The Geothermal Energy Market to reach $7.6 Billion by 2026, According to a New Report
The 1st report that presents a bottom-up analysis of hundreds (321) Geothermal submarkets
With 308 pages, 274 tables and figures, the new Geothermal Energy Market & Technologies – 2022-2032 – with COVID-19 & COP26 Impact report contains a thorough analysis of 8 vertical, 8 technology sectors, five regional, 56 national and 5 revenue source markets, detailing 2018-2032 market size. According to the report, following two decades of low growth rate, the market will boost unprecedented 2022-2032 two-digit CAGR.
This remarkable growth is attributed to two key factors:
- Enhanced Geothermal System (EGS) Market Growth.Driven by the oil and gas companies, Enhanced Geothermal System technologies will mature within a few years, developing cost-effective EGS technology and proliferating the EGS into new geographic regions that couldn’t use non-ESG. EGS technologies can function as baseload resources that produce power 24/7. Unlike hydrothermal Geothermal power technologies, EGS is feasible anywhere in the world, depending on the economic limits of drill depth. Good locations are over deep granite covered by a 3–5 kilometers layer of insulatikng sediments that slow heat loss. An EGS plant has an economical lifetime of 20–30 years. The oil and gas companies have an advantage in commercializing ECG systems due to their ownership of abandoned oil and gas wells and their expertise in well drilling technologies.
- Direct Geothermal Systems proliferation.Buildings’ direct heating and cooling (with and without heat pumps) technologies are available and they are driven by governments to lower emissions footprint. The number of Direct Geothermal installations are forecast to grow from 2.5 million installations in 2020 to more than 35 million by 2032.
Enhanced Geothermal System (1 Reservoir, 2 Pump house, 3 Heat exchanger, 4 Turbine hall, 5 Production well, 6 Injection well, 7 Hot water to district heating, 8 Porous sediments, 9 Observation well, 10 Crystalline bedrock)
Geothermal Residential Heat Pump
Source: Wikimedia Commons, the free media repository
- An increase in governmental investment and financial incentives for R&D, project financing and other subsidies
- The invasion of Ukraine has raised the cost of natural gas and oil prices have pushed heating bills higher. Similarly, the cost of transportation is moving higher as fuel becomes more expensive, resulting in higher investments in climate change mitigation.
- The May – June 2022 heatwaves, that affected more than 500 million people across the globe, drive public and government understanding that climate change must be addressed as soon as possible
- Low Levelized Cost of Electricity (LCOE) of Geothermal Energy Generation
- Investors’ enthusiasm for financing Climate change mitigation projects is substantial and growing
- Geothermal HAVC technologies are available, and their cost-performance improves at a fast pace
- The market presents multi-Billion business opportunities
- Unprecedented public support (> 60%) of the green revolution
- Geothermal technology is renewable, reliable and it provides a baseload Geothermal running 24 / 7 to the electric grid regardless of weather conditions
- Geothermal energy plants’ footprint per GWh is less than 0.1% of Wind or Solar-PV footprint
- It is a renewable source that offers clean energy for a distinctive blend of purposes: power, heating and cooling, and direct uses. Geothermal is also unique in its ability to create additional revenue by offering multiple uses of the geothermal products such as district heating and lithium production from geothermal brines
Why Trust the Report:
- Bottom-up Research. The report provides you with bottom-up exhaustive research of 321 Geothermal Energy submarkets.
- Unique Analysts Team.Our multilingual team brings 40 years of hands-on record in industry, corporate positions of chairperson, CEO, CTO, chief scientist, VP R&D, VP marketing, $8 B of products commercialization and publication of 340 market reports.
- Extensive Research.HSRC analysts team conducted interviews with dozens of experts. It reviewed over 450 reports, documents and papers published by other experts (including, for example: International Geothermal Association, IEA-Geothermal, Global Geothermal Alliance, Stanford Geothermal Workshops, IRENA, the UN, Fraunhoffer, the White House, DOE, the EU, US Congress, the UK, German, PRC, Indian and other government agencies, SEC filings, investors presentations and more).
- Multi-Source Intelligence Verification.With a highly fragmented market, we addressed each dollar spent. The global Geothermal Energy market was analyzed and crosschecked via five orthogonal viewpoints (See the Market Segmentation Vectors Figure): technologies and services, sectors, countries, revenue sources and regions.
- COP26 Revision.To guarantee the accuracy of the data and market size forecasts, we revised the data by following and analyzing the Glasgow COP26 meetings deliberations and >180 national pledges.
Europe Climate Change Mitigation & Adaptation Market Segmentation Vectors
This market report is the utmost comprehensive review of the global Geothermal Energy market available today. It is considered the industry’s Gold Standard for Geothermal Energy market research reports. This report aims to provide today’s strategic decision-makers with an expert 360-degree, time-sensitive, detailed view of this interconnected market.
Why Buy The Geothermal Energy Market & Technologies – 2022-2032 – with COP26 Impacts Report?
A. Questions answered in this report include:
- What will the 2022-2032 market size be?
- How did the COP26 affect the market?
- Which submarkets provide attractive business opportunities?
- What drives customers to invest?
- What are the Geothermal Energy technology & services trends?
- What are the challenges to market penetration & growth?
- How much are countries expected to invest in Geothermal energy?
B. The Global Geothermal Energy market size data is analyzed via five independent perspectives.
With a highly fragmented market, we address the “money trail” – each dollar spent in the global Geothermal Energy market is analyzed and crosschecked via five orthogonal viewpoints:
1. By 8Geothermal Technologies:
- Enhanced Geothermal Systems (EGS)
- Binary Cycle Power Stations
- Dry Steam Power Stations
- Flash Steam Power Stations
- Deep Learning & A.I.
- Closed & Open Cycle Geothermal Heat Pumps
- Hybrid Geothermal Heat Pumps
- Other Technologies
2. By 8Geothermal Applications:
- Geothermal Residential HVAC
- Citywide & District HVAC
- Commercial & Industrial HVAC
- Agriculture HVAC
- Industrial & Commercial Power Generation
- Electric Grid
- Geothermal Desalination
- Other Geothermal Applications
3, By 5 Revenue Sources:
- Planning & Consulting Services
- Turnkey Systems
- Aftersale Maintenance & Upgrades
- Training Services
- Other Revenues
4. By 5 Regional Markets:
- North America
- Latin America
- Middle East & Africa
- Asia Pacific
5. By 60 National Markets:
The U.S., Canada, Argentina, Brazil, Chile, Guatemala, Costa Rica, Ecuador, El Salvador, Mexico, Nicaragua, Peru, Rest of Latin America, Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Finland, France, Germany, Greece, Holland, Hungary, Iceland, Ireland, Italy, Norway, Poland, Portugal, Romania, Russia, Slovenia, Spain, Sweden, Switzerland, The UK, Rest of Europe, Algeria, Egypt, GCC Countries, Ghana, Kenya, Mozambique, Nigeria, Tunisia, Turkey, Rest of MEA, Australia, Bangladesh, China, India, Indonesia, Japan, New Zealand, Pakistan, Philippines, South Korea, Rest of Asia-Pacific
C. Detailed market analysis frameworks for each of the market sectors are provided, including:
- Market drivers & inhibitors
- Business opportunities
- SWOT analysis
- Competitive analysis
- Business environment
- The 2018-2032 market
D. Companies mentioned in the report:
- Ansaldo Energia
- BDR Thermea
- Bosch Thermotechnology
- Fuji Electric
- General Electric
- Mitsubishi Electric
- Mitsubishi Heavy Industry
- Nibe Industrier
- OCHSNER Warmepumpen
- Stiebel Eltron
HSRC™ is an American Israeli market intelligence & technology research firm specializing in Homeland Security, Transformational Technologies, High Growth and Climate Change markets. HSRC offers premium market off-the-shelf and custom reports. HSRC provides quantified B2B and B2G research on hundreds of high-growth niche opportunities, which can impact about 12,000 global companies’ revenues. Currently servicing 2500 customers worldwide, including 40% of global Fortune 1000 companies and government agencies as clients.
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