Fastest Growing Market:
The market for geothermal energy is expected to grow significantly during the forecast period, the global cumulative geothermal energy generation capacity grew by 4.0% in 2018 when compared with 2017. Major factors driving the market include supportive government policies, drive towards cleaner energy generation, and increasing energy generation across the globe. On the other hand, the lucrative market for solar and wind is likely to hinder the market growth.
- Geothermal power is generated from earth’s underground heat. Found around the world and available year-round, this largely untapped renewable energy source offers the advantage of steady, predictable large-scale power generation, in comparison to the higher variability of solar and wind power.
- The heat in the upper six miles of the Earth's crust contains 50,000 times as much energy as found in the world's oil and gas reserves combined. Despite this, the world has harnessed just 14,600 megawatts (MW) of geothermal generating capacity in 2018. This underperformance of the global geothermal sector can be partly attributed to the fact that geothermal power resources are restricted to certain regions across the world, namely tectonically active areas.
- The geothermal business in the United States is still exceptionally divided, comprising of a couple of enormous organizations and numerous little ones. A portion of the littler organizations does not have the budgetary quality to completely create ventures that by and large could be gainful.
- In the United States, geothermal plants are situated in Alaska, Idaho, New Mexico, Oregon, and Wyoming. There are various geothermal companies in North America, such as Calpine Corporation, Enel Green Power North America Inc., Cal Energy/Berkshire Hathaway Energy, Northern California Power Agency, Ormat Technologies Inc., Terra-Gen Power LLC, and US Geothermal.
Scope of the Report
The geothermal energy market report include:
| Geography |
| ||North America |
| ||Asia-Pacific |
| ||Europe |
| ||Middle East and Africa |
| ||South America |
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Key Market Trends
Lucrative Market For Solar and Wind Likely to Hinder the Market Growth
- Among all the renewable power generation technologies available in the world, solar and wind have shown potential growth, attracting significant government spending. The policy landscape of governments and associations all over the world are focused primarily on these renewable power sources.
- Hydro, wind, and solar energy sources are dominating the renewable energy market and are expected to continue dominating over the forecast period. Solar and wind, in particular, have been the most successful of all the renewable energies. The reason for this success can be attributed to the declining cost of the technology which has led to a very low LCOE and increased adoption of solar and wind by various governments across the world.
- In 2018, the cumulative installed wind capacity reached 588.4 GW, whereas the cumulative installed solar PV capacity reached 512 GW. In the same year, cumulative installed geothermal energy capacity reached 14.6 GW, which is around 1% of the total world renewable capacity.
- Increasing demand for energy, along with policy level support to geothermal plants, the demand for geothermal energy technologies is expected to increase in years to come.
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North America Driving the Market Demand
- In North America lies nations with substantial geothermal resources, US and Mexico together contribute towards 32.7% of global geothermal energy generation capacity, and these countries are expected to maintain this market share during the forecast period.
- With its level of geothermal advancement all through the 1970s, the United States is at the cutting edge of the use of geothermal energy and is expected to keep on leading with the number of current geothermal projects.
- Geothermal power plants are largely situated in the western states. It is estimated that nine western states collectively have the capacity to provide over 20% of electricity needs in the United States.
- North America is likely to be the dominant player in the geothermal energy market, supported by increasing interest and investments in countries, such as the US and Mexico. Consecutively, leading to a growth in demand for geothermal energy generation plants.
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- The market for geothermal energy generation plants remains consolidated. Some of the major players include Aboitiz Power Corporation, Calpine Corporation, Comision Federal de Electricadad, ENEL Green Power SpA, Energy Development Corporation, Kenya Electricity Generating Company PLC, Ormat Technologies Inc., and Pertamina Geothermal Energy.
Table Of Contents
1.1 Scope of Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.2 Geothermal Energy Installed Capacity and Forecast, in GW, till 2025
4.3 Market Dynamics
4.4 Supply Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products and Services
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 North America
5.1.4 Middle East and Africa
5.1.5 South America
6. COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Aboitiz Power Corporation
6.3.2 Calpine Corporation
6.3.3 Comision Federal de Electricadad
6.3.4 ENEL Green Power SpA
6.3.5 Energy Development Corporation
6.3.6 Kenya Electricity Generating Company PLC
6.3.7 Ormat Technologies Inc.
6.3.8 Pertamina Geothermal Energy
*List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability