Global Geothermal Power Market is expected to foresee significant growth. North America to lead the growth
Global Geothermal Power Market is expected to reach the market valuation of US$ xx billion by 2027 expanding at a reasonable CAGR of xx% during the forecast period (2021-2027) from US$ xx billion in 2020. Geothermal energy is a type of renewable energy which is generated within the earth and can be used directly for heating or transformed into electricity. An advantage of geothermal energy over some other renewable energy sources is that it is available year-long (whereas solar and wind energy present higher variability and intermittence) and can be found around the globe. However, for electricity generation, medium- to high-temperature resources, which are usually close to volcanically active regions, are needed.
Three types of geothermal power station exist to process the energy source – dry steam power stations, flash steam power stations and binary cycle power stations. Geothermal power has considerable potential for growth. The amount of heat within 10,000 meters of the earth’s surface is estimated to contain 50 000 times more energy than all oil and gas resources worldwide. For instance, as per IRENA, the installed capacity of geothermal energy has gradually increased worldwide over the last decade, reaching 14 gigawatts in 2020.
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The Global Geothermal Power Market is experiencing significant growth due to implementation of stringent government regulations related to climate change in developing and developed economies, volatile fossil fuel prices, limited presence of fossil fuels, rise in greenhouse gas emission, high capacity of geothermal power, cost-effectiveness of geothermal energy, reduction in pollution by geothermal power plants, and increase in demand for energy are driving the growth of the global geothermal power market globally.
Geothermal power generation has higher capacity factors compared with some other renewable energy resources and is capable of supplying baseload electricity, as well as providing ancillary services for short- and long-term flexibility in some cases. Furthermore, geothermal power generation has lower life-cycle greenhouse gas emissions than fossil fuel-based generation.
Based on power station type, the market is segmented into Dry Steam Power Stations, Flash Steam Power Stations, and Binary Cycle Power Stations. The Binary Cycle Power Stations segment grabbed XX% market share of the Global Geothermal Power Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 as they can be operated at low-temperature reservoirs (200°F to 330°F) & has little or no emissions of greenhouse gases and particulate matter.
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The impact of the COVID-19 pandemic is being felt in geothermal power market. Apart from the disruptions in supply-chain management, the construction of many geothermal power plants was halted due to the government enforced lockdowns and curfews.
Even the funding and conception of projects relating to geothermal power plants were abandoned due to the uncontrollable deteriorating situations in almost all the countries.
For example, as per European Geothermal Energy Council (EGEC) 2010-2020 was a decade of sustained growth disrupted at the end by the economic impacts of the COVID-19 pandemic. By the end of 2020 Europe had 3.5 GWe of installed geothermal electricity capacity. This was distributed over 139 power plants. In a major break with previous years, no new country (apart from Turkey) commissioned a geothermal power plant in 2020. This was due to the COVID-19 pandemic as well as the lack of suitable and robust support frameworks to accompany the uptake of geothermal electricity.
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Additionally, the report provides detailed initiatives that are being taken in the field of Geothermal Power market. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. North America dominated the Global Geothermal Power Market, accounting for nearly xx% share in 2020 due to the presence of a large number of geothermal reserves and growing technological advancement for the generation of geothermal power in the region.
Global Geothermal Power Market Segmentation
Market Insight, by Power Station Type
- Dry Steam Power Stations
- Flash Steam Power Stations
- Binary Cycle Power Stations
Market Insight, by End User
Market Insight, by Region
- North America
- Asia Pacific
- Rest of World
Top Company Profiles
- Enel Green Power S.p.A.
- Aboitiz Power Corporation
- Calpine Corporation
- Alterra Power Corp
- ABB Ltd.
- Ormat Technologies Inc
- Berkshire Hathaway Energy
- Yokogawa Electric Corporation
- EDF Group
- Fuji Electric Co Ltd