Global Geothermal Energy Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Geothermal Energy Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Geothermal energy is renewable, clean power derived from the thermal energy in subterranean earth. The earth's thermal energy is created by the decay of radioactive elements in the earth along with the heat from the sun and that remaining from the earth's creation.

Market Overview:

The latest research study on the global Geothermal Energy market finds that the global Geothermal Energy market reached a value of USD 5733.42 million in 2022. It’s expected that the market will achieve USD 8209.21 million by 2028, exhibiting a CAGR of 6.16% during the forecast period.

Reduction of Greenhouse Gas Emissions to Drive Geothermal Energy Market Growth

Geothermal Energy is the thermal energy stored in the interior of the earth. It has the characteristics of large reserves, wide distribution, green and low carbon, recyclable, stable and reliable. It is a feasible and competitive clean energy. The development and utilization of geothermal energy can reduce greenhouse gas emissions and improve the ecological environment, and is expected to become a new direction for energy structure transformation. In the context of the goal of carbon neutrality, conventional fossil energy will gradually decrease in the future, and most renewable energy is intermittent and fluctuating, while geothermal energy can work continuously without interruption, with an efficiency of over 90%. No other renewable energy can compare. Electricity demand is rising dramatically around the world, and concerns about electricity security are growing. Pollution is skyrocketing around the world and people are looking for alternative energy sources to replace coal. In October 2021, the Indonesian Ministry of Energy and Mineral Resources released the 2021 Rencana Usaha Penyediaan Tenaga Listrik (RUPTL) (2021 RUPTL). The plan aims to shift reliance on fossil fuels and plans to add greater renewable energy capacity. The 2021 Rencana Usaha Penyediaan Tenaga Listrik (RUPTL) aims to add 21 GW of renewable energy, a 25% increase from the 2019 RUPTL. Among them, geothermal energy is one of the main components. Hence, policies such as carbon neutrality are expected to drive the geothermal energy market.

Policy incentives to promote large-scale development and utilization of geothermal energy.

In order to support the development of the geothermal energy industry, developed countries generally pass legislation to establish the legal attributes of geothermal energy and straighten out the management system and mechanism of geothermal energy. For example, the Geothermal Resources Act of 1967 and Geothermal Steam Act of 1970 in the United States clarified the legal attributes and ownership of geothermal energy; the Icelandic government formulated The Act on Survey and Utilization of Ground Resources, Natural Resource Protection Act and A series of laws such as the Energy Law have straightened out the management system and mechanism for the development and utilization of geothermal energy, and better guaranteed the development of the geothermal energy industry. At the same time, Iceland, the United States, Japan, Germany and other countries have introduced preferential tax policies including tax credits, and given a certain percentage of financial subsidies to geothermal energy development and utilization projects. The US Geothermal Energy Research, Development and Demonstration Act and other laws provide loan guarantees for renewable energy projects such as geothermal energy that meet local utilization conditions. Supportive policies have played a significant role in promoting the orderly, healthy and rapid development of the geothermal energy industry. For example, the installed capacity of geothermal energy power generation in the United States has ranked first in the world for many years. Therefore, the introduction of policies related to Geothermal Energy has greatly promoted the development of this market.

Region Overview:

In 2021, the share of the Geothermal Energy market in Southeast Asia stood at 26.80%.

Segmentation Overview:

Dry steam power plants draw from underground resources of steam. The steam is piped directly from underground wells to the power plant where it is directed into a turbine/generator unit.

Flash steam power plants are the most common and use geothermal reservoirs of water with temperatures greater than 360°F (182°C). This very hot water flows up through wells in the ground under its own pressure. As it flows upward, the pressure decreases and some of the hot water boils into steam. The steam is then separated from the water and used to power a turbine/generator. Any leftover water and condensed steam are injected back into the reservoir, making this a sustainable resource.

Binary cycle power plants operate on water at lower temperatures of about 225-360°F (107-182°C). Binary cycle plants use the heat from the hot water to boil a working fluid, usually an organic compound with a low boiling point. The working fluid is vaporized in a heat exchanger and used to turn a turbine. The water is then injected back into the ground to be reheated. The water and the working fluid are kept separated during the whole process, so there are little or no air emissions. Currently, two types of geothermal resources can be used in binary cycle power plants to generate electricity: enhanced geothermal systems (EGS) and low-temperature or co-produced resources.

Among different product types, Flash Steam segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Residential segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Geothermal Energy market covered in Chapter 3:

Ansaldo Energia
Chevron
Mitsubishi heavy industry
TAS Energy
Enel Green Power
Reykjavik
Ormat
Turboden
General Electric
Calpin
Fuji Electric
Toshiba
Exergy
Terra Gen
U.S. Geothermal

In Chapter 4 and Chapter 14.2, on the basis of types, the Geothermal Energy market from 2018 to 2029 is primarily split into:

Dry Steam
Flash Steam
Binary Cycle

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Geothermal Energy market from 2018 to 2029 covers:

Industrial
Residential
Commercial
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)