Market Size of United Kingdom Geothermal Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UK Geothermal Energy Market Analysis
The United Kingdom geothermal energy market is expected to grow at a CAGR of more than 1% during the forecast period. The geothermal power market is mainly driven by factors including an efficient and sustainable energy source and growing adoption of renewable energy. The limited burning of fuels and minimal emission of carbon dioxide and other greenhouse gases favor the adoption of geothermal energy. On the other hand, the lucrative market for solar and wind is likely to hinder the market growth.
- Direct heat utilization is expected to dominate the market during the forecast period.
- The introduction of favorable government regulations and policies are expected to recover the otherwise untapped huge geothermal potential for low-carbon electricity generation and direct use in cooling and heating. Geothermal energy can generate electricity with less environmental impact and at a lower cost than fossil fuels such as oil and coal.
- The largely untapped geothermal resources in the United Kingdom have the potential to deliver up to 20% of the country's energy needs in a reliable and sustainable way. By 2050, the country is expected to reach its zero emission target by additional exploitation of geothermal energy and also the UK Government have set aside over EUR 300 million to invest in district heat networks over the next few years. Which are a really important way of bringing it forward providing opportunities in the market. Deep geothermal power is another opportunity to create heat and generate power in the coming future.
