As per SNS Insider’s research, the geothermal energy market is poised for sustained growth due to its eco-friendly nature, reliability, government support, technological advancements, and its role in addressing both environmental concerns and energy security.
Based on the SNS Insider report, the geothermal energy market reached a valuation of USD 7.2 billion in 2022 and is projected to expand to USD 11.30 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 5.8% during the forecast period from 2023 to 2030.
Key Players included are:
• Baker Hughes Company
• Ormat Technologies
• NIBE Group
• Mitsubishi Heavy Industries
• Reykjavik Geothermal
• Turboden S.p.A.
• Toshiba International Corporation
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Market Repot Scope:
Geothermal energy is a sustainable and renewable source of power harnessed from the Earth’s natural heat emanating from its core. These facilities convert the high-temperature geothermal fluids found deep within the Earth into electricity. There are three main types of geothermal power plants: dry steam, flash steam, and binary cycle. Each method extracts thermal energy from the Earth and converts it into electrical power. Geothermal energy boasts several advantages. It is considered a clean and sustainable energy source because it produces minimal greenhouse gas emissions when compared to fossil fuels.
The geothermal energy market is experiencing significant growth, driven by a combination of factors that make it an attractive and sustainable source of renewable energy. Many governments worldwide are implementing policies and incentives to promote the development of geothermal energy projects. These may include tax credits, subsidies, and favorable regulatory frameworks that encourage private investment in geothermal infrastructure. Ongoing advancements in geothermal drilling techniques and technology have made it more cost-effective to tap into geothermal reservoirs, increasing the economic viability of geothermal energy projects. Geothermal projects often bring economic benefits to local communities, including job creation and increased tax revenue. Moreover, they can provide a steady source of revenue for landowners through lease agreements or royalties.
Market Segmentation and Sub-segmentation included are:
• Dry Steam Plants
• Flash Steam Plants
• Binary Cycle Plants
• Direct Systems
• Ground Source Heat Pumps
• High Temperature
• Medium Temperature
• Low Temperature
Impact of Recession:
While recessions can present challenges to the geothermal energy market, they can also offer opportunities for growth and innovation. Much depends on government policies, investor confidence, and the overall economic climate. To mitigate the negative impacts, governments and stakeholders should consider supporting and incentivizing the development of geothermal energy during economic downturns as part of a broader strategy for sustainable energy transition.
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Impact of Russia-Ukraine War:
The Russia-Ukraine war has had a multifaceted impact on the geothermal energy market. It has contributed to a shifting energy landscape, with greater emphasis on energy security, policy changes, and increased collaboration among nations. These changes, coupled with advancements in geothermal technology, are likely to drive the growth of geothermal energy as a cleaner and more secure energy source in the post-conflict era.
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Key Regional Development:
North America has been a major player in the geothermal energy market, primarily driven by projects in California, Nevada, and Hawaii. Government incentives and policies to promote renewable energy are expected to fuel further growth. Additionally, new technologies such as enhanced geothermal systems (EGS) hold promise for expanding the market. Asia Pacific is emerging as a key player in the global market. Its vast geothermal potential, coupled with government incentives, is attracting investments from both domestic and international firms. Indonesia’s commitment to reducing greenhouse gas emissions further supports this growth.
Key Takeaway from Geothermal Energy Market Study
• Flash steam plants segment to dominate the market as they have gained popularity due to their high energy efficiency and reliability. The appeal of flash steam plants lies in their adaptability to various geographical locations. They are particularly effective in areas with abundant geothermal resources, such as regions with active volcanic activity.
• Industrial segment leading the market as geothermal energy offers a reliable and consistent heat source, which is crucial for industries requiring a stable energy supply. It eliminates the fluctuations associated with other renewable sources like wind and solar, making it an attractive option for industrial operations.
Recent Developments Related to Geothermal Energy Market
• Masdar, the Abu Dhabi-based renewable energy company, has announced a significant investment in Indonesia’s geothermal energy sector by partnering with the Indonesian geothermal energy firm, Pertamina Geothermal Energy (PGE). This collaboration marks a milestone in the expansion of renewable energy infrastructure in Southeast Asia and demonstrates Masdar’s commitment to sustainable energy development globally.
• Zorlu Energy, a prominent player in the renewable energy sector, has made a significant move towards expanding its green energy portfolio with the announcement of a merger with Alkan Geothermal Energy. This strategic partnership marks a pivotal moment in the global transition towards sustainable energy solutions.
Table of Contents – Major Key Points:
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Market Dynamics
Chapter 4 Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of Ongoing Recession on Major Economies
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 Forces Model
Chapter 7 Geothermal Energy Market Segmentation, By Technology
Chapter 8 Geothermal Energy Market Segmentation, By Temperature
Chapter 9 Geothermal Energy Market Segmentation, By Application
Chapter 10 PEST Analysis
Chapter 11 Regional Analysis
Chapter 12 Company Profile
Chapter 13 Competitive Landscape
Chapter 14 Use Case and Best Practices
Chapter 15 Conclusion
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