Geothermal Power market is projected to grow at a CAGR of 5% by 2033: Visiongain
Visiongain has published a new report entitled Geothermal Power Market Report 2023-2033: Forecasts by Station Type (Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Stations), by Technology (Ground Source Heat Pumps, Direct-Use Geothermal, Deep Geothermal Systems, Enhanced Geothermal Systems), by Components (Turbines and Generators, Power Generation Equipment and Components, Heat Exchangers and Condensers, Transmission and Grid Integration, Other), by Resource Type (Convective Hydrothermal, Sedimentary Basin, Geopressured, Radiogenic, Solidified Hot Dry Rock, Part Still Molten Magma) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global geothermal power market was valued at US$55.8 billion in 2022 and is projected to grow at a CAGR of 5.0% during the forecast period 2023-2033.
Sustainable Heat Production: Beyond Electricity
Geothermal energy is not limited to electricity generation; it also offers sustainable heat production for district heating, industrial processes, and greenhouse agriculture. This versatility enhances its value and applicability, making it an attractive choice for meeting diverse energy needs while reducing fossil fuel consumption in various sectors.
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How has COVID-19 had a significant negative impact on the Geothermal Power Market?
The COVID-19 pandemic has left a significant impact on various sectors worldwide, including the geothermal power market. While the geothermal energy sector has demonstrated resilience, it has not remained completely immune to the challenges posed by the pandemic.
One of the immediate impacts of the pandemic was the disruption in supply chains, which affected the manufacturing and delivery of key components for geothermal power projects. Lockdowns, travel restrictions, and temporary closures of manufacturing facilities led to delays in project timelines. This, in turn, affected the overall deployment and expansion of geothermal power capacity.
Additionally, the financial uncertainty brought about by the pandemic impacted investment decisions and funding availability for geothermal projects. The focus shifted towards preserving liquidity and managing immediate operational concerns, causing delays in project financing and development. This situation was particularly challenging for emerging markets or regions with limited existing geothermal infrastructure.
Travel restrictions and social distancing measures also affected the ability to conduct site assessments, geological surveys, and project feasibility studies. The pandemic slowed down the progress of these essential pre-development activities, leading to potential project delays.
How will this Report Benefit you?
Visiongain’s 376-page report provides 120 tables and 185 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global geothermal power market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Geothermal Power. Get financial analysis of the overall market and different segments including station type, technology, component, resource type and capture higher market share. We believe that there are strong opportunities in this fast-growing geothermal power market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Technological Advancements: Unlocking Geothermal Potential
Advancements in geothermal drilling techniques, heat extraction methods, and power plant technology have expanded the accessibility of geothermal resources. Enhanced geothermal systems (EGS) and other innovations are making it possible to tap into previously untapped geothermal reservoirs, increasing the global potential for geothermal power generation.
Clean Energy without Environmental Sacrifice
Geothermal power generation typically requires a smaller environmental footprint compared to many other forms of energy production. Geothermal power plants occupy relatively compact areas and have a minimal impact on surrounding ecosystems, preserving natural landscapes and biodiversity. This environmentally friendly aspect contributes to the attractiveness of geothermal energy as a sustainable power source.
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Where are the Market Opportunities?
High Efficiency of Geothermal Systems Opportunities for the Market
One significant market opportunity lies in the inherent high efficiency of geothermal systems. Geothermal power plants have the advantage of being able to operate at high levels of efficiency, converting a significant portion of the Earth’s natural heat into electricity. Unlike many other renewable sources, geothermal energy is not as heavily dependent on external factors like weather conditions. This consistent and reliable nature of geothermal power generation makes it an appealing choice for providing baseload electricity. As the world seeks cleaner and more dependable energy options, the efficiency of geothermal systems positions them as a reliable contributor to the energy mix.
Government Incentives and Supportive Policies Opportunities for the Market
Government incentives and supportive policies play a pivotal role in shaping the growth trajectory of the geothermal power market. Many governments around the world are recognizing the environmental benefits of geothermal energy and are offering incentives to encourage its adoption. These incentives may include financial subsidies, tax benefits, grants, and favourable regulatory frameworks. By incentivizing geothermal power projects, governments create a conducive environment for private sector investments, leading to increased capacity and expansion of geothermal infrastructure.
The major players operating in the geothermal power market are Ansaldo Energia S.p.A., Atlas Copco Group, Berkshire Hathaway Energy (BHE), Calpine Corporation, Chevron Corporation, ElectraTherm, Enel S.p.A., General Electric Company, Haliburton Corporation, Innergex Renewable Energy, Mitsubishi Corporation, Ormat Technologies, Inc., PT Pertamina Geothermal Energy, Terra-Gen, LLC, Toshiba Corporation. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- 10 May 2023, Atlas Copco launched its new Mafi-Trench Expander Generators, which are designed for use in geothermal power plants. The generators are said to be more efficient and reliable than previous models.
- 25 March 2023, Atlas Copco partnered with the Geothermal Energy Association to support the development of geothermal power in the United States. The partnership will focus on promoting the benefits of geothermal power and providing education and training to stakeholders.
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To find more Visiongain research reports on the energy sector, click on the following links:
- Geothermal Power Market Report 2022-2032
- Hydrogen Energy Storage Market Report 2022-2032
- Top 20 Geothermal Power Companies 2019
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