected to fuel the geothermal power industry, some projects are facing delays due to COVID-19 and global lockout measures enacted by numerous nations across the world. For example, in Europe, the state power company of Bolivia, Ende, announced the suspension of their request for consultancy procurement for the 100 MW geothermal power plant, i.e. the Laguna Colorado geothermal project, because of the pandemic outbreak in 2020.
Furthermore, mounting security concerns for electricity due to eco-friendly and clean resources are propelling the geothermal power market forward. Furthermore, rising demand for district heating, ground source heat pumps, and heating and cooling systems is expected to drive the geothermal power industry forward. However, a significant surge in market demand for other clean energy sources such as wind and solar is projected to stymie the geothermal power industry growth in the future years.
Geothermal Power Market Segmentation
By Type
The market is divided into three categories based on the kind of geothermal power plant: flash steam plants, dry steam plants, and binary cycle plants. In 2021, the geothermal binary cycle power plant category contributed around 40-45% of the geothermal power market revenue. This is primarily because binary cycle plants can also run in an artificial lake with lower temperatures, which is a more suitable choice. The United States, for example, has 93 binary cycle plants and 79 dry steam plants.
By End-Use
The geothermal power market has been divided into three categories based on end-use: residential, commercial, and industrial. In 2021, the commercial end-use category led the geothermal power market data, and it is expected to be the fastest-growing segment throughout the forecast period, 2022-2030. The increased usage of heat pumps for air conditioning and cooling down inside the environment, which maintains a controlled climate in the commercial sector, including office buildings, hotels, schools, and hospitals, is the main driver of demand for geothermal energy in the commercial sector.
Geothermal Power Market Regional Insights
The North American geothermal energy market was worth USD 1.77 billion in 2021 and is predicted to increase at a CAGR of 43.20% during the study period. This is due to the increasing use of geothermal power plants for power generation in the residential and commercial sectors throughout the region.
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From 2022 to 2030, the Asia-Pacific Geothermal Power Market can develop at the quickest CAGR. This is due to the growing need for power in Asia-Pacific countries, as well as the region's strong economic potential. Furthermore, China's geothermal energy market is the largest in the region, while India's geothermal power industry will increase at the fastest rate.
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