Geothermal Energy Market worth $9.4 Billion by 2027
The global Geothermal Energy Market is projected to reach USD 9.4 billion in 2027 from USD 7.0 billion in 2022 at a CAGR of 5.9% according to a new report by MarketsandMarkets™.Increasing use of geothermal energy for power generation, Favourable government policy, and increasing demand for ground source geothermal heat pumps due to the increase in heating costs are the major driving factor for the geothermal energy market.
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Binary cycle plant by technology, is expected to be the largest geothermal market during the forecast period.
By technology, the geothermal energy market has been segmented into Binary Cycle plants, Flash Steam Plants, Dry Steam Plants, Ground Source Heat Pumps, Direct Systems, and others. The binary cycle segment is dominating the global market due to its increasing adaptation of renewable energy for power generation in medium-temperature reservoirs. Typically, binary plants are used for resource temperatures between 100°C and 170°C. In the future, binary power plants will become the most used type of geothermal power production. This is because lower-temperature water is suitable for installations of the binary cycle. They also do not lose any emissions, except water steam.
Medium temperature segment, by temperature, is expected to be the largest segment during forecast period.
Based on temperature, the geothermal energy market has been split into Low, Medium, and High. Low temperatures were estimated to account for a larger share of the Geothermal Energy Market in 2021. It is used in electricity generation or for combined heat and power. Due to the development of binary cycle technology, many regions across the world with medium temperature reservoirs have been made available for development. This is expected to provide a boost to the market.
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Asia Pacific is expected be the largest geothermal energy market during the forecast period.
Asia Pacific accounted for a 43.8% share of the global geothermal energy market in 2021 and is the fastest-growing region in the market. In Asia Pacific, various countries are currently focused on geothermal energy to meet the increasing demand for electricity and to achieve the net zero emission of CO2 goal. For these factors, huge investments are going on from both government and private companies.
Geothermal resources are abundant in Asia Pacific countries such as Indonesia and New Zealand and can be utilized as climate-friendly energy sources in all weather. Currently, China is the largest user of geothermal heat pumps. China uses geothermal energy majorly for district heating and space heating applications. Indonesia has commissioned many geothermal power plants in the past decade which has enabled the country to meet its energy needs. Indonesia was the second-largest geothermal electricity producer after USA, at nearly 14 billion kWh of electricity, which was equal to about 5% of Indonesia’s total electricity generation.
Key Market Players:
The companies such as Ormat (US), Mitsubishi Heavy Industries (Japan), Baker Hughes Company (US), NIBE Group (Sweden), and SLB (US) are leading the Geothermal Energy Market.
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