Pune, India, April 27, 2022 (GLOBE NEWSWIRE) -- The global Geothermal Energy market size is projected to surpass around USD 83.27 billion by the end of 2028 and is expanding growth at a CAGR of 5.9% from 2021 to 2028. The Geothermal Energy market was worth USD 52.87 billion in 2020. Surging emphasis on dropping greenhouse gas releases to stimulate market growth, according to a report published by Fortune Business Insights, titled Global Geothermal Energy Market 2020-2027.
The COVID-19 has been professed as a pandemic by World Health Organization (WHO), and it has spread in tentatively over 180 nations, and the infected population of this virus has exceeded millions. The pandemic condition has a colossal impact on fossil fuel and has adversely wedged renewable energy too.
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| Report Coverage | Details |
| Forecast Period | 2020-2028 |
| Forecast Period 2021 to 2028 CAGR | 5.9% |
| 2028 Value Projection | USD 83.27 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 52.87 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 210 |
| Segments covered | By Type, By Application and Regional |
| Growth Drivers | Surging Emphasis on Dropping Greenhouse Gas Releases to Stimulate Market Growth |
| Rising Energy Demand tp Boost Growth in Asia Pacific |
COVID-19 Pandemic: Lockdown Guidelines Impact Geothermal Energy Ventures
The countrywide lockdown has been executed in several countries, owing to which businesses remained closed, and employees were not accessible. The industry has perceived a decline in investment in forthcoming schemes. Numerous developments are hindered owing to COVID-19 across the globe, affecting the global geothermal energy market growth.
For example, in Turkey, seven development plans with an aggregate capacity of 100 MW have been terminated owing to the COVID-19 pandemic. The unit was anticipated to come into action in 2020 in Turkey but is experiencing postponement.
According to our researchers, geothermal energy is a type of renewable energy and is the thermal energy created inside the earth. This energy devises from the radioactive degeneration of resources and the unique creation of the planet. This type of energy utilizes heat under the ground and can be executed in numerous applications such as heating, producing electricity, and many others.
Drivers and Restraints
Geothermal form of energy is an ecological, environment-friendly, dependable, and economical type of energy. The electricity demand is extensively rising around the globe, and the apprehension for electricity safety is also growing. Pollution is rising enormously throughout the world, and people are eyeing substitute energy resources in place of coal. The government is extremely fixated on emerging renewable sources of energy combined with developing geothermal technologies.
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Regional Insights
Rising Energy Demand to Boost Growth in Asia Pacific
Asia Pacific held the maximum geothermal energy market share and is anticipated to rule the market during the mentioned time period. The setting up of this energy is broadly surging in this region owing to the rising energy demand and increasing energy security worries.
North America region is projected to account for substantial market share during the forecast period. North America is among the dominating markets for this energy across the globe.
Europe is estimated to perceive noteworthy growth during the projected period. Geothermal energy is extensively utilized for space heating as this region confronts cold weather circumstances, and space heating becomes a requirement.
Report Coverage
Our research method comprises data triangulation based on top-down and bottom-up approaches. Our researchers have conducted primary and secondary research to predict the accurate estimated size of the geothermal energy market. The data used to depict the shares for multiple global, national, and regional segments are mined from comprehensive interviews with various experts.
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Segmentation
On the basis of type, the global market is classified into a binary cycle, flash, dry steam, and others.
The market has been fragmented geographically across five crucial regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
By application, the market is categorized into residential, commercial, industrial, and others. The commercial segment is expected to observe growth and register maximum CAGR during the forecast period.
Competitive Landscape
Significant Members to Focus on Expanding Product Portfolio
The market is exceptionally branched on account of the existence of an elevated quantity of local as well as international companies. Abundant players across the world are progressively contributing to organic & inorganic expansions to reinforce their market position universally.
Key Industry Development
April 2021: Exergy engaged in a novel agreement with Energy Development Corporation (EDC) to deliver an ORC binary system for its prime Brine Recovery Geothermal Power Plant situated in the Philippines.
List of Key Players Covered in the Report
- Calpine (U.S.)
- Ormat Technologies Inc. (U.S.)
- U.S. Geothermal Inc. (U.S.)
- Terra-Gen Power LLC (U.S.)
- Chevron (U.S.)
- Berkshire Hathaway Energy (U.S.)
- Enel Green Power North America Inc. (U.S.)
- Gradient Resources (U.S.)
- Toshiba International Corporation. (U.S.)
- EthosEnergy (U.S.)
- ThermaSource Inc (U.S.)
- First Gen Corporation (Philippines)
- Mitsubishi Corporation (Japan)
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Global Geothermal Energy Market Segmentation:
By Type
- Binary Cycle
- Flash
- Dry Steam
- Others
By Application
- Residential
- Commercial
- Industrial
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Porters Five Forces Analysis
4.5. Industrial SWOT Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Geothermal Energy Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments by the Industry Players in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Geothermal Energy Market Analysis (USD Billion) (MW), Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Type
6.2.1. Binary Cycle
6.2.2. Flash
6.2.3. Dry Steam
6.2.4. Others
6.3. Market Analysis, Insights and Forecast – By Application
6.3.1. Residential
6.3.2. Commercial
6.3.3. Industrial
6.3.4. Others
6.4. Market Analysis, Insights and Forecast – By Region
6.4.1. North America
6.4.2. Europe
6.4.3. Asia Pacific
6.4.4. Latin America
6.4.5. Middle East & Africa
Continued…
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