07 January 2022
Visiongain has published a new report entitled the Geothermal Power Market Report 2022-2032: Forecasts by Resource Type (Convective Hydrothermal, Sedimentary Basin, Geopressured, Radiogenic, Solidified Hot Dry Rock, Part Still Molten Magma), by Technology (Ground Source Heat Pumps, Direct-Use Geothermal, Deep Geothermal Systems, Enhanced Geothermal Systems), by End-user (Residential, Commercial, Industrial, Others), by Power Station (Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Stations) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
The global geothermal power at 16.40Gwe in 2021 and is projected to grow at a CAGR of 5.0% during the forecast period 2022-2032.
Electricity Networks With A High Proportion Of Renewables Continue To Function Well
The COVID-19 pandemic has wreaked havoc on people all across the world. Meanwhile, electrical grids with substantial renewable energy content continue to function well. The energy transition, when incorporated into stimulus and recovery measures, can be a long-term investment. The crisis has exposed more flaws in the current system, such as its dependency on fossil fuels and significant energy access gaps, which have an impact on healthcare, water supply, information and communication technologies, and other critical services. An investment package centred on the energy transition can assist to lift the economy out of its funk and create much-needed jobs in the near and long term.
How has COVID-19 had a significant negative impact on the Geothermal Power Market?
Due to disruptions in the worldwide supply chain and a reduction in investment for prospective projects, the breakout of COVID-19 is projected to have a substantial impact on the global geothermal energy sector. Although annual additions are in line with the driven market, COVID-19-related lockdown measures are projected to cause certain projects to be postponed. The growth of the geothermal energy market is being driven by rising electrical security concerns as a result of clean and environmentally beneficial supplies. Furthermore, rising demand for heating and cooling systems, such as ground source heat pumps and district heating, is expected to propel the geothermal energy industry forward. However, during the projected period, the lucrative market for alternative clean energy sources such as solar and wind is likely to stifle market expansion.
Production and supply chains have been disrupted, demand for goods and services has diminished, commodity prices have fallen, and there has been a significant economic recession around the world as a result of the response measures, which include widespread lockdowns. Hundreds of millions of people have lost their employment or had their livelihoods jeopardised as a result of the health crisis. Renewable energy has proven to be more resilient than other sections of the sector, despite suffering along with the rest of the world's economy. Fossil fuels have taken a beating as energy demand for transportation and industry falls. Even as fossil fuels continue to show signs of revival, at least in the short term, oil prices have plummeted, increasing concerns about volatility and long-term viability.
How this Report Will Benefit you?
Visiongain’s 400+ page report provides 275 tables and 271 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global geothermal power market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Geothermal Power. Get the financial analysis of the overall market and different segments including resource type, power station type, technology, end-user and capture higher market share. We believe that high opportunity remains in this fast-growing geothermal power market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
The Binary Cycle Power Plants Segment is Expected to Grow Significantly
The water or steam beneath the soil never comes into direct contact with the turbines in binary cycle power plants. Instead, geothermal water is pushed via a heat exchanger, where it warms a second liquid-like isobutene (which boils at a lower temperature than water). This second liquid is converted into steam, which drives the generator's turbines. The first liquid is recycled through the turbine and back into the heat exchanger, where it can be utilised again, while the second liquid is recycled into the soil through the injection well.
Investing In The Energy Transition Can Strengthen The Economy And Provide A Diverse Range Of Jobs
Investment in the energy transition can help the economy recover in the years 2021-2023 and create a variety of jobs. Stimulus measures can hasten the progression of beneficial trends. Renewables and other transition-related technologies generated USD 824 billion in investments in 2019. During the recovery phase, such investments should roughly treble to about USD 2 trillion, and then expand at a rate of USD 4.5 trillion per year over the next decade. Government funds can multiply private investments by a factor of three to four, and they should be widely deployed to drive investment and finance decisions in the right direction.
To properly comprehend the implications of the transition and guarantee that it is timely and just, the energy sector must be understood as an important element of the broader economy.
Where are the market opportunities?
Increasing Technological Advancements In The Business Would Help The Geothermal Power Market Thrive
The benefits of geothermal energy are driving the market. Furthermore, the expanding technical advancements in the geothermal energy industry are expected to drive the geothermal power market's growth. Geothermal energy is quickly becoming one of the most dependable renewable energy sources. Because of its eco-friendly nature and consistent availability, it is gaining traction over traditional and non-renewable energy sources. Geothermal reservoirs are refilled naturally and have enormous power generation potential, with the ability to supply world baseload demand by generating up to 2 terawatts of power. Because of their high efficiency and low maintenance requirements, geothermal resources will continue to be used in the generation of power. As a result, geothermal energy's benefits are likely to drive market expansion over the projection period.
The Expansion Of The Geothermal Power Market Will Be Aided By Increased Investment In Geothermal Energy
Increasing investments in geothermal energy in various nations would further boost the geothermal power market forward throughout the forecast period. Breakthrough Energy Ventures announced in March 2019 that it would invest $12.5 million in Baseload Capital, a geothermal project development company. It is a project investment firm that provides funding for the development of geothermal power facilities using technology developed by Climeon, the company's Swedish parent. EnergiMiinas, a Philippine-based geothermal firm, aims to put two geothermal power plants in Peru into operation by 2026 or 2027, with each project costing $1 billion. Thrive Renewables has also announced intentions to invest roughly 6.5 million in the UK's first geothermal power plant, with the goal of supplying approximately 3 MW of electricity to the National Grid and up to 12 MW for local consumption.
The major players operating in the geothermal power market are Atlas Copco, Ansaldo Energia S.P.A, BHE, Calpine Corporation, Chevron Corporation, ElectraTherm Inc., ENEL SPA, Fuji Electric Co. Ltd., General Electric, Halliburton, Innergex Renewable Energy Inc., KenGen, Mitsubishi Corporation, Ormat Technologies Inc, Pertamina, Terra-Gen, Toshiba Corporation. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Notes for Editors
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