Geothermal Energy Market size to exceed $50bn by 2027
Published Date: May 7, 2021 Authors: Ankit Gupta, Srishti Agarwal
Geothermal Energy Market is projected to surpass USD 50 Billion by 2027, as reported in the latest study by Global Market Insights, Inc.
The geothermal energy industry will grow owing to rising awareness toward energy conservation and security coupled with measures for GHG & CO2 emissions control. Growing electricity demand from off grid remote locations is set to enhance the industry outlook. Strict government mandates targeted at adoption of clean energy methods will complement the industry growth over the forecast timeline. In addition, widespread use of direct geothermal energy in niche application areas comprising heating for buildings and power generation among others will positively influence the overall demand for geothermal energy.
Rising implementation of norms to promote clean energy adoption will improve the geothermal energy market share
Growing adoption of policies and norms to limit the use of conventional fuels along with increasing R&D in advanced technologies is anticipated to drive the business outlook. For instance, the introduction of the Renewable Energy Directive (RED II) policy for the production and promotion of renewable energy in the EU. It has also set a target of increasing its share to 32% renewable energy by 2030.
Shifting focus toward new upcoming technology is fostering the global demand for geothermal
Binary segment of geothermal energy market accounts for the majority of the geothermal energy share in major economies including the U.S. The systems are utilized for temperatures between 100-170? C, however they can be used for low temperature geothermal sources as well. Additionally, the technology produces little to no GHG or particulate emissions, thereby improving the market statistics for geothermal energy substantially. Usage of the above technology to produce clean energy will further encourage its adoption across the economies.
Abundant availability of geothermal energy resources will spur the U.S. geothermal energy industry statistics
The U.S. geothermal energy market share is set to surpass USD 300 Million from 2021 to 2027. Growing funding from various research institutes & industry players toward renewable energy sources will positively influence the business scenario. According to the U.S. Geothermal Rising, the country has more than 94 geothermal power plants with an installed capacity of 3,714 MWe as recorded in 2020. Further, signing of contracts & agreements by the leading industry players will accelerate the product demand in the forecast timeline. The country is looking forward to signing more Power Purchase Agreements for the development of geothermal energy as an initiative toward enhancing its sustainable energy footprint. In addition, grants and funding provided by the government for the geothermal research will further augment the business scenario in the economy. For instance, the U.S. DOE in 2020, announced a grant of USD 28 million to promote the advancement of next generation of geothermal energy technologies.
Browse key industry insights spread across 160 pages with 150 market data tables & 24 figures & charts from the report, “Geothermal Energy Market Statistics By Technology (Binary, Single Flash, Double Flash, Triple Flash, Dry, Back Pressure), Industry Analysis Report, Country Outlook, Covid-19 Impact Analysis Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The major players operating across the geothermal energy market comprise of Alterra Power Corporation, Ansaldo Energia S.p.A, Fuji Electric Corp, Toshiba Corporation, General Electric, Enel Green Power, Calpine, Halliburton and Reykjavik Geothermal among others. Moreover, the companies are majorly involved in joint ventures & acquisitions to encourage the use of geothermal energy. For instance, In February 2021, Turboden S.p.A., a Mitsubishi Heavy Industries Company, signed an agreement to supply the ORC binary power generation technology to be installed at the 29 MW geothermal power plant in the Palayan area of the Philippines.
The outbreak of COVID-19 has adversely impacted the global economic growth. The shut down of various projects on account of lockdown enforcement has led to major production and operational delays across the countries. The supply chain disruptions, social distancing measures, and ongoing funding challenges have delayed the construction activities at most of the geothermal sites. However, the development & large scape distribution of vaccines will support to restore minimum production in the industries, thereby positively impacting the overall industry scenario.
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