Industry Background:
Geothermal energy, heat derived within the sub-surface of the earth in order to generate clean electricity. Each geothermal source is unique in its location, temperature and pool depth, and various geothermal technologies have been developed to best specific resources. However, for electricity, generation high or medium temperature resources are needed, which are usually located close to tehtonically active regions. Moreover, increasing demand of electricity in developing countries such as China and India with increasing government intervention to produce electricity through renewable resources is expected to boost the growth of the very market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Ormat Technologies (United States), Terra Gen (United States), Mitsubishi heavy industry (Japan), Toshiba (Japan), Fuji Electric (Japan), Ansaldo Energia (Italy), Turboden (Italy), General Electric (United States), TAS Energy (United States), Chevron Corporation (United States) and Calpine (United States) |
According to AMA, the market for Geothermal Energy is expected to register a CAGR of 3.0% during the forecast period to 2030. This growth is primarily driven by Geothermal Energy is Cheaper than Fossil Fuels, Competitive Cost of Production and High Capacity Factor.
Globally, a noticeable market trend is evident Improved Service Life of Heat Pumps
Major Manufacturers, such as Ormat Technologies (United States), Terra Gen (United States), Mitsubishi heavy industry (Japan), Toshiba (Japan), Fuji Electric (Japan), Ansaldo Energia (Italy), Turboden (Italy), General Electric (United States), TAS Energy (United States), Chevron Corporation (United States) and Calpine (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market shortly. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period.
Key Developments in the Market:
On November 15, 2023, The World Bank and the International Renewable Energy Agency (IRENA) launched a new initiative to support the development of geothermal energy in developing countries.
On June 22, 2023, Schlumberger and Baker Hughes, two major oilfield services companies, announced a partnership to develop new technologies for geothermal exploration and production.
Influencing Trend:
Improved Service Life of Heat Pumps and Increasing Government Intervention to Produce Electricity through Renewable Resources
Market Growth Drivers:
Geothermal Energy is Cheaper than Fossil Fuels, Competitive Cost of Production and High Capacity Factor
Challenges:
Lack of Skilled Operators in Developing Economies
Restraints:
Difficult Terrain and High Initial Costs
Opportunities:
Rapid Urbanization and Industrialization across Various Emerging Economies and Increasing Investments in EGS
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Geothermal Energy Market
- Analysis about New Entrants in Geothermal Energy Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Geothermal Energy Study Sheds Light on
The Geothermal Energy Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Geothermal Energy industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Geothermal Energy industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.