What is Geothermal Power Market?
Geothermal power is considered a renewable and sustainable source of energy, it is low emission and non-reliance on fossil fuels which is increasing the global market. Geothermal power is generated using steam in plants which produces electricity, the steam comes from reservoirs of hot water which is found below the earth surface, the steam rotates the turbine and activates a generator producing electricity. The stringent regulatory norms on geothermal power generation across the world would boost and provide sustainable development in the long term. The technology used in geothermal power has still a long way to go to reach the SDS level requiring a 10% annual increase in generation over 2018-30. There are many policies tackling the challenges associated with the pre-development risk to increase the proper deployment of geothermal power.
Highlights from Geothermal Power Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Fuji Electric Co., Ltd., (Japan), Mitsubishi Heavy Industries, Ltd. (Japan), JFE Engineering Corporation (Japan), Johnson & Son, Inc. (United States), Zorlu Energy (Turkey), Ormat Technologies Inc. (United States), Enel Green Power S.p.A. (Italy), Alterra Power Corp. (Canada), Gurmat Electric Generation Co. Inc. (Turkey) and Toshiba Energy Systems & Solutions Corporation (Japan) |
Fuji Electric Co., Ltd., (Japan), Mitsubishi Heavy Industries, Ltd. (Japan), JFE Engineering Corporation (Japan), Johnson & Son, Inc. (United States), Zorlu Energy (Turkey), Ormat Technologies Inc. (United States), Enel Green Power S.p.A. (Italy), Alterra Power Corp. (Canada), Gurmat Electric Generation Co. Inc. (Turkey) and Toshiba Energy Systems & Solutions Corporation (Japan) are some of the key players profiled in the study. Geothermal Power Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Industrial, Commercial and Residential |
Technology | Binary Cycle Technology,Flash-Binary Technology,Flash Steam Technology,Dry Steam Technology,Other Technologies |
End User | Household,Schools,Factories,Other |
On the basis of geography, the market of Geothermal Power has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Continuous Improvement in Technologies used in Geothermal Power Market and Developing and Emerging Economies Increasing their Deployment of Renewable Energy to Households in Remote Areas
Market Growth Drivers:
Growing Urbanisation Worldwide is Increasing Demand for Electricity Generation and Higher Research and Development Activities on Geothermal Power Generation
Challenges:
Effects of Production of Geothermal Power on Environment and High Cost and Risk of Exploration
Restraints:
Stringent Regulatory Norms on Geothermal Power Production and Usage
Opportunities:
Increasing Government Infrastructure Investment in Geothermal Power Market and Rising Potential of Geothermal Power Market in APAC Region
Key Target Audience
Geothermal Power Equipment Manufacturers, Geothermal Power Suppliers and Distributors, Research and Development Institutes, Financial Institutes and Capital Venture, Regulatory Bodies and Others
Market Leaders & Development Strategies
On 1st April 2019, SC Johnson announced that it will use geothermal energy to power its Racine headquarters, which will greatly reduce the company's environmental footprint and positions of the company. The company had planned to install a GeoExchange system, at its iconic Frank Lloyd Wright-designed campus to provide sustainable heating and cooling throughout the facilities.
On 17th Feb 2020, JFE Engineering introduced the geothermal electric power generation, to be actively utilized as renewable energy as it is most abundant source of power. JFE Engineering coordinated the total system of planning, construction of geothermal power plants and electricity sales.