The Global Geothermal Energy Market Size Was Valued At USD 59.40 Billion In 2021. The Market Is Projected To Grow From USD 62.65 Billion In 2022 To USD 95.82 Billion By 2030, Exhibiting A CAGR Of 6.3% During The Forecast Period.
Geothermal Energy Market Overview
Global Geothermal Energy Market Size, Status, and Forecast 2023-2030. In-depth research accumulated to offer the latest insights about acute features of the global Geothermal Energy market. This report provides a detailed overview of key factors in the Geothermal Energy Market and factors such as driver, restraint, past and current trends, regulatory scenarios and technology development. The impact of the COVID-19 outbreak on the industry was fully assessed. Fully risk assessment and industry recommendations were made for Geothermal Energy in a special period. This report also compares the markets of Pre COVID-19 and Post COVID-19. In addition, research considers the impact of the COVID-19/Russia-Ukraine War on the regional economy.
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Market Overview:
The COVID-19 pandemic came as a surprise and was shocking, and the demand for geothermal energy has been higher than expected everywhere compared to levels before the pandemic. Based on the data we have, the world market grew by 1.1% in 2020 compared to 2019.
Geothermal energy is clean, doesn’t hurt the environment, can be reused, is easy to find, and has a lot of it. It is also reliable, stable, and leaves a small amount of CO2 behind. This type of energy pulls heat from below the surface and can be used for many things, like making electricity and heating and cooling buildings. With the progress of technology, a lot of energy is being captured right now. As the need for clean energy for a wide range of uses rises around the world, more geothermal power is being made.
Some of the key players profiled in the study are
Ormat Technologies Inc. (U.S.), Calpine (U.S.), Mitsubishi Corporation (Japan), Enel Green Power North America Inc. (U.S.), EthosEnergy (U.S.), GEG Power (Iceland), ElectraTherm (U.S.), Toshiba International Corporation (Japan), First Gen Corporation (Philippines), Berkshire Hathaway Energy (U.S.), Turboden S.p.A. (Italy), Reykjavik Geothermal (Iceland), and Others.
Geothermal Energy Market Segmentation:
By Type:
- Binary Cycle
- Flash
- Dry Steam
- Others
By Application:
- Residential
- Commercial
- Industrial
- Others
Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa
Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia, and New Zealand, etc.
Regional Insights:
The market was looked at in North America, Europe, the Asia-Pacific region, Latin America, and the Middle East and Africa. Asia-market, Pacific’s which was worth USD 21.80 billion in 2021, is expected to have the largest market value share. Geothermal electricity is in high demand, and Asian countries have a lot of room to grow. This is expected to drive the industry in the region.
In 2021, North America was the place where geothermal energy use grew the most. Over the next few years, the U.S. is expected to grow at a compound annual growth rate (CAGR) of 7.0%. Geothermal energy is used most often in commercial and residential settings. This is the main reason for the industry’s growth in the United States. Geothermal companies in the US are actively working on 58 projects and possibilities in nine states (most located in Nevada). Two of the projects are in California and three are in Nevada. These five projects are almost done.
Europe is the second largest market for geothermal energy in terms of how much it is used. As of right now, only 10 European countries have geothermal power plants that are working. Over 20 countries in the area are working on geothermal projects at the moment. In the last five years, most of the growth of the geothermal market, which has been over 10% per year, has been in the larger European regions. The main reason Turkey has grown so much over the past few decades is that geothermal energy has grown.
The Latin American market is mostly driven by the rise in demand for electricity in commercial, industrial, and residential areas. In an effort to use less electricity from fossil fuels, the geothermal and renewable energy sectors in the region are becoming more and more diverse. Mexico has a lot of resources that can be used to make renewable energy. By showing how renewable energy could work in the mix of energy sources they want, the country could get a lot of investors. The geothermal sector is the biggest source of clean electricity in Mexico.
Most of the Middle East and Africa market is centred in the East African Rift. The area has a lot of good geothermal potential, both for making electricity and for using it directly. East Africa is putting a lot of effort into developing renewable energy sources, especially geothermal energy, in order to meet the goals of the Paris Agreement on sustainable development and climate change. Kenya is the best place in the Middle East and Africa to make and use energy from geothermal sources. In 2020, more than 92% of Kenya’s electricity came from renewable sources. In 2020, the geothermal sector was the country’s main source of electricity, making up more than 48.4% of all electricity produced.
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Table of Content of Geothermal Energy Market:
1: Introduction, market driving force product Objective of Study, and Research Scope of the Global Geothermal Energy market (2023-2030).
2: Exclusive Summary – the basic information of the Global Geothermal Energy Market.
3: Changing Impact on Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Global Geothermal Energy; Post COVID Analysis.
4: Presenting the Global Geothermal Energy Market Factor Analysis, Post COVID Impact Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
5: Displaying the by Type, End User and Region/Country 2017-2022.
6: Evaluating the leading manufacturers of the Global Geothermal Energy Market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile.
7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions (2023-2030).
… To be continued
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Key Questions Answered in the Geothermal Energy Market Report:
- How much was the global Geothermal Energy market in 2022?
- How much will the global Geothermal Energy market worth in 2030?
- At what compound annual growth rate will the global Geothermal Energy market grow?
- Which segment is estimated to lead the Construction Robot market during the forecast period?
- What is the key market driver for the growth of the global Geothermal Energy market?
A wealth of financial data & business strategy information is provided including:
- Up-to-date company financials, sales & revenue figures.
- Revenue and market forecasts.
- Business model strategies for niche companies.
- A comprehensive explanation of company products, financials & portfolios.
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