Global Geothermal Power Market size worth US$1.740 billion by 2027

Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of “Geothermal Power Market – which is forecasted from 2020 to 2027”.

The factors involved in the growth of the global Geothermal Power market are the rising awareness of climate change, government efforts to reduce non-renewable energy use, and rising investments in geothermal energy.

As per the report, the market Global Geothermal Power Market is expected to grow at a slow pace.  

Geothermal energy is a type of renewable energy which can be used directly for heating or can be transformed into electricity.  Geothermal energy is heat derived within the sub-surface of the earth that is carried by water and/or steam to the earth’s surface. Depending on the characteristics of the geothermal energy, it is utilized for heating or can be harnessed to generate clean electricity. Geothermal power has lower life-cycle greenhouse gas emissions than fossil fuel, hence it is a clean energy source. The rising efforts to reduce the impact of climate change are boosting the growth of the alternative energy market.

Additionally, rising investments in the geothermal power market are leading the market towards growth. For example, in February 2022 the Indonesian government planned to increase the total installed capacity of the geothermal power plant to 9300 megawatts by 2035, reported Energy for Growth Hub. Currently, Indonesia has 2,443 megawatts of installed geothermal capacity which is second to the US.

Furthermore, the US Office of Energy Efficiency & Renewable Energy (EERE) has a dedicated Geothermal Technologies Office. The Frontier Observatory for Research in Geothermal Energy (FORGE) is an initiative under the Geothermal Technologies office. In February 2021, under the FORGE initiative 17 projects were selected to receive up to US$46 million in funding for cutting-edge, domestic geothermal projects. Hence, government involvement is expected to propel the geothermal power market.

Based on the End-users, the global geothermal power market is segmented into Residential, Commercial, and Industrial. The Commercial and industrial uses of geothermal power involve providing clean heat for large-scale industries and commercial processes. Thus, these segments are expected to propel during the forecast period.

Based on power station type, the market is segmented into dry steam, flash steam, and binary cycle. According to the analysts, geothermal energy is less spread out as compared to other renewable sources owing to the limited territories that hold large pockets of trapped geothermal heat.

Based on geography, the global geothermal power market is divided into North America, South America, Europe, the Middle East and Africa (MEA), and Asia Pacific (APAC). The analyst anticipates that the North American region holds a considerable share in the global geothermal power market owing to the rising focus on geothermal energy sources in countries in this region.

As a part of the report, the major players operating in the Global Geothermal Power Market, that have been covered are Enel Spa, Fuji Electric Co., Ltd., Aboitiz Power Corporation, Calpine Corporation, Alterra Power Corp., Ormat Technologies Inc. Berkshire Hathaway Energy, EthosEnergy, ThermaSourceInc., Korea Electric Power Corporation, Contact Energy Limited, and MaspoEnerji.

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This analytics report segments the Global Geothermal power market on the following basis:

  • By Power Station Type

o   Dry Steam

o   Flash Steam

o   Binary Cycles

  •  By End-User  

o   Residential

o   Commercial

o   Industrial

  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Italy
      • Others
    • The Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Taiwan
      • Thailand
      • Indonesia
      • Others