Global Geothermal Energy Market by Plant Type (Dry Steam Power Plants, Flash Steam Power Plants, Binary Cycle Power Plants), and by Region (North America, Europe, Asia Pacific, Latin America, MEA), - Global Forecasts 2017 to 2027

Date : Sep 2021

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Report ID : 98

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Category : Clean and Renewable Energy

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Report Format:  PDF EXCEL PPT WORD

The Global Geothermal Energy was valued at US$ 2,951.7 Mn in 2020, and is expected to reach US$ 5,711.1 Mn by 2027, expanding at a CAGR of 8.7% during the forecast period. (2020-2027).

The majority of natural heat obtained from the earth’s crust is currently being used for heating and other purposes, geothermal-based electricity generation is gaining the required momentum. It has been anticipated that in the next half decade geothermal-based energy generation will occupy a significant share of the renewable portfolio of individual countries.

Geothermal Energy Market

Additionally, increasing demand for heating and cooling systems, including ground source heat pumps and district heating is expected to increase the demand for geothermal energy. Moreover, increasing government efforts to promote the use of geothermal energy, as Global carbon footprint is on a high, various government authorities are trying to lower the global carbon footprint by opting towards, renewable, clean energy.

The Global Geothermal Energy Industry Segmentation:

By Plant Type

  • Dry Steam Power Plants
  • Flash Steam Power Plants
  • Binary Cycle Power Plants

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

The unique insights provided by this report also includes the following:

  • In-depth value chain analysis
  • Opportunity mapping
  • Sector snapshot
  • Key Players Positioning Matrix
  • Regulatory scenario
  • Strategies Adopted-Benchmarking Heat Map
  • Market trends
  • Covid-19 impact analysis
  • Product comparison
  • Pre & Post COVID 19 impact on Geothermal Energy Market
  • Competitive Landscape

Based on plant type, the binary power plant segment accounted for 43% market share during the period 2020-2027.

The binary cycle power plant can be operated at low-temperature reservoirs (200°F to 330°F) therefore, this segment is expected to witness considerable demand during the forecast period. In this type of plant, the steam or water below the earth does not come in direct contact with turbines. Instead, the water from the geothermal reservoirs is pumped through a heat exchanger.  The dry steam geothermal power plants utilize superheated steam at pressures above atmospheric and can be directly fed into the turbines for power production.

Additionally, In the U.S. 1,826 MW geothermal energy is generated from the dry steam powered plants and 731 MW of the energy is generated from Binary cycle power plant. Flash plants and Dry-steam require shallow reservoirs, high temperature, produce higher power output owing to which they are economically efficient than binary plants. However, the demand for alternative energy sources such as wind & solar energy may hamper the market growth during the forecast period. At the same time, the demand for fossil fuels is high in countries such as the U.K., France, U.S. and Canada as compared to geothermal energy which is also one of the major factors hindering the market growth. According to the study conducted in 2018, the solar, wind, and geothermal energy accounted for only 4% of all energy sources in the U.S. Fossil fuels accounted for 84% of the U.S. energy demand which was way more than that of geothermal energy.

Based on regions, the market for Geothermal Energy in Europe accounted for the largest share in 2020, followed by Asia-Pacific.

The European market was valued at US$ 1,367.7 Mn in 2020 and is expected to reach US$ 2,564.8 Mn by 2027, expanding at a CAGR of 8.8% during the forecast period. Europe's geothermal energy market is experiencing exponential growth in current days. In 2019, Europe had 130 geothermal electricity plants in operations, 124 projects in the planning phase, and 36 projects under development. This thereby shows that the operating geothermal plants are expected to get doubled in the next 8 years. The German geothermal energy market is expected to reach USD 26.2 in 2027 growing with a CAGR of 14.0% during the forecast period. The construction of geothermal heating plants in Europe Munich along the Isar River is expected to supply 80,000 citizens in Germany. Additionally, the “Schäftlarnstraße” plant a geothermal energy plant is expected to supply 1.5 million Munich citizens by heat by 2035.

Additonally, The Indonesia geothermal energy market is expected to reach USD 1,673.5 Mn in 2027 growing with a CAGR of 9.6% during the forecast period. The Indonesian government's aim to set a target of 23% renewable energy by 2025 is creating a new opportunity for the geothermal energy market in the country. Geothermal projects such as Muara Laboh Geothermal Power Plant in West Sumatra are helping the government to meet its set goals. The State-Owned Enterprises Ministry of Indonesia announced its plan to merge PT Pertamina Geothermal Energy, PT Geo Dipa Energi, and PT PLN Gas the aim of this initiative is to form a giant geothermal holdings company to boost the country’s green energy usage.

Company Profiles and Competitive Intelligence

The major players operating in the Global Geothermal Energy market

  • Mitsubishi Power
  • Ormat Technologies, Inc
  • Toshiba Corporation
  • Fuji Electric Co. Ltd
  • Ansaldo Energia SpA
  • Terra-Gen LLC
  • Tetra Tech
  • Kenya Electricity Generating Company PLC
  • Baker Hughes Company
  • Engie SA, and among others.

The report also provides in-depth analysis of Geothermal Energy market dynamics such as drivers, restraints and opportunities

Drivers

  • Increasing government efforts to promote the use of geothermal energy
  • Increasing demand for heating and cooling systems, including ground source heat pumps and district heating

Restraints

  • The lucrative market for alternative energy sources such as wind and solar energy

Opportunities

  • Use of advanced technologies in geothermal energy

COVID-19 Impact on the Geothermal Energy Market Analysis

The coronavirus pandemic has impacted the major industries and business segments across the globe. Major countries such as U.S., U.K., China, and India, among others were heavily impacted by the COVID-19 pandemic.  The geothermal energy sector has witnessed significant growth in the past few years; however, due to the outbreak of the COVID- 19 pandemic, the market is projected to witness a slower growth in 2020.  Travel restrictions and government-imposed lockdowns to slow the spreading of the virus had an impact on energy demand. In addition, reduced Labor capacities due to social distancing requirements and disrupted supply chain, the need for oil and other forms of energy was significantly lower.

The report also provides in-depth analysis of key trends in Geothermal Energy market

  • The Covid-19 crisis is causing delays in the development of power plants due to interruption in the global supply chain of equipment, machine and materials required for the geothermal plant development
  • The construction for several geothermal energy projects have been hampered along with the increasingly massive spread of the corona virus or Covid-19 in many countries such as Indonesia, Italy

The report also provides in-depth analysis of recent news developments and investments

  • In June 2021, KenGen announced that they had stared drilling the first geothermal well for Ethiopia Electric Power (EEP) company
  • In May 2021, Ormat Technologies Inc. announced that it had entered into a purchase agreement with the subsidiary of Terra-Gen LLC, TG Geothermal Portfolio LLC for the acquisition of two assets in Nevada. The total net generating capacity is 67.5 MW
  • In May 2021, Ormat Technologies Inc. announced that they had signed a 15-year Power Purchase Agreement (PPA) with 100% renewable energy provider Clean Power Alliance
  • In February 2021, Fuji Electric Co. Ltd. announced that they received a contract to complete geothermal power facility at the Tauhara Geothermal Power Station in New Zealand. The company has received the contract from Sumitomo Corporation.

Frequently Asked Questions (FAQs)

How big the Global Geothermal Energy market?

The Global Geothermal Energy market was valued at US$ 2,951.7 Mn in 2020 and is expected to reach US$ 5,711.1 Mn by 2027

What is the estimated market growth rate of the Global Geothermal Energy industry?

The Geothermal Energy market is estimated to grow at a compound annual growth rate (CAGR) of 8.7 % during 2020-2027

What is the share of North America in the Global Geothermal Energy market?

In the base year 2020, North America accounted for 15.5 % share in the Geothermal Energy market

Who are the key players in the Geothermal Energy industry?

A few key players include, but are not limited to Mitsubishi Power, Orma Technologies, Inc, Toshiba Corporation, Fuji Electric Co. Ltd, Ansaldo Energia SpA, Terra-Gen LLC, Tetra Tech, Kenya Electricity Generating Company PLC, Baker Hughes Company, Engie SA

Author Credentials

Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.

  1. Market Introduction
    1. Definition
    2. Scope Of The Study
    3. List Of Assumptions
    4. Market Structure
    5. Scope of the Study: Segmentation  
    6. Timeframe, Currency and Limitations
  2. Research Methodology
    1. 3P Research Approach
    2. Market Sizing Approach
    3. Data Sources
    4. Primary Research Coverage
  3. Executive Summary
    1. Market Summary
    2. Market Snapshot
    3. Regional Snapshot
    4. Country Snapshot
  4. Premium Insights
    1. Key Trend Analysis
    2. New revenue Pockets
    3. Pain Point Analysis
    4. Company Market Share Analysis, by Region
    5. Strategies Adopted-Benchmarking Heat Map
    6. Regulatory Landscape
    7. PESTEL Analysis
    8. Regional Lifecycle
    9. Competitive Benchmarking
  5. Market Overview & Competitive Landscape
    1. Competitive Landscape
    2. Investment Scenario by key Players
    3. Key Player Overview
    4. Product comparison
    5. Player Wise Geographic Presence
    6. Player Wise Target Customer Segment
    7. Recent News
      1. Product Launches & upgrades
      1. R&D / Innovation
      2. Merger & Acquisition
      3. JV & Partnership
      4. Recognition and others
  1. Market Segmentation (Market Size and Share Analysis)
    1. Global Market Size & Historic Growth
    2. Market Size by Plant type
      1. Dry Steam Power Plants
      1. Flash Steam Power Plants
      2. Binary Cycle Power Plants
  1.  Market Dynamics
    1. Market Drivers
    2. Opportunities
    3. Value Chain Analysis
    4. Pricing Analysis
  2. COVID – 19 Opportunity Mapping
    1. Key Drivers & Anticipated Revival Period
    2. Key Trends Analysis
    3. Impact on End user Industry
    4. Opportunity Analysis
  3. Regional Market Analysis
    1. North America
      1. US
      1. Canada
    1. Europe
      1. UK
      1. Germany
      2. France
      3. Italy
      4. Spain
      5. Rest of Europe
    1. APAC
      1. China
      1. India
      2. Japan
      3. South Korea
      4. Rest of APAC
    1. Latin America
      1. Mexico
      1. Brazil
      2. Argentina
      3. Rest of LATAM
    1. Middle East & Africa
      1. GCC
      1. Rest of MEA
  1. Company Profiles
    1. Mitsubishi Power
      1. Company Fundamentals
      2. Financial Analysis (Subject to Availability)
      3. Product Portfolio
      4. SWOT Analysis
    2. Ormat Technologies
    3. Toshiba Corporation  
    4. Fuji Electric Co. Ltd  
    5. Ansaldo Energia SpA  
    6. Terra-Gen LLC  
    7. Tetra Tech  
    8. Kenya Electricity Generating Company PLC  
    9. Baker Hughes Company  
    10. Engie SA
    11. Other Notable Players
      1. Turboden S.p.A.
      1. Green Energy Geothermal.
      2. Berkshire Hathaway Inc.
      3. Terra Gen.
      4. Reykjavik Geothermal.
      5. Alterra Power Corporation.
      6. TAS Energy. Atlas Copco Group
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