India, Pune, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The global geothermal energy market size showcased a valuation of USD 59.4 billion in 2021, experiencing an increase to USD 62.65 billion in 2022. Forecasts anticipate a substantial growth trajectory, projecting the market to reach USD 95.82 billion by 2029, achieving a Compound Annual Growth Rate (CAGR) of 6.3%. This expansion is primarily attributed to the versatile applications of geothermal energy, including its use in heating, cooling, and electricity generation. Technological advancements have notably improved the efficiency of extracting this energy source, thereby augmenting its overall utilization. Moreover, the surging global demand for clean energy sources stands as a pivotal driver propelling the growth of this market. These insights have been detailed in the report titled 'Geothermal Energy Market, 2022-2029' by Fortune Business Insights™.
Key Industry Developments:
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.
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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 |
Drivers and Restraints
Technological Advancements:
Ongoing innovations in geothermal technologies, such as enhanced drilling techniques and more efficient power conversion systems, are improving the accessibility and cost-effectiveness of extracting geothermal energy.
Diverse Applications:
Geothermal energy finds applications in various sectors, including heating, cooling, and electricity generation, making it a versatile and attractive option for different energy needs.
Energy Security:
Geothermal energy provides a reliable and constant source of power, reducing dependency on fossil fuels and contributing to energy diversification and security.
Government Support and Policies:
Supportive policies, incentives, and subsidies from governments worldwide
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.
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Segments Analysis:
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.
| By Type |
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| By Application |
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Geographically, the market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
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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.
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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 Contents:
- 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
Continued...
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