Geothermal Power Market: Current Analysis and Forecast (2021-2027)

Geothermal Power Market: Current Analysis and Forecast (2021-2027)

  • UnivDatos Market Insight
  • August 2021
  • Power
  • 162 pages

Report Description

There are different geothermal technologies with distinct levels of maturity. Technologies for direct uses like district heating, geothermal heat pumps, greenhouses, and for other applications are widely used and can be considered mature. The technology for electricity generation from hydrothermal reservoirs with naturally high permeability is also mature and reliable and has been operating since 1913. Deploying geothermal energy has additional benefits, as it also contributes to reduced global warming effects and public health risks resulting from the use of conventional energy sources. Furthermore, the deployment of geothermal energy helps reduce a country’s dependence on fossil fuels. Geothermal project costs are highly site-sensitive. As per IRENA, Typical costs for geothermal power plants range from USD 1 870 to USD 5 050 per kilowatt (kW), noting that binary plants are normally more expensive than direct dry steam and flash plants. Additionally, there is a strong economic case for the deployment of geothermal energy. The costs for electricity generation from geothermal technologies are becoming increasingly competitive, and they are expected to continue to drop through 2050. However, some of the restraints in the market include High cost for establishment of Geothermal Power plant, negative impact of geothermal energy on the environment which are some factors impeding the growth of this market all over the world.

Based on power station type, the market is segmented into Dry Steam Power Stations, Flash Steam Power Stations, and Binary Cycle Power Stations. The Binary Cycle Power Stations segment grabbed XX% market share of the Global Geothermal Power Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 as they can be operated at low-temperature reservoirs (200°F to 330°F) & has little or no emissions of greenhouse gases and particulate matter.

Based on End User type, the market is segmented into Residential, Commercial, Industrial, & Others. In 2020, the Industrial segment dominated the Geothermal Power Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) due to the increasing industrialization & its uses for many applications in different industries globally.

For a better understanding of the market adoption of Geothermal Power, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 due to the presence of a large number of geothermal reserves and growing technological advancement for the generation of geothermal power in the region. However, Asia Pacific is set to be fastest growing market due to factors such as electrification of low-income & rural communities along with vast untapped reserves of geothermal power in the region. 

Some of the major players operating in the market include Enel Green Power S.p.A., Aboitiz Power Corporation, Calpine Corporation, Alterra Power Corp, ABB Ltd. etc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

Global Geothermal Power Market was valued at US$ xx billion in 2020 and is anticipated to reach US$ xx billion by 2027 displaying a CAGR of xx% over the forecast period (2021-2027). Geothermal energy is a type of renewable energy which is generated within the earth and can be used directly for heating or transformed into electricity. An advantage of geothermal energy over some other renewable energy sources is that it is available year-long (whereas solar and wind energy present higher variability and intermittence) and can be found around the globe. However, for electricity generation, medium- to high-temperature resources, which are usually close to volcanically active regions, are needed. 

Three types of geothermal power station exist to process the energy source – dry steam power stations, flash steam power stations and binary cycle power stations. Geothermal power has considerable potential for growth. The amount of heat within 10,000 meters of the earth's surface is estimated to contain 50 000 times more energy than all oil and gas resources worldwide. For instance, as per IRENA, the installed capacity of geothermal energy has gradually increased worldwide over the last decade, reaching 14 gigawatts in 2020.

The Global Geothermal Power Market is experiencing significant growth due to implementation of stringent government regulations related to climate change in developing and developed economies, volatile fossil fuel prices, limited presence of fossil fuels, rise in greenhouse gas emission, high capacity of geothermal power, cost-effectiveness of geothermal energy, reduction in pollution by geothermal power plants, and increase in demand for energy are driving the growth of the global geothermal power market globally. 

Enel Green Power S.p.A., Aboitiz Power Corporation, Calpine Corporation, Alterra Power Corp, ABB Ltd. etc. are some of the prominent players operating in the Global Geothermal Power Market. Several M&As along with partnerships have been undertaken by these players to facilitate countries with more innovative Geothermal Power applications.

Insights Presented in the Report

“Amongst power station type, Binary Cycle Power Stations segment holds the major share.”

Based on power station type, the market is segmented into Dry Steam Power Stations, Flash Steam Power Stations, and Binary Cycle Power Stations. The Binary Cycle Power Stations segment grabbed XX% market share of the Global Geothermal Power Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 as they can be operated at low-temperature reservoirs (200°F to 330°F) & has little or no emissions of greenhouse gases and particulate matter. 

“Amongst End User type, Industrial segment dominated the market in 2020.”

Based on End User type, the market is segmented into Residential, Commercial, Industrial, & Others. In 2020, the Industrial segment dominated the Geothermal Power Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) due to the increasing industrialization & its uses for many applications in different industries globally.

“North America represents as the largest market in the Global Geothermal Power Market.”

For a better understanding of the market adoption of Geothermal Power, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 due to the presence of a large number of geothermal reserves and growing technological advancement for the generation of geothermal power in the region. However, Asia Pacific is set to be fastest growing market due to factors such as electrification of low-income & rural communities along with vast untapped reserves of geothermal power in the region.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional & country-level analysis of the industry

Customization Options:

The Global Geothermal Power Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

Companies Covered

  • Enel Green Power S.p.A.
  • Aboitiz Power Corporation
  • Calpine Corporation
  • Alterra Power Corp
  • ABB Ltd 

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Table of Content

1 MARKET INTRODUCTION
1.1.Market Definitions
1.2.Objective of the Study
1.3.Limitation
1.4.Stake Holders
1.5.Currency Used in Report
1.6.Scope of the Global Geothermal Power Market Study

2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1.Research Methodology for the Global Geothermal Power Market
2.1.1. Main Objective of the Global Geothermal Power Market

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY


5 GLOBAL GEOTHERMAL POWER MARKET COVID-19

6 GLOBAL GEOTHERMAL POWER MARKET REVENUE (USD BN), 2019-2027F

7 MARKET INSIGHTS BY POWER STATION TYPE

7.1. Dry Steam Power Stations
7.2. Flash Steam Power Stations
7.3. Binary Cycle Power Stations

8 MARKET INSIGHTS BY END USER
8.1. Residential
8.2. Commercial
8.3. Industrial
8.4. Others

9 MARKET INSIGHTS BY REGION
9.1. North America Geothermal Power Market
9.1.1. United States
9.1.2. Canada
9.1.3. Rest of North America
9.2. Europe Geothermal Power Market
9.2.1. Germany
9.2.2. France
9.2.3. United Kingdom
9.2.4. Italy
9.2.5. Spain
9.2.6. Rest of Europe
9.3. Asia Pacific Geothermal Power Market
9.3.1. China
9.3.2. Japan
9.3.3. India
9.3.4. Australia
9.3.5. Rest of Asia Pacific
9.4. Rest of World Geothermal Power Market

10 GEOTHERMAL POWER MARKET DYNAMICS
10.1. Market Drivers
10.2. Market Challenges
10.3. Impact Analysis

11 GEOTHERMAL POWER MARKET OPPORTUNITIES

12 GEOTHERMAL POWER MARKET TRENDS

13 LEGAL & REGULATORY FRAMEWORK

14 DEMAND AND SUPPLY SIDE ANALYSIS

14.1. Demand Side Analysis
14.2. Supply Side Analysis
14.2.1. Top Product Launches
14.2.2. Top Business Partnerships
14.2.3. Top Business Expansions, Investments and Divestitures
14.2.4. Top Merger and Acquisitions

15 VALUE CHAIN ANALYSIS

16 COMPETITIVE SCENARIO

16.1. Porter’s Five Forces Analysis
16.1.1. Bargaining power of Supplier
16.1.2. Bargaining power of Buyer
16.1.3. Industry Rivalry
16.1.4. Availability of Substitute
16.1.5. Threat of new Entrants
16.2. Competitive Landscape
16.2.1. Company Shares, By Revenue

17 COMPANY PROFILED
17.1. Enel Green Power S.p.A.
17.2. Aboitiz Power Corporation
17.3. Calpine Corporation
17.4. Alterra Power Corp
17.5. ABB Ltd.
17.6. Ormat Technologies Inc
17.7. Berkshire Hathaway Energy
17.8. Yokogawa Electric Corporation
17.9. EDF Group
17.10. Fuji Electric Co Ltd

18 DISCLAIMER 

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