Geothermal energy is a type of renewable energy taken from the Earth's core. It comes from heat generated during the original formation of the planet and the radioactive decay of materials. This thermal energy is stored in rocks and fluids in the center of the earth. The difference between the temperature in the earth's core and the surface drives a continuous conduction of thermal energy from the center to the exterior of the planet.
MARKET DYNAMICS
The global geothermal power market growth is driven by implementation of stringent government regulations related to climate change in developing and developed economies. In addition, factors such as volatile fossil fuel prices, limited presence of fossil fuels, rise in greenhouse gas emission, high capacity of geothermal power, cost-effectiveness of geothermal energy, reduction in pollution by geothermal power plants, and increase in demand for energy are driving the growth of the global geothermal power market. On the contrary, increase in government financing and continuous developing technologies in the renewable energy sector are expected to offer lucrative opportunity for marker expansion over the next five years.
MARKET SCOPE
The ?Global Geothermal Energy Market Analysis to 2028" is a specialized and in-depth study of the consumer goods industry with a particular focus on the global market trend analysis. The report aims to provide an overview of the geothermal energy market with detailed market segmentation by type and application. The global geothermal energy market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading geothermal energy market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
1. By Type: By the type, the market is categorized into Binary Plants, Direct Dry Steam Plants, Flash Plants, and Others (Combined Cycle or Hybrid Cycle).
2. By Application: By application, the market is divided into Domestic Uses, Tertiary Uses, District Heating Networks, Power Production and Heat Production (via Heat Pumps or by Direct Heat Exchange).
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It also provides market size and forecast estimates from the year 2018 to 2028 concerning five major regions, namely; North America, Europe, Asia- Pacific (APAC), Middle East and Africa (MEA), and South America. The geothermal energy market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the geothermal energy market from both the demand and supply sides. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive best analysis for all five regions, namely; North America, Europe APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the geothermal energy market in these regions.
IMPACT OF COVID 19
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. 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.
MARKET PLAYERS
The report covers vital developments in the geothermal energy market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others, such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnerships and collaborations. These activities have paved the way for the expansion of businesses and the customer base of market players. The market players from the geothermal energy market are anticipated to have lucrative growth opportunities in the future with the rising demand for geothermal energy in the global market. Below mentioned is the list of a few companies engaged in the geothermal energy market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the geothermal energy market. Decide the report focuses on leading industry players with information such as company profiles, products, and services offered, financial information of the last three years, the critical development in the past five years.
- Berkshire Hathaway Inc.
- Chevron Corp.
- Enel Green Power North American Inc
- EthosEnergy Group
- Gradient Resources
- Ormat Technologies Inc.
- Terra-Gen Power LLC
- Toshiba International Corp.
- Therma Source LLC
- U.S. Geothermal Inc.