Farmington, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The Global Geothermal Energy Market Size Was Valued At USD 59.40 Billion In 2021. The Market Is Projected To Grow From USD 62.65 Billion In 2022 To USD 95.82 Billion By 2030, Exhibiting A CAGR Of 6.3% During The Forecast Period. The COVID-19 pandemic has been unexpectedly devastating, and demand for geothermal power has exceeded expectations in all regions compared to pre-pandemic levels. Our data shows that in 2020 the global market increased by 1.1% compared to 2019.
Geothermal energy is clean, environmentally friendly, recyclable, plentiful, and plentiful. They are also reliable, stable, and have a minimal carbon footprint. This type of energy can be applied to a variety of tasks, such as generating electricity and providing heating and cooling by extracting heat from below the surface. Currently a large amount of energy is being captured due to the development of technology. Geothermal power generation is increasing around the world as demand for clean energy for a variety of uses increases.
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Recent Developments:
- April 2022 – Ormat Technologies announced a 15-year power purchase agreement (PPA) with Peninsula Clean Energy. This community option consolidator will provide more than 3,500 gigawatts of electricity to the City of Los Banos and San Mateo County. The contract term is effective January 1, 2023, and Community Choice Aggregation (CCA) will purchase 26 MW of power from Ormat's Heber 2 facility.
- April 2022 – The Sacramento Municipal Utility District (SMUD) signs a contract with Calpine Corporation. Under the agreement, SMUD has agreed to purchase electricity from a 100 MW portion of Geysers Field in California. It was a 10 year PPA with an activation date of 1/1/2023.
Segment Overview
Type Insights
Based on the type, the market is divided into binary cycle, flash and dry steam categories. The binary cycle segment dominates the global market due to its superior performance and lower cost characteristics compared to other geothermal variants. In a binary loop geothermal plant, isobutene is heated by water pumped from a geothermal reservoir through a heat exchanger. In a binary cycle, the steam or water reservoir is not in direct contact with the turbine.
Application Insights
Based on the application, the market is divided into residential, commercial, industrial, and other segments. Most of the global market share belongs to the corporate sector. The main drivers of geothermal energy demand in the commercial sector are office buildings, hotels, schools and hospitals. Also, this type of energy is used in homes for heating and cooling needs. Also, one of the main sources of geothermal energy for residential buildings is district heating.
Regional Outlook:
The Asia-Pacific market, valued at $21.8 billion in 2021, is expected to have the largest market value share. The significant demand for geothermal electricity and the high potential for expansion in Asian countries are expected to boost the regional industry.
In terms of geothermal energy use, North America experienced the fastest growth in 2021. Over the forecast period, the United States is expected to increase at a CAGR of 7.0%. The dominant use of geothermal energy in commercial and residential applications is a major driver of the expansion of that sector in the United States. The 58 projects and possibilities that the US geothermal industry is actively pursuing are spread across nine states, most of which are in Nevada. Five projects (two in California and three in Nevada) are nearing completion.
In terms of consumption, Europe is the second largest market for geothermal energy. According to the current situation, only 10 European countries have currently operational geothermal power plants. The region currently has geothermal projects under development in more than 20 countries. The largest European region accounted for most of the geothermal market concentration, which has shown annual growth of more than 10% over the past five years. Turkey's geothermal expansion has been a major driver of significant growth in the region over the past decades.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 6.3% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 95.82 Billion |
| By Type | Binary Cycle, Flash, Dry Steam, Others |
| By Application | Residential, Commercial, Industrial, Others |
| By Companies | 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 (Japan), First Gen Corporation (Philippines), Berkshire Hathaway Energy (U.S.), Turboden S.p.A. (Italy), Reykjavik Geothermal (Iceland) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
An increase in clean electricity production will benefit the market.
Demand for clean electricity continues to grow worldwide. To meet growing demand, countries around the world are already starting to focus on promoting clean electricity production. For example, energy demand in Mexico is expected to increase by 3.5% over the long-term forecast period. In 2021, the country generated 86.27 terawatt-hours or 26.7% of total electricity. Government requirements to generate 35% of electricity from non-fossil sources by 2024, coupled with growing potential demand, require renewable energy sources. By 2024, electricity demand in Mexico is projected to increase by more than 12%, enabling Mexico to meet its goal of generating clean electricity.
Driving Factors:
The demand for geothermal energy will increase as we move towards renewable sources.
Geothermal power generation is steadily increasing around the world as demand for renewable energy increases. Many governments around the world are implementing green measures to reduce greenhouse gas emissions. Air pollution can be reduced by generating electricity with little or no greenhouse gas emissions. Geothermal energy reduces our dependence on energy produced by burning fossil fuels. Geothermal power plants emit 99% less carbon dioxide than fossil fuels. The market demand for this renewable energy source will continue to grow, as it is one of the most reliable, economical, sustainable and environmentally beneficial sources of energy. Because the world is actively looking for renewable alternatives.
Restraining Factors:
Alternative renewable energy options could end up hurting the market.
There are many domestic, commercial and industrial applications for geothermal energy, but their accessibility and availability are unequaled. The distribution of power is limited to specific regions and places.
Additionally, geothermal energy is considered one of the most expensive energy sources due to the high costs associated with drilling and plant construction.
Key Segments Covered:
Top Market Players:
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 (Japan), First Gen Corporation (Philippines), Berkshire Hathaway Energy (U.S.), Turboden S.p.A. (Italy), Reykjavik Geothermal (Iceland), and others.
By Product Type
- Binary Cycle
- Flash
- Dry Steam
- Others
By Application
- Residential
- Commercial
- Industrial
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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