Geothermal Energy Market to Attain CAGR of ~4% during 2022-2030; Increasing Government Initiative to Promote Geothermal Adoption to Boost the Market Growth
Research Nester published a report titled “Geothermal Energy Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the geothermal energy market in terms of market segmentation by plant type, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global geothermal energy market is estimated to witness a ~4% CAGR over the forecast period, i.e., 2022–2030. The market is segmented on the basis of plant type into dry steam plants, flash steam plants, binary cycle power plants, and others. Among these, the binary cycle power plants segment is anticipated to hold the largest market share during the forecast period as it can operate at relatively lower temperature reservoirs as well, which enlarges the scope of these power plants.
The global geothermal energy market is projected to grow on the back of increasing adoption of renewable energy sources, backed by depletion of fossil fuels and environment awareness amongst the masses. Moreover, the government is promoting the adoption of geothermal electricity through various initiatives which is further estimated to boost the market growth. One such initiative is the Global Geothermal Alliance (GGA), a platform established by the International Renewable Energy Agency (IRENA), to promote geothermal energy development on a global level.
Regionally, the global geothermal energy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is estimated to hold the largest share over the forecast period as US is the biggest producers of geothermal energy owing to the presence of large number of geothermal power plants and major market players in the country. According to the report of the U.S. Energy Information Administration (EIA), in 2020, the US generated around 17 billion kilowatt per hours (kWh) utility-scale electricity. Moreover, the increasing investment by government and private sector in the renewable energy sources, is estimated to further boost the market growth in the region.
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Government Initiatives to Promote Geothermal Energy Development to Boost the Market Growth
Geothermal energy is obtained by trapping the steam generated by the heat of magma, which is used to produce electricity. This is a relatively newer concept, which is why, it is not widely adopted on a global level. As a result, governments across the world are promoting the adoption of geothermal energy, which is anticipated to boost the market growth.
However, high capital investment and specific landscape requirement are expected to operate as key restraint to the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the geothermal energy market which includes company profiling of Siemens AG, GE Group, Enel Spa, Ormat Technologies, Inc., KEPCO Group, ABB Ltd, Mitsubishi Power, Ltd., Engie SA, Tetra Tech, Inc., and First Gen Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the geothermal energy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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