Geothermal Power Market Size 2022, Share, Growth, Industry Trends and Forecast Till 2027

Byimarcsuraj

IMARC Group has recently released a new research study “Geothermal Power Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

What are the growth prospects of the Geothermal power Industry ?

The global geothermal power Market size reached 103.87 GWh in 2021. Looking forward, IMARC Group expects the market to reach a value of 125.91 GWh by 2027, exhibiting a growth rate (CAGR) of 3.10% during 2022-2027.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Year considered to estimate the market size:

Base year of the analysis: 2021
Historical period: 2016-2021
Forecast period: 2022-2027

What is a Geothermal power Market ?

Geothermal power represents a form of renewable energy produced from heat stored within the continental crust of the earth. It originates from the radioactive decay of substances and utilizes hydrothermal resources that combine water and heat.

Geothermal power is widely used in various establishments for heating and cooling buildings, gold mining, electricity generation, and milk pasteurizing. It is a sustainable and non-traditional source that assists in eliminating the combustion of fossil fuels, reducing air pollution, and ensuring low maintenance, high power output, silent energy production processes, and economic development. As a result, geothermal energy is a safe, extensively available, and stable power source that produces electricity with minimum environmental impact. 

What are the major market drivers in the Geothermal power Market ?

The escalating demand for this eco-friendly, reliable, high-capacity, and cost-effective solution is among the primary factors driving the geothermal power market.

 In addition, the elevating requirement to reduce air pollution, owing to the rising environmental concerns, global warming, and the high instances of respiratory disease, is further augmenting the market growth.

Besides this, the growing popularity of geothermal power over other renewable sources, such as hydropower, wind energy, and bioenergy, on account of the various advantages, including minimum land usage, zero liquid pollution, and high availability, is also catalyzing the global market.

Moreover, the introduction of horizontal drilling techniques to explore good reservoir formation and produce energy at comparatively lower costs is acting as another significant growth-inducing factor.

Apart from this, the utilization of binary cycle technology in several power plants, owing to its reservoir sustainability, high-reliability operation, efficiency, environmental friendliness, and enhanced performance, is also stimulating the market growth.

Furthermore, the inflating need for artificial intelligence (AI) in these systems to empower the platform with intelligent behavior, learning, and informed decision-making capabilities is expected to bolster the geothermal power market in the coming years. 

Geothermal Power Market Report Scope

Report Coverage

Details

Market size value in 2021

103.87 GWh

Market forecast in 2027

125.91 GWh

Growth Rate

CAGR of 3.10% from 2022 to 2027

Base year for estimation

2021

Historical data

2016-2021

Forecast period

2022-2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

type, material type and application

Regional scope

United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico

Key companies profiled

ABB Ltd., Ansaldo Energia S.p.A., Berkshire Hathaway Energy (Berkshire Hathaway Inc.), Calpine Corporation, Enel S.p.A., First Gen Corporation, Fuji Electric Co. Ltd., Halliburton Company, Mitsubishi Corporation, Ormat Technologies Inc., Toshiba Corporation and Yokogawa Electric Corporation.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

 Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Power Plant Type:

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

Breakup by End User:

  • Industrial
  • Residential
  • Commercial
  • Others

 By Geography:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa

Who are the leading players in the Geothermal Power Market ?

The major players in the market are ABB Ltd., Ansaldo Energia S.p.A., Berkshire Hathaway Energy (Berkshire Hathaway Inc.), Calpine Corporation, Enel S.p.A., First Gen Corporation, Fuji Electric Co. Ltd., Halliburton Company, Mitsubishi Corporation, Ormat Technologies Inc., Toshiba Corporation and Yokogawa Electric Corporation.

Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022- 2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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