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Geothermal Energy Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 to 2022

Geothermal energy is the use of energy generated from the internal heat of the Earth’s crust. The difference in temperature between the core and the surface of the planet drives a gradient conducting that way. This makes the rocks – melt, move upwards, and bring heat through various geographical phenomena like geysers, lava mountain etc. Geothermal energy is sustainable, scalable, and environment & cost friendly. Historically, geothermal energy has been used for bathing and space heating during winter, in limited geographic locations near the edge of tectonic plates of Earth. But now it is majorly used all over the world for electricity generation. They produce much lower greenhouse gases in comparison to traditional fossil fuels.

End-user/Technology

The major end-users of geothermal energy are in the electric power, space heating, tourism, fisheries, and agricultural industry. The need for electrical power is ubiquitous. Countries that lack indigenous fossil fuels and island nations are using geothermal energy for its supply. Without converting into electricity, geothermal energy is directly used in district and home heating solutions, inside greenhouses, for mineral recovery, and for industrial processes. The use of natural hot springs for spas has been a major tourist attraction across countries.

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Market Dynamics

The demand for geothermal energy is mainly driven by its immense reserves, no fuel requirements, sustainable nature, government incentives, and technological advances in the sector. High fossil fuel prices have driven the recent capacity additions.

This increasing demand is constrained by high capital cost, low efficiency, legal frameworks& protections, and competition from other energy sources. Another impediment is adverse effects on the environment like pollution and land instability. These same constraints entail multi-billion opportunity for growth in this industry as the technology improves and costs come down.

Market Segmentation

The market can be segmented on the basis of the geothermal energy form, temperature grades, heat movement & concentration control mechanisms, technology, and by its application.

Segmentation based on the form includes vapor and liquid. Based on temperature grades, it is classified as high, intermediate, and low. Based on the heating mechanism, it can be segmented as convective and conductive. The market can be divided on the basis of technology such as power generation, steamfield, reservoir, direct use, and ground source geo exchange. Based on application, it can be classified on the basis of the industrial sectors of its end users.

All of the above segmentations are fluid as new technologies emerge for different sectors. Additionally, the geographical concentration of the markets and the makers give an additional layout to these segments.

Regional/Geographic Analysis

APAC (Philippines, Indonesia) is the leader in electricity generation using geothermal energy, followed by North America (USA, Mexico),Europe (Italy, Iceland), Africa (Kenya), and New Zealand. The direct uses of geothermal energy are concentrated in APAC (China, Turkey, Japan),then Europe (Iceland, Hungary), and North America (USA).Although OECD countries currently drive and are the largest markets, future growth will come from developing countries in APAC and Africa with their large reserves and booming economies.

Opportunities

Technological advances such as improved drilling & extraction, and newer binary cycle power plants, are removing the geographical limits of geothermal energy and increasing its profitability. Geothermal heating using ground source heat pump is one of the fastest growing areas. Planned capacity additions have been increasing and may accelerate due to climate change concerns.

Key Players

Some of the major players in the market include Aboitiz, BH Energy, CFE, Calpine, Chevron, EDC, Enel Green Power, Geodesa , KenGen , Mighty River, Ormat , PGE, PLN, and Zorlu. There are also new entrants via joint venture partnerships and passive investments.

Report Contents Regional Analysis Report Highlights

Market segments

Market Drivers, Restraints and Opportunities

Market Size & Forecast 2016 to 2022

Supply & Demand Value Chain

Market – Current Trends

Competition & Major Companies

Technology and R&D Status

Porters Five Force Analysis

Strategic and Critical Success Factor Analysis of Key Players

North America

US and Canada

Latin America

Mexico, Brazil, Argentina and Rest of Latin America

Western Europe

EU5 (Germany, France, Italy, Spain, U.K.)

Nordic Countries (Denmark, Finland, Norway, and Sweden)

Benelux (Belgium, The Netherlands, and Luxembourg)

Rest of Western Europe

Eastern Europe

Russia

Poland

Rest of Eastern Europe

Asia Pacific

China

India

Japan

Australia and New Zealand

Rest of Asia Pacific

Middle East and Africa

GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)

South Africa

North Africa

Rest of Middle East and Africa

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This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.

Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)

Consumer and Pricing Analysis

Market dynamics of the industry

Market Segmentation

Estimated Market Sizing in terms of volume and value

Recent trends in Market and impact

Research Status and Technology Overview

Extensive Industry Structure Coverage

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