India, Pune, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The global geothermal energy market size was valued at USD 59.4 billion in 2021 and reached a valuation of USD 62.65 billion in 2022. The market is expected to reach USD 95.82 billion by 2029 with a CAGR of 6.3% during the forecast period. Various uses of this energy, such as heating, cooling, and electricity, are expected to propel the market growth. Technological advancements in this type of energy have led to capturing of the energy in higher volumes. The increasing need for clean energy resources globally is propelling the growth of the market. Fortune Business Insights™ shares this information in its report titled “Geothermal Energy Market, 2022-2029.”
Key Industry Development
Ormat Technologies announced the 15-year Power Purchase Agreement (PPA) with Peninsula Clean Energy. The PPA will be effective from January 2023 and the community choice aggregator will purchase 26 MW of geothermal energy from Ormat's Heber 2 facility.
Request Free a Sample of Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/geothermal-energy-market-106341
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 6.3% |
| 2029 Value Projection | USD 95.82 Billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 62.65 Billion |
| Historical Data for | 20218-2020 |
| No. of Pages | 237 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Shift to Renewables to Surge Energy Demand |
| Commercial Application to be Prime Part of the Segment Due to Increasing Uses of Heat Pumps |
Market Drivers and Restraints
Shift to Renewables to Surge Energy Demand
Growing demand for renewable energy globally in the region is leading to a surge in the demand for renewable sources of energy, which is projected to drive the geothermal energy market growth. Various green government initiatives to reduce the dependency on energy generated from fossil fuels are expected to drive market. Geothermal energy is one of the reliable sources of energy, which is cost-effective and environment-friendly. Businesses have been adopting it as it emits 99% less carbon dioxide, which is anticipated to propel market growth.
However, various alternatives to renewable sources of energy are anticipated to hinder market development.
COVID-19 Impact:
Geothermal Capacity Addition Continued Despite Global Pandemic
Despite the pandemic, the renewable energy market, including geothermal energy across the globe, has shown steady year-on-year growth. According to the IEA report, the energy capacity increased by 500 MW in 2020. Although the capacity addition growth was lower than the previous year, the market performance was adequate overall.
Click here to get the short-term and long-term impact of COVID-19 on this market. Please visit: https://www.fortunebusinessinsights.com/geothermal-energy-market-106341
Segments
Binary Cycle to Govern the Segment Due to Low Costs
On the basis of type, the market is segmented into flash, binary cycle, and dry steam. The binary cycle segment is expected to hold the key part due to its various benefits and low costs. It is best suited for extracting moderate-temperature geothermal energy and is likely to propel the demand for binary cycle.
Commercial Application to be Prime Part of the Segment Due to Increasing Uses of Heat Pumps
Based on application, the market is categorized into residential, commercial, industrial, and others. The commercial segment is set to have a majority part during the forecast period due to increasing use of heat pumps for cooling down in high temperatures. The segment holds 33.8% in the market segmentation. The segment is set to have considerable growth due to applications in various industries such as paper and pulp, food, cement, aquaculture, lumber, and various other industries that use this energy.
Geographically, the market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Have Any Query? Speak to our Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/geothermal-energy-market-106341
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Insights
Asia Pacific to Lead the Market Owing to High Requirement of Volumes of Energy
Asia Pacific is anticipated to hold majority part in the geothermal energy market share due to high potential demand for energy in Asian countries. Requirement for high volumes of the energy for the generation of electricity has propelled the growth in the market. The market in the region stood at USD 21.80 billion in 2021.
North America is projected to show noteworthy growth due to dominating residential and commercial sectors. Residential and commercial applications make use of such energy, which is one of the primary reasons for increase in the growth and demand.
Europe is anticipated to have second-largest share in the market due to various energy projects in the development phase.
Competitive Landscape
Acquisition Strategies by Market Players to Push a Positive Market Trajectory
Key players in the market have been adopting organic and inorganic growth strategies to increase their market presence. In May 2021, Ormat Technologies announced the acquisition of TG Geothermal Portfolio, a subsidiary of Terra-Gen. The acquisition was valued at USD 171 million. With this acquisition, Ormat Technologies had 1,100 MW installed capacity. Expansion of capacity and innovation is one of the main aims of companies to expand the usage and production of energy to form a strong consumer base.
Quick Buy – Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/106341
List of Key Players Profiled in the Report
- Ormat Technologies Inc. (U.S.)
- Calpine (U.S.)
- Mitsubishi Corporation (Japan)
- Enel Green Power North America Inc. (U.S.)
- EthosEnergy (U.S.)
- GEG Power (Iceland)
- ElectraTherm (U.S.)
- Toshiba International Corporation (U.S.)
- First Gen Corporation (Philippines)
- Berkshire Hathaway Energy (U.S.)
- Turboden S.p.A. (Italy)
- Reykjavik Geothermal (Iceland)
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Key Developments: Mergers, Acquisitions, Partnership, etc.
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porter’s Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on Geothermal Energy Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges Due to COVID-19 Outbreak
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/geothermal-energy-market-106341
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them in addressing various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
Phone:
U.S. :+1 424 253 0390
U.K. : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
