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Geothermal Energy Market Segmentation by Plant Type (Dry Steam Plants, Flash Steam Plants, Binary Cycle Power Plants, and Others); by End-User (Industrial, Commercial, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Geothermal Energy Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • May 2021: Ormat Technologies Inc. announced a 15-year power purchase agreement for geothermal power with Clean Power Alliance, the fifth largest power provider in California.

Global Geothermal Energy Market Highlights over 2022-2030

The global geothermal energy market is estimated to garner a sizeable revenue by growing at a ~4% CAGR over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the various advantages of geothermal energy, including stable and independent power generation. In this renewable source, the steam generated from the hot springs is used to rotate the turbine and produce electricity. This is a relatively newer concept of low-carbon electricity generation, which is why there is tremendous untapped potential in this market. According to the report by the International Environment Agency geothermal electricity generation has increased by an estimated 3% in the past 5 years, as of 2019, and is further expected to grow. Major market players in the energy and power sector are increasingly investing in geothermal power plants, which is estimated to boost the market growth. Moreover, various government initiative to promote the adoption of geothermal energy is anticipated to generate growth opportunities for the market. For instance, the International Renewable Energy Agency (IRENA), established a platform called, Global Geothermal Alliance (GGA) to promote geothermal energy development on a global level.

Global Geothermal Energy Market

The global geothermal energy market is segmented by plant type into dry steam plants, flash steam plants, binary cycle power plants, and others out of which, the binary cycle power plants segment is anticipated to hold the largest share in the market during the forecast period on account of its ability of function at relatively lower temperatures, around 200-300°F. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Geothermal Energy Market Regional Synopsis

Regionally, the global geothermal energy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe region is estimated to witness highest CAGR over the forecast period on the back of presence of various geothermal reservoirs in the countries, such as, Iceland, Italy and Turkey, among others. Moreover, government initiatives to promote the use of geothermal energy is anticipated to boost the regional market growth.

The market in the North America region is estimated to hold the largest share over the forecast period owing to the presence of large number of geothermal power plants in the United States and Canada, backed by the favorable climatic conditions in the region. According to the report of the U.S. Energy Information Administration (EIA), in 2020, seven states of US have geothermal power plants, generating more than 17 billion kilowatt per hours (kWh) energy, which amounted to 0.4% of the total U.S. utility-scale electricity generation.

Global Geothermal Energy Market

The global geothermal energy market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global geothermal energy market includes the following segments:

By Plant Type

  • Dry Steam Plants
  • Flash Steam Plants
  • Binary Cycle Power Plants
  • Others

By End User

  • Industrial
  • Commercial
  • Others

Growth Drivers

  • Stable and Independent Renewable Source of Energy
  • Increasing Government Initiatives to Promote Geothermal Energy Adoption

Challenges

  • Limited to Specific Landscapes
  • High Cost of Installation of Power Plant

Top Featured Companies Dominating the Market

  • Siemens AG
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • GE Group
  • Enel Spa
  • Ormat Technologies, Inc.
  • KEPCO Group
  • ABB Ltd
  • Mitsubishi Power, Ltd.
  • Engie SA
  • Tetra Tech, Inc.
  • First Gen Corporation

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