Geothermal Power Market Estimated to Fuel the Growth 5.3% by 2027

The outbreak of COVID-19 had significantly impacted the global geothermal energy market due to disruption in the international supply chain and a reduction in investment for the upcoming projects. Although annual capacity additions correspond to the driven market, some projects were delayed due to COVID-19 related lockdown measures. For example, in Europe, Bolivia’s state power company Ende had suspended its consultancy procurement call for the 100 MW Laguna Colorada geothermal project as a result of Covid-19 pandemic in 2020. Increasing electricity security concerns owing to clean and eco-friendly resources are driving the growth of the geothermal energy market. In addition, increasing demand for heating and cooling systems, including ground source heat pumps and district heating, are estimated to fuel the growth of the geothermal energy market. However, the lucrative market for alternative clean energy sources like solar and wind is likely to hinder the market growth during the forecast period.

The global geothermal power market is estimated to fuel the growth at a noteworthy CAGR of 5.3% from 2021 to 2027 and is projected to reach USD 7 billion by 2027.

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  • The binary cycle power plant segment is likely to witness significant demand, as they can be operated at low-temperature reservoirs (200°F to 330°F).
  • Government-undertaken initiatives such as financial benefits and tax refunds to promote sustainable energy production are estimated to generate numerous growth opportunities for the geothermal energy market over the upcoming years.
  • North America is expected to be the largest market during the forecast period, with the majority of the demand coming from countries like United States, Mexico, etc.

In this study, the years considered to estimate the market size of Geothermal Power are as follows:

  • History Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2022 to 2027

Key Market Trends

Binary Cycle Power Plants Segment to Witness Significant Growth

  • In binary cycle power plants, the water or steam below the earth never comes in direct contact with the turbines. Instead, water from geothermal reservoirs is pumped through a heat exchanger where it heats a second liquid-like isobutene (which boils at a lower temperature than water).
  • This second liquid is heated into steam, which powers the turbines that drives a generator. The hot water from the earth is recycled into the earth through the injection well, and the second liquid is recycled through the turbine and back into the heat exchanger where it can be used again.
  • Moreover, out of 2,558 MW of geothermal power plant capacity operating in the United States,1,826 MW capacity is from steam-powered plants, and 731 MW of capacity is from binary cycle powered plants. However, according to the United States Energy Information Administration (EIA), in August 2020, geothermal power technology was shifted from steam to binary cycle. The reason for the shift from steam to binary-cycle power may be a matter of flexibility.
  • As of 2020, the United States has 93 binary-cycle generators averaging 8 MW of capacity each and 79 steam generators averaging 23 MW each. Dry-steam and flash plants, which require rarer, high-temperature, shallow reservoirs, produce higher power output and are, therefore, more economically efficient than binary plants. However, because binary plants can operate at reservoirs with lower temperatures, they offer more options for suitable locations.
  • Many new installations have been announced in recent years which will support the growth of the market during the forecast perod, For Example, On February 2021, Turboden S.p.A., a group company of Mitsubishi Heavy Industries, Ltd. (MHI) and Mitsubishi Power, Ltd., jointly announced that they have received an order for 29-megawatt (MW) binary cycle power generation equipment to be installed at the geothermal power plant operated in Palayan, in in the Philippines, by Energy Development Corporation (EDC).
  • Similarly in 2020, A binary cycle power generation system for ships, jointly researched by Japanese shipping company Mitsui O.S.K. Lines (MOL) and compatriot steel manufacturer Kobe Steel, has been installed on a very large ore carrier (VLOC) newbuild, the project is said to be a key element of “NEXT -MOL SMART SHIP PROJECT”.
  • Therefore, based on the above-mentioned factors and recent developments the binary cycle power plants segment is expected to witness significant growth during the forecast period.

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North America to Dominate the Market

  • North America is one of the leading markets for geothermal energy across the globe, with the United States leading the regional and global market in terms of installed capacity.
  • Most of the geothermal power plants in the United States are in western states and the island state of Hawaii, where geothermal energy resources are close to the earth’s surface. California generates the most electricity from geothermal energy, whereas the Geysers dry steam reservoir in Northern California is the largest known dry steam field in the world.
  • According to the Energy Information Administration (EIA), as of 2020, California has 91% of the country’s steam-powered capacity, and 65% of binary-cycle capacity is found in Nevada.
  • Geothermal power is generated primarily in California and Nevada. For example, in 2020, 11,345 gigawatt-hours (GWh) of electricity was generated from geothermal power in California. On the other hand, Nevada has 235 MWe gross (196 MWe net) installed capacity in 2020. The remaining geothermal energy in the country comes from power plants in Alaska, Hawaii, Idaho, New Mexico, Oregon, and Utah.
  • Moreover, new projects are also planned which will support the region’s market growth. For example, In September 2020, Canadian geothermal developer DEEP Earth Energy Production Corp. announced that successful tests of production and injection well have been made. The company is now setting the first 20 MW geothermal power plant facility in Saskatchewan/ Canada in design phase . DEEP will commence drilling this month with the deepest horizontal well to date in Saskatchewan’s history, allowing for the installation of a large diameter submersible pump. This initial horizontal well will be the first step in constructing the first geothermal power facility in Canada.
  • In 2020, geotheral power plants produced about 17 billion kilowatthours (kWh), equal to 0.4% of total United States utility-scale electricity generation.
  • Therefore, based on the above-mentioned factors, North America is expected to dominate the global geothermal energy market during the forecast period.

Key Players

Key players operating in the global geothermal power industry are Enel Green Power S.p.A., Ormat Technologies Inc., Kenya Pertamina Geothermal Energy, Electricity Generating Company PLC, Calpine Corporation, Aboitiz Power Corporation, Energy Development Corporation, Fuji Electric Co. Ltd., Toshiba Energy Systems & Solutions Corporation, Mitsubishi Gas Chemical Company Inc., and others.

These players have acquired various strategies such as acquisitions, partnerships, collaboration, joint ventures, agreements, expansions, and new product launches to gain strong consumer base and increase their geothermal power market share globally. In an instance, Japanese utility Electric Power Development Co., Ltd. announced the beginning of commercial operations at a 46.2-MW geothermal power plant in Japan’s Akita region. J-Power, Mitsubishi Materials Corporation, and Mitsubishi Gas Chemical Company Inc. partnered to build Wasabizawa Geothermal Power Plant.

Market Segmentation

By Resource Type

  • Convective Hydrothermal
  • Sedimentary Basin
  • Geo-pressured
  • 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 Power Station Type

  • Flash Steam Power Stations
  • Dry Steam Power Stations
  • Binary Cycle Power Stations

By End-Use

  • Residential
  • Commercial
  • Industrial
  • Other End-User

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • Iceland
    • Italy
    • Portugal
    • Rest of Europe
  • Asia-Pacific
    • Indonesia
    • Japan
    • Philippines
    • Rest of Asia-Pacific
  • LAMEA
    • Chile
    • Turkey
    • Kenya
    • Rest of LAMEA

Table of Content

1. Global Geothermal Power Market Methodology and Scope
1.1. Research Methodology
1.2. Research Objective and Scope of the Report
2. Global Geothermal Power Market – Market Definition and Overview
3. Global Geothermal Power Market – Executive Summary
3.1. Market Snippet by Power Plant Type
3.2. Market Snippet by End-Users
3.3. Market Snippet by Region
4. Global Geothermal Power Market Dynamics
4.1. Market Impacting Factors
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Impact Analysis
4.2. Opportunity
5. Global Geothermal Power Market – Industry Analysis
5.1. Porter’s Five Forces Analysis
5.2. Supply Chain Analysis
5.3. Regulatory Analysis
5.4. Pricing Analysis
6. Global Geothermal Power Market – COVID-19 Analysis
6.1. Analysis of COVID-19 on the Market
6.1.1. Before COVID-19 Market Scenario
6.1.2. Present COVID-19 Market Scenario
6.1.3. After COVID-19 Market Scenario
6.2. Pricing Dynamics amid COVID-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During Pandemic
6.5. Manufacturers Strategic Initiatives
6.6. Conclusion
7. Global Geothermal Power Market – By Power Plant Type
7.1. Introduction
7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Plant Type
7.1.2. Market Attractiveness Index, By Power Plant Type
7.2. Dry Steam Power Stations
7.2.1. Introduction
7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%), 2021-2028
7.3. Flash Steam Power Stations
7.4. Binary Cycle Power Stations
8. Global Geothermal Power Market – By End-Users
8.1. Introduction
8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-Users
8.1.2. Market Attractiveness Index, By End-Users
8.2. Residential
8.2.1. Introduction
8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%), 2021-2028
8.3. Commercial
8.4. Industrial
8.5. Others
9. Global Geothermal Power Market – By Region
9.1. Introduction
9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
9.1.2. Market Attractiveness Index, By Region
9.2. North America
9.2.1. Introduction
9.2.2. Key Region-Specific Dynamics
9.2.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Power Plant Type
9.2.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-Users
9.2.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
9.2.5.1. The U.S.
9.2.5.2. Canada
9.2.5.3. Mexico
9.3. Europe
9.3.1. Introduction
9.3.2. Key Region-Specific Dynamics
9.3.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Power Plant Type
9.3.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-Users
9.3.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
9.3.5.1. Germany
9.3.5.2. The U.K.
9.3.5.3. France
9.3.5.4. Rest of Europe
9.4. South America
9.4.1. Introduction
9.4.2. Key Region-Specific Dynamics
9.4.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Power Plant Type
9.4.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-Users
9.4.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
9.4.5.1. Brazil
9.4.5.2. Argentina
9.4.5.3. Rest of South America
9.5. Asia Pacific
9.5.1. Introduction
9.5.2. Key Region-Specific Dynamics
9.5.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Power Plant Type
9.5.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-Users
9.5.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
9.5.5.1. China
9.5.5.2. India
9.5.5.3. Japan
9.5.5.4. Australia
9.5.5.5. Rest of Asia Pacific
9.6. The Middle East and Africa
9.6.1. Introduction
9.6.2. Key Region-Specific Dynamics
9.6.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Power Plant Type
9.6.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-Users
10. Global Geothermal Power Market Competitive Landscape
10.1. Competitive Scenario
10.2. Market Positioning/Share Analysis
10.3. Mergers and Acquisitions Analysis
11. Global Geothermal Power Market Company Profiles
11.1. Calpine
11.1.1. Company Overview
11.1.2. Form Portfolio and Description
11.1.3. Key Highlights
11.1.4. Financial Overview
11.2. Gradient Resources
11.3. Enel Spa
11.4. General Electric
11.5. The Tata Power Company Limited
11.6. Mitsubishi Hitachi Power Systems Inc.
11.7. Toshiba Corporation
11.8. Korea Electric Power Corporation
11.9. Siemens AG
11.10. Yokogawa Electric Corporation
*LIST IS NOT EXHAUSTIVE
12. Global Geothermal Power Market – Premium Insights
13. Global Geothermal Power Market – DataM
13.1. Appendix
13.2. About Us and Services
13.3. Contact Us
List of Tables and Figures

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My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!