The latest research study “Geothermal Power Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that
The global geothermal power market size reached 103.87 GWh in 2021. Looking forward, IMARC Group expects the market to reach a value of 125.91 GWh by 2027 exhibiting a CAGR of 3.10% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Industry Definition and Application:
Geothermal power represents a form of renewable energy produced from heat stored within the continental crust of the earth. It originates from the radioactive decay of substances and utilizes hydrothermal resources that combine water and heat.
Geothermal power is widely used in various establishments for heating and cooling buildings, gold mining, electricity generation, and milk pasteurizing. It is a sustainable and non-traditional source that assists in eliminating the combustion of fossil fuels, reducing air pollution, and ensuring low maintenance, high power output, silent energy production processes, and economic development.
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As a result, geothermal energy is a safe, extensively available, and stable power source that produces electricity with minimum environmental impact.
Geothermal Power Market Trends and Drivers:
The escalating demand for this eco-friendly, reliable, high-capacity, and cost-effective solution is among the primary factors driving the geothermal power market. In addition, the elevating requirement to reduce air pollution, owing to the rising environmental concerns, global warming, and the high instances of respiratory disease, is further augmenting the market growth.
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Besides this, the growing popularity of geothermal power over other renewable sources, such as hydropower, wind energy, and bioenergy, on account of the various advantages, including minimum land usage, zero liquid pollution, and high availability, is also catalyzing the global market.
Moreover, the introduction of horizontal drilling techniques to explore good reservoir formation and produce energy at comparatively lower costs is acting as another significant growth-inducing factor. Apart from this, the utilization of binary cycle technology in several power plants, owing to its reservoir sustainability, high-reliability operation, efficiency, environmental friendliness, and enhanced performance, is also stimulating the market growth. Furthermore, the inflating need for artificial intelligence (AI) in these systems to empower the platform with intelligent behavior, learning, and informed decision-making capabilities is expected to bolster the geothermal power market in the coming years.
|Geothermal Power Market Report Scope|
|Market size value in 2021||103.87 GWh|
|Market forecast in 2027||125.91 GWh|
|Growth Rate||CAGR of 3.10% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||type, material type and application|
|Regional scope||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Key companies profiled||ABB Ltd., Ansaldo Energia S.p.A., Berkshire Hathaway Energy (Berkshire Hathaway Inc.), Calpine Corporation, Enel S.p.A., First Gen Corporation, Fuji Electric Co. Ltd., Halliburton Company, Mitsubishi Corporation, Ormat Technologies Inc., Toshiba Corporation and Yokogawa Electric Corporation.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization purview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
The report has been segmented the market into following categories:
Breakup by Power Plant Type:
- Binary Cycle Power Plants
- Flash Steam Plants
- Dry Steam Plants
Breakup by End User:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
List of Major Key Players:
The major players in the market are ABB Ltd., Ansaldo Energia S.p.A., Berkshire Hathaway Energy (Berkshire Hathaway Inc.), Calpine Corporation, Enel S.p.A., First Gen Corporation, Fuji Electric Co. Ltd., Halliburton Company, Mitsubishi Corporation, Ormat Technologies Inc., Toshiba Corporation and Yokogawa Electric Corporation.
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