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Geothermal Energy Market Size, Share, and Analysis, By Type (Flash Cycle, Binary Cycle, Dry Steam), By Application (Commercial, Industrial, Residential, Others) and Regional Forecasts, 2022-2032
Geothermal Energy Market size was USD 41.23 billion in 2021 and projected to grow from USD 46.8 billion in 2023 to USD 84 billion by 2032, exhibiting a CAGR of 6.7% during the forecast period.
Geothermal energy is reusable, green, low-carbon and sustainable energy identified by clean, huge reserve, wide distribution, environmental protection and stable. Rising necessity for clean energy and wide applications along with growing geothermal power generation globally is driving the market growth. Geothermal energy utilizes heat below the ground and is required for different needs, including heating, generating electricity, cooling etc. Various advancements in technologies is resulting in the capturing of energy at high volumes. Geothermal energy is the thermal energy in the crust of earth which evolves from the planet’s formation and from decay of radioactive materials.
Geothermal Energy Market is expected to reach USD 84 billion, growing at a CAGR of 6.7% during forecast period owing to the growing requirement for electricity, especially clean electricity worldwide. The focus on boosting production of clean electricity to reach the increasing demand is anticipated to drive the market growth. Increasing demand along with the government's regulations for production of 35% electricity from non-fossil sources by 2024 is fostering the necessity for renewable energy sources. Geothermal energy is utilized to heat separate buildings directly and for heating numerous buildings with a district heating system. The increasing demand for geothermal energy is anticipated to boost the growth of Geothermal Energy market.
Geothermal Energy Market is classified based on the Type into Flash Cycle, Binary Cycle, Dry Steam. Binary Cycle segment dominated the market and is expected to continue its dominance in the market over the forecast period due to the advantages possessed like high performance and low-cost in contrast to various types of geothermal energy. The water is transported through heat exchanger from geothermal reservoir in a binary cycle geothermal power plant. Binary cycle power plants are well suitable for extracting geothermal energy of moderate-temperature.
Geothermal Energy Market is classified based on the Application into Commercial, Industrial, Residential, Others. Commercial segment dominated the market and is expected to continue its dominance in the market over the forecast period owing to the rising advantages of heat pump for cooling down and air-conditioning inside the environment when required in the commercial sectors like offices, hospitals, schools etc. which is anticipated to drive the demand for the growth of geothermal energy in the commercial sector during the forecast period.
Growing Necessity for Geothermal Energy is Expected to Boost the Growth of the Market
The production of geothermal power is increasing worldwide owing to the increasing necessity and rising demand for renewable energy. The initiatives by various governments globally in clean energy to overcome the emissions of greenhouse gasses is increasing. Producing energy with minimal or no emissions of greenhouse gasses is anticipated to minimise the air pollution. Geothermal power is aiding in decreasing the dependability on the energy generated based on fossil fuels. Geothermal power plants emit very minimal carbon dioxide than fossil fuels. This energy form is cost-effective, sustainable, reliable, and environment friendly.
Increasing Demand for Heating is Expected to Boost the Growth of the Market
The population is increasing gradually worldwide and this rise in population is resulting in increased construction activities of residential and commercial buildings. Various heat systems are being maintained globally to reach the increasing res heating requirements within the buildings like water heating and space heating. Geothermal power is one of the most suitable sources for district heating and this increasing demand for the heating requirements at certain regions is expected to boost the growth of the geothermal energy market during the forecast period.
Other Energy Sources Utilization May Restrain the Growth of the Market
The availability of geothermal energy and reachability are not convenient, thereby anticipated to hamper the market growth. The energy distribution is constrained to certain locations and is limited to certain areas and the availability of other renewable energy sources at low cost may restrain the market growth.
Geothermal Energy Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific dominated the market in 2021 and is expected to continue its dominance over the forecast period owing to the high potential for growth in Asian nations and high-volume necessity of geothermal electricity which is anticipated to drive Geothermal Energy market growth.
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed travel restrictions and lockdown measures to control the spread of virus. The growth of renewable energy market globally had slight increment. The disruptions in the supply chain and decreased investments for projects had impacted the market during the pandemic. Covid-19 had a negative impact on the growth of the Geothermal Energy market.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 6.7% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Type |
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Application |
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By Region |
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Geothermal Energy Market size was estimated at USD 41.23 billion in 2021 and is expected to reach USD 84 billion in 2032.
Binary Cycle and Commercial segment accounted for the highest growth rate in the Geothermal Energy market.
Leading players: Calpine, Ormat Technologies Inc., Mitsubishi Corporation, EthosEnergy, Reykjavik Geothermal, Enel Green Power North America Inc., GEG Power, ElectraTherm, Toshiba International Corporation, Berkshire Hathaway Energy, First Gen Corporation, Turboden S.p.A. and Other Prominent Players are the leading players in the Geothermal Energy Market.
Growing Necessity for Geothermal Energy and Increasing Demand for Heating are the factors driving the Geothermal Energy market.
The availability of geothermal energy and reachability are not convenient which are the challenges associated with the Geothermal Energy Market.
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