Geothermal Power Market Growth Drivers and Future Outlook, Key Players and Revenue Forecast Till 2030

Global Geothermal Power Market Overview:

Global Geothermal Power Market is driven by the increasing focus on renewable energy sources with a healthy CAGR of 5.26% during the forecast period of 2022 to 2030.

Market Research Future Insights

According to MRFR analysis, Global Geothermal Power market is expected to register a CAGR of 5.26% from 2022 to 2030 and hold a value of over USD  6.17 billion by 2030. Geothermal power refers to the generation of electricity by utilizing the Earth’s heat from beneath its surface. It is a renewable energy source that has gained increasing attention due to its potential as a sustainable and low-carbon alternative to conventional energy sources. Here are some key points about the global geothermal power market. The global geothermal power market has been experiencing steady growth over the past decade. The market has been driven by increasing concerns about climate change, the need for clean and renewable energy sources, and government support through favorable policies and incentives.

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Covid-19 Impact on Geothermal Power Industry:

1. Delayed or suspended projects: Many geothermal power projects around the world faced delays or were temporarily suspended due to the pandemic. The restrictions on travel, workforce limitations, and supply chain disruptions hindered construction activities and project timelines.
2. Reduced demand and electricity consumption: The economic slowdown caused by the pandemic led to a decline in overall electricity demand. This, in turn, affected the geothermal power sector, as utilities and industries scaled back operations, resulting in reduced electricity consumption and lower demand for new geothermal power installations.
3. Financing challenges: The economic uncertainties resulting from the pandemic made it difficult for geothermal power projects to secure financing. Investors and lenders became more cautious, leading to a slowdown in funding for new projects.
4. Supply chain disruptions: The geothermal power industry relies on equipment and materials sourced from various regions globally. The pandemic disrupted supply chains, causing delays in the delivery of critical components such as turbines, generators, and drilling equipment.

Market Segmentation:

Global Geothermal Power market has been segmented into Power Plant Type, Power Output, End-Use

Type : Flash Steam Plants , Dry Steam Plants , Binary Cycle Power Plants ,

By Power : Up to 5 MW , Above 5 MW

By End-Use : Residential , Commercial , Industrial

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Regional Analysis:

The United States is the leading producer of geothermal power in North America, with a significant number of operational geothermal power plants mainly located in California, Nevada, and Hawaii. Canada also has some geothermal projects under development, particularly in British Columbia and Alberta.

Mexico is a prominent player in the region, with several geothermal power plants in operation, mainly located in the Baja California Peninsula. Other countries with geothermal potential include Chile, Costa Rica, El Salvador, Guatemala, and Nicaragua.

Iceland is a global leader in geothermal power generation, utilizing its abundant geothermal resources for electricity and heating.  Other European countries with geothermal power plants include Italy, Turkey, Germany, Hungary, and the Netherlands. The European Geothermal Energy Council (EGEC) has been actively promoting the development of geothermal energy across the continent.

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Key Players:

• Enel Spa (Roma)
• General Electric (US)
• Ansaldo Energia (Italy)
• Supreme Energy (Indonesia)
• Macquarie Group Limited (Australia)
• Sumitomo Corporation (Japan), and others

Industry News:

Peninsula Clean Energy and Ormat Technologies have struck a 15-year Power Purchase Agreement (PPA). The city of Los Banos and San Mateo County receive more than 3,500 gigawatt-hours of electricity through this community choice aggregator. The Community Choice Aggregation (CCA) will be buying 26 MW of energy from Ormat’s Heber 2 facility starting on January 1st, 2023, for the duration of the contract.

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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.

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