Pune, India, Feb. 17, 2022 (GLOBE NEWSWIRE) -- The Geothermal Energy Market size was USD 52.87 billion in 2020. The market is expected to grow from USD 55.80 billion in 2021 to USD 83.27 billion in 2028. The market will be growing at a CAGR of 5.9% in the 2021-2028 periods. This information is published by Fortune Business Insights™ in its report titled, “Geothermal Energy Market, 2021-2028.”
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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. It further utilizes underground basins of water steam. Therefore, the use of this energy is expected to bolster the demand for geothermal energy during the forecast period.
Top Players Covered in the Geothermal Energy Market Report are:
- 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.)
- ThermaSourceInc (U.S.)
- First Gen Corporation (Philippines)
- Mitsubishi Corporation (Japan)
COVID-19 Pandemic: Lockdown Guidelines Impact Geothermal Energy Ventures
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.
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.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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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.
Report Scope and Segmentation-
| Report Coverage | Details |
| Forecast Period | 2021 to 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 to 2019 |
| No. of Pages | 210 |
| Segments covered | By Type, By Application, By Region |
| Growth Drivers | Increasing Focus on Reducing Greenhouse Gases Emission to Drive Market |
| Increasing Government Regulation and Incentives Will Augment Market Growth | |
| Pitfalls & Challenges | High Investment for Establishing Plants May Hinder Market Growth |
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.
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Drivers and Restraints
Surging Emphasis on Dropping Greenhouse Gas Releases to Stimulate Market Growth
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.
Regional Insights
Rising Energy Demand tp 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.
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.
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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.
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 – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Industrial SWOT Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the 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
- Global Geothermal Energy Market Analysis (USD Billion) (MW), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Binary Cycle
- Flash
- Dry Steam
- Others
- Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Industrial
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Geothermal Energy Market Analysis (USD Billion) (MW), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Binary Cycle
- Flash
- Dry Steam
- Others
- Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Industrial
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By Type
- Binary Cycle
- Flash
- Dry Steam
- Others
- U.S. Market Analysis, Insights and Forecast – By Type
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