Dublin, Nov. 25, 2020 (GLOBE NEWSWIRE) -- The "Global Geothermal Power Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
Global geothermal power market was valued at US$1.403 billion in 2019 and is expected to grow at a CAGR of 2.72% over the forecast period to reach a total market size of US$1.649 billion in 2025. Geothermal power is a stable and independent renewable power generation source which uses warm strength of the earth's magma to generate power. Geothermal power plants utilize the steam, which is produced from hot water found below the earth's surface, to rotate turbines that ultimately start the generator which then produces electricity. At present, three types of geothermal power plants are operating- dry steam, flash steam, and binary cycles. Geothermal energy is less spread out as compared to other renewable sources since not all territories hold large pockets of trapped heat in their subsoil. However, this constraint does not hamper the development of the potential of geothermal energy.
According to latest statistics from the 2019 IRENA report (International Renewables Energy Agency), the contribution of geothermal energy to the global renewable capacity amounts to 13 GW. Mounting concerns among governments and international environmental agencies and organizations related to climate change across the globe have boosted the demand for various renewable energy sources to be used as a substitute of fossil fuels to generate electricity. Moreover, volatility of fossil fuel prices, their limited availability, and rise in greenhouse gas (GHGs) emissions are also shifting the demand for electricity generated from renewable energy sources such as solar, wind, and geothermal. All these factors are adding up to the growth of different renewable energy sectors including solar, wind, and geothermal.
Continuous efforts of governments and global organizations to reduce the dependency on oil for domestic energy use. For doing so, several policies and initiatives are being implemented and undertaken respectively to use as much as renewable energy resources as an alternative energy source. Following the 2015 COP21 (Conference of Parties) conference held in Paris, UN established the Global Geothermal Alliance with an aim to fast-track this renewable resource to support the energy transition process. In Indonesia, the government formulated a National Energy Policy which includes guidelines for intensification, conservation, and diversification of energy.
High capacity of geothermal power coupled with its cost-effectiveness is significantly driving the demand for geothermal power across the globe which is bolstering the market growth. However, factors such as high investment required for geothermal power plants and negative impact of geothermal energy on the environment are hampering the growth of geothermal power market. The presence of other viable renewable energy alternatives, especially solar, is also hindering the use of geothermal power to generate electricity.
Rising investments in geothermal energy across different countries will also continue to propel the growth of geothermal power market during the forecast period. In March 2019, the investment firm- Breakthrough Energy Ventures- announced to invest $12.5 million in a geothermal project development company- Baseload Capital. It is a project investment firm which offers capital for the development of geothermal power plants with the use of the technology developed by Climeon, its Swedish parent company. The Philippines-based geothermal company EnergiMiinas has plans to set up two geothermal power plants into operation in Peru by 2026 or 2027 with the investment of US$1 billion in each project. Thrive Renewables has also recently announced its plans to invest around 6.5 million in the first geothermal power plant in the United Kingdom with an aim to supply approximately 3 MW of electricity to National Grid and upto 12 MW of electricity for local use.
Continuous development of technologies to increase the efficiency of geothermal power plants are expected to offer more lucrative opportunity for the market expansion over the next five years. Geothermal funding in the U.S. will increase from $84 million in FY2019 to $110 million in FY2020, representing an increase of 31 per cent. Out of this total funding, $20 million will be used by the Frontier Observatory for Research in Geothermal Energy (FORGE) project which aims to test and evaluate enhanced geothermal systems. Recently, UK Research & Innovation (UKRI) has announced an early-stage investment for seventeen new projects related to offshore and geothermal clean energy innovation. In February 2020, Turkish geothermal player MASPO Energy established a national geothermal research and development center aiming to increase the focus on equipment manufacturing in Turkey so as to reduce its dependency on international support and supply. Eavor Technologies, Inc., a Calgary-based company, is developing a ground-breaking prototype for a closed-loop geothermal system that will allow the generation of renewable energy using the earth's natural heat.
Prominent key market players in the global geothermal power market include Enel Spa, Fuji Electric Co., Ltd., Aboitiz Power Corporation., Calpine Corporation, Alterra Power Corp., Ormat Technologies Inc., U.S. Geothermal Inc., Berkshire Hathaway Energy, EthosEnergy Group, ThermaSource LLC, Korea Electric Power Corporation, Contact Energy, and MASPO Energy. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the global geothermal power market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.
Key Topics Covered:
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Market Opportunities
4.4. Porters Five Forces Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of New Entrants
4.4.4. Threat of Substitutes
4.4.5. Competitive Rivalry in the Industry
4.5. Industry Value Chain Analysis
4.6. Market Attractiveness
5. Global Geothermal Power Market Analysis, By Power Station Type
5.2. Dry Steam
5.3. Flash Steam
5.4. Binary Cycles
6. Global Geothermal Power Market Analysis, By End User
7. Global Geothermal Power Market Analysis, By Geography
7.2. North America
7.3. South America
7.4.3. The United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.3. South Africa
7.6. Asia Pacific
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Enel Spa
9.2. Fuji Electric Co., Ltd.
9.3. Aboitiz Power Corporation.
9.4. Calpine Corporation
9.5. Alterra Power Corp.
9.6. Ormat Technologies Inc.
9.7. U.S. Geothermal Inc.
9.8. Berkshire Hathaway Energy
9.9. EthosEnergy Group
9.10. ThermaSource LLC
9.11. Korea Electric Power Corporation
9.12. Contact Energy
9.13. MASPO Energy
For more information about this report visit https://www.researchandmarkets.com/r/ltmz8q
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