Dublin, April 21, 2023 (GLOBE NEWSWIRE) -- The "Geothermal Energy Market by Application (Power Generation, Residential & Commercial Heating And Cooling), Temperature, Technology (Binary & Flash Cycle Plant, Dry Steam Plant, Ground Source Heat Pumps, Direct Systems) & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The geothermal energy market is estimated to grow from USD 7.0 Billion in 2022 to USD 9.4 Billion by 2027, it is expected to record a CAGR of 5.9%
Geothermal energy market is driven by major factors such as need for renewable power generation, increasing adoption of ground source heat pumps (GHP), and favorable government policies
Power Generation segment is expected to emerge as the largest segment based on application
By application, the geothermal energy market has been segmented into power generation, residential heating and cooling, commercial heating and cooling, and others.
The power generation segment is expected to be the largest segment during the forecast period due to the increasing demand for sustainable energy in every sector. Also, geothermal energy is preferred over other renewable forms of energy such as wind, solar, and hydropower for power generation.
Flash Steam Plants segment is expected to emerge as the second largest segment based on technology
By technology, the geothermal energy market has been segmented into Binary Cycle plants, Flash Steam Plants, Dry Steam Plants, Ground Source Heat Pumps, Direct Systems, and others. The Flash Steam Plants segment is expected to be the second largest segment during the forecast period.
The Flash steam plants vary in size depending on whether they are single- (0.2-80 MW), double - (2-110 MW), & triple-flash (60- 150 MW) plants. It produces about 27 kg/MWh of CO2 emissions while a binary power plant produces zero CO2 emissions. As per the favorable government policies and mature technology of dry steam plants are expected to drive the geothermal energy market.
Europe is expected to be the second largest market during the forecast period.
Europe is expected to be the second-fastest growing market due to the advancements in suitable geographical areas and many countries focused on the use of geothermal energy for electricity production and other applications and their increased high investment for new projects in the region are expected to drive the growth of the geothermal energy market in Europe.
Competitive landscape
The geothermal energy market is dominated by a few major players that have a wide regional presence. The leading players in the geothermal energy market are Ormat (US), Mitsubishi Heavy Industries, Ltd. (Japan), Baker Hughes Company (US), NIBE Group (Sweden), and SLB (US).
Premium Insights
- Favorable Renewable Energy Policies to Drive Market During 2022-2027
- Asia-Pacific Market to Register Highest CAGR During Forecast Period
- Binary Cycle Plants Segment Dominated Market in 2021
- Medium Temperature Segment Accounted for Largest Share of Market in 2021
- Power Generation Segment Held Largest Share of Market in 2021
Market Dynamics
Drivers
- Surging Demand for Ground Source/Geothermal Heat Pumps
- Favorable Government Policies and Initiatives
- Use of Geothermal Energy for Power Generation
- Focus on Addressing Climate Crisis and Reducing Greenhouse Gas Emissions
Restraints
- High Growth of Solar, Wind, Gas, and Other Alternative Renewable Energy Sources
- Lack of Exploration and Drilling Techniques Required to Identify and Develop Undiscovered Geothermal Resources
- Expensive Geothermal Well Drilling Leading to High Upfront Project Costs
Opportunities
- Emergence of Advanced Technologies and Rise of Geothermal 2.0
- Co-Production and Conversion of Oil and Gas Wells for Geothermal Energy
- Geothermal Potential for Low- and Medium-Temperature Resources
- Mineral Extraction Using Geothermal Energy
Challenges
- Acquisition of Power Purchase Agreements (Ppas)
- Multiple Environmental Reviews and Assessments Associated with Geothermal Projects
- Absence of Geothermal Professionals, Consultants, and Businesses
Case Study Analysis: Problem Statement and Solution
- Energy-Efficient Geothermal Heating and Cooling at Detached House in Westhoffen, France
- Elderly Accommodation Center in Meung Sur Loire, France, Uses Geothermal Energy for Heating and Cooling
- Chateau Pontet-Canet Winery Sustainably Uses Geothermal Energy at Vineyard
- Mitsubishi Heavy Industries Supports Geothermal Development in Kenya
Technology Analysis
- Enhanced Geothermal Resources
- Advanced Geothermal Resources
- Closed-Loop Geothermal (Clg) Energy
- Dispatchable Geothermal Plants
- Underground Thermal Energy Storage
Supply Chain Analysis
Supply Chain Analysis of Geothermal Combined Heat and Power Generation
- Exploration & Feasibility
- Development
- Drilling
- Front-End Engineering and Design (Feed)
- Manufacturing
- Construction/Engineering, Procurement, and Construction (Epc)
- Operations and Maintenance
Supply Chain Analysis of Market for Ground Source/Geothermal Heat Pumps
- Raw Material Suppliers
- Original Equipment Manufacturers (Oems)
- Distributors
- End-users
Company Profiles
Power Plant Equipment Providers
- Ormat
- Mitsubishi Heavy Industries
- General Electric
- Ansaldo Energia
- Fuji Electric
- Toshiba Energy Systems & Solutions Corporation
- Siemens Energy
- Exergy International Srl
- Altarock Energy
Sub-Surface Equipment and Service Providers
- Baker Hughes Company
- Slb
- Halliburton
- Nov
- Weatherford International
- Welltec
- Mannvit
Geothermal/Ground Source Heat Pump Manufacturers and Service Providers
- Nibe Group
- Carrier Global Corporation
- Danfoss
- Trane Technologies
- Bosch Thermotechnik Gmbh
- Viessmann Group
- Dandelion Energy
For more information about this report visit https://www.researchandmarkets.com/r/59ckz
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