Geothermal Energy Market SWOT Analysis by 2031
Geothermal energy is a type of renewable energy taken from the Earth's core. It comes from heat generated during the original formation of the planet and the radioactive decay of materials. This thermal energy is stored in rocks and fluids in the center of the earth. The difference between the temperature in the earth's core and the surface drives a continuous conduction of thermal energy from the center to the exterior of the planet.
MARKET DYNAMICS
The global geothermal power market growth is driven by implementation of stringent government regulations related to climate change in developing and developed economies. In addition, factors such as volatile fossil fuel prices, limited presence of fossil fuels, rise in greenhouse gas emission, high capacity of geothermal power, cost-effectiveness of geothermal energy, reduction in pollution by geothermal power plants, and increase in demand for energy are driving the growth of the global geothermal power market. On the contrary, increase in government financing and continuous developing technologies in the renewable energy sector are expected to offer lucrative opportunity for marker expansion over the next five years.
MARKET SCOPE
The ˜Global Geothermal Energy Market Analysis to 2031" is a specialized and in-depth study of the consumer goods industry with a particular focus on the global market trend analysis. The report aims to provide an overview of the geothermal energy market with detailed market segmentation by type and application. The global geothermal energy market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading geothermal energy market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
1. By Type: By the type, the market is categorized into Binary Plants, Direct Dry Steam Plants, Flash Plants, and Others (Combined Cycle or Hybrid Cycle).
2. By Application: By application, the market is divided into Domestic Uses, Tertiary Uses, District Heating Networks, Power Production and Heat Production (via Heat Pumps or by Direct Heat Exchange).
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It also provides market size and forecast estimates from the year 2021 to 2031 concerning five major regions, namely; North America, Europe, Asia- Pacific (APAC), Middle East and Africa (MEA), and South America. The geothermal energy market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the geothermal energy market from both the demand and supply sides. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive best analysis for all five regions, namely; North America, Europe APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the geothermal energy market in these regions.
IMPACT OF COVID 19
The outbreak of COVID-19 had significantly impacted the global geothermal energy market due to disruption in the international supply chain and a reduction in investment for the upcoming projects. Although annual capacity additions correspond to the driven market, some projects were delayed due to COVID-19 related lockdown measures. Increasing electricity security concerns owing to clean and eco-friendly resources are driving the growth of the geothermal energy market. In addition, increasing demand for heating and cooling systems, including ground source heat pumps and district heating, are estimated to fuel the growth of the geothermal energy market.
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The report provides a detailed overview of the industry, including both qualitative and quantitative information. It also provides market size and forecast estimates from the year 2021 to 2031 concerning five major regions, namely; North America, Europe, Asia- Pacific (APAC), Middle East and Africa (MEA), and South America. The geothermal energy market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the geothermal energy market from both the demand and supply sides. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive best analysis for all five regions, namely; North America, Europe APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the geothermal energy market in these regions.
IMPACT OF COVID 19
The outbreak of COVID-19 had significantly impacted the global geothermal energy market due to disruption in the international supply chain and a reduction in investment for the upcoming projects. Although annual capacity additions correspond to the driven market, some projects were delayed due to COVID-19 related lockdown measures. Increasing electricity security concerns owing to clean and eco-friendly resources are driving the growth of the geothermal energy market. In addition, increasing demand for heating and cooling systems, including ground source heat pumps and district heating, are estimated to fuel the growth of the geothermal energy market.
MARKET PLAYERS
The report covers vital developments in the geothermal energy market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others, such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnerships and collaborations. These activities have paved the way for the expansion of businesses and the customer base of market players. The market players from the geothermal energy market are anticipated to have lucrative growth opportunities in the future with the rising demand for geothermal energy in the global market. Below mentioned is the list of a few companies engaged in the geothermal energy market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the geothermal energy market. Decide the report focuses on leading industry players with information such as company profiles, products, and services offered, financial information of the last three years, the critical development in the past five years.
- Berkshire Hathaway Inc.
- Chevron Corp.
- Enel Green Power North American Inc
- EthosEnergy Group
- Gradient Resources
- Ormat Technologies Inc.
- Terra-Gen Power LLC
- Toshiba International Corp.
- Therma Source LLC
- U.S. Geothermal Inc.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Geothermal Energy Market - By Type
1.3.2Geothermal Energy Market - By Application
1.3.3Geothermal Energy Market - By Region
1.3.3.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.GEOTHERMAL ENERGY MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.EXPERT OPINIONS
5.GEOTHERMAL ENERGY MARKET - KEY MARKET DYNAMICS
5.1.KEY MARKET DRIVERS
5.2.KEY MARKET RESTRAINTS
5.3.KEY MARKET OPPORTUNITIES
5.4.FUTURE TRENDS
5.5.IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6.GEOTHERMAL ENERGY MARKET - GLOBAL MARKET ANALYSIS
6.1.GEOTHERMAL ENERGY - GLOBAL MARKET OVERVIEW
6.2.GEOTHERMAL ENERGY - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING
7.GEOTHERMAL ENERGY MARKET - REVENUE AND FORECASTS TO 2028 " TYPE
7.1.OVERVIEW
7.2.TYPE MARKET FORECASTS AND ANALYSIS
7.3.BINARY PLANTS
7.3.1.Overview
7.3.2.Binary Plants Market Forecast and Analysis
7.4.DIRECT DRY STEAM PLANTS
7.4.1.Overview
7.4.2.Direct Dry Steam Plants Market Forecast and Analysis
7.5.FLASH PLANTS
7.5.1.Overview
7.5.2.Flash Plants Market Forecast and Analysis
7.6.OTHERS (COMBINED CYCLE OR HYBRID CYCLE).
7.6.1.Overview
7.6.2.Others (Combined Cycle or Hybrid Cycle). Market Forecast and Analysis
8.GEOTHERMAL ENERGY MARKET - REVENUE AND FORECASTS TO 2028 " APPLICATION
8.1.OVERVIEW
8.2.APPLICATION MARKET FORECASTS AND ANALYSIS
8.3.DOMESTIC USES
8.3.1.Overview
8.3.2.Domestic Uses Market Forecast and Analysis
8.4.TERTIARY USES
8.4.1.Overview
8.4.2.Tertiary Uses Market Forecast and Analysis
8.5.DISTRICT HEATING NETWORKS
8.5.1.Overview
8.5.2.District Heating Networks Market Forecast and Analysis
8.6.POWER PRODUCTION
8.6.1.Overview
8.6.2.Power Production Market Forecast and Analysis
8.7.HEAT PRODUCTION (VIA HEAT PUMPS OR BY DIRECT HEAT EXCHANGE).
8.7.1.Overview
8.7.2.Heat Production (via Heat Pumps or by Direct Heat Exchange). Market Forecast and Analysis
9.GEOTHERMAL ENERGY MARKET REVENUE AND FORECASTS TO 2028 " GEOGRAPHICAL ANALYSIS
9.1.NORTH AMERICA
9.1.1North America Geothermal Energy Market Overview
9.1.2North America Geothermal Energy Market Forecasts and Analysis
9.1.3North America Geothermal Energy Market Forecasts and Analysis - By Type
9.1.4North America Geothermal Energy Market Forecasts and Analysis - By Application
9.1.5North America Geothermal Energy Market Forecasts and Analysis - By Countries
9.1.5.1United States Geothermal Energy Market
9.1.5.1.1United States Geothermal Energy Market by Type
9.1.5.1.2United States Geothermal Energy Market by Application
9.1.5.2Canada Geothermal Energy Market
9.1.5.2.1Canada Geothermal Energy Market by Type
9.1.5.2.2Canada Geothermal Energy Market by Application
9.1.5.3Mexico Geothermal Energy Market
9.1.5.3.1Mexico Geothermal Energy Market by Type
9.1.5.3.2Mexico Geothermal Energy Market by Application
9.2.EUROPE
9.2.1Europe Geothermal Energy Market Overview
9.2.2Europe Geothermal Energy Market Forecasts and Analysis
9.2.3Europe Geothermal Energy Market Forecasts and Analysis - By Type
9.2.4Europe Geothermal Energy Market Forecasts and Analysis - By Application
9.2.5Europe Geothermal Energy Market Forecasts and Analysis - By Countries
9.2.5.1Germany Geothermal Energy Market
9.2.5.1.1Germany Geothermal Energy Market by Type
9.2.5.1.2Germany Geothermal Energy Market by Application
9.2.5.2France Geothermal Energy Market
9.2.5.2.1France Geothermal Energy Market by Type
9.2.5.2.2France Geothermal Energy Market by Application
9.2.5.3Italy Geothermal Energy Market
9.2.5.3.1Italy Geothermal Energy Market by Type
9.2.5.3.2Italy Geothermal Energy Market by Application
9.2.5.4Spain Geothermal Energy Market
9.2.5.4.1Spain Geothermal Energy Market by Type
9.2.5.4.2Spain Geothermal Energy Market by Application
9.2.5.5United Kingdom Geothermal Energy Market
9.2.5.5.1United Kingdom Geothermal Energy Market by Type
9.2.5.5.2United Kingdom Geothermal Energy Market by Application
9.2.5.6Russia Geothermal Energy Market
9.2.5.6.1Russia Geothermal Energy Market by Type
9.2.5.6.2Russia Geothermal Energy Market by Application
9.2.5.7Rest of Europe Geothermal Energy Market
9.2.5.7.1Rest of Europe Geothermal Energy Market by Type
9.2.5.7.2Rest of Europe Geothermal Energy Market by Application
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific Geothermal Energy Market Overview
9.3.2Asia-Pacific Geothermal Energy Market Forecasts and Analysis
9.3.3Asia-Pacific Geothermal Energy Market Forecasts and Analysis - By Type
9.3.4Asia-Pacific Geothermal Energy Market Forecasts and Analysis - By Application
9.3.5Asia-Pacific Geothermal Energy Market Forecasts and Analysis - By Countries
9.3.5.1Australia Geothermal Energy Market
9.3.5.1.1Australia Geothermal Energy Market by Type
9.3.5.1.2Australia Geothermal Energy Market by Application
9.3.5.2China Geothermal Energy Market
9.3.5.2.1China Geothermal Energy Market by Type
9.3.5.2.2China Geothermal Energy Market by Application
9.3.5.3India Geothermal Energy Market
9.3.5.3.1India Geothermal Energy Market by Type
9.3.5.3.2India Geothermal Energy Market by Application
9.3.5.4Japan Geothermal Energy Market
9.3.5.4.1Japan Geothermal Energy Market by Type
9.3.5.4.2Japan Geothermal Energy Market by Application
9.3.5.5South Korea Geothermal Energy Market
9.3.5.5.1South Korea Geothermal Energy Market by Type
9.3.5.5.2South Korea Geothermal Energy Market by Application
9.3.5.6Rest of Asia-Pacific Geothermal Energy Market
9.3.5.6.1Rest of Asia-Pacific Geothermal Energy Market by Type
9.3.5.6.2Rest of Asia-Pacific Geothermal Energy Market by Application
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa Geothermal Energy Market Overview
9.4.2Middle East and Africa Geothermal Energy Market Forecasts and Analysis
9.4.3Middle East and Africa Geothermal Energy Market Forecasts and Analysis - By Type
9.4.4Middle East and Africa Geothermal Energy Market Forecasts and Analysis - By Application
9.4.5Middle East and Africa Geothermal Energy Market Forecasts and Analysis - By Countries
9.4.5.1South Africa Geothermal Energy Market
9.4.5.1.1South Africa Geothermal Energy Market by Type
9.4.5.1.2South Africa Geothermal Energy Market by Application
9.4.5.2Saudi Arabia Geothermal Energy Market
9.4.5.2.1Saudi Arabia Geothermal Energy Market by Type
9.4.5.2.2Saudi Arabia Geothermal Energy Market by Application
9.4.5.3U.A.E Geothermal Energy Market
9.4.5.3.1U.A.E Geothermal Energy Market by Type
9.4.5.3.2U.A.E Geothermal Energy Market by Application
9.4.5.4Rest of Middle East and Africa Geothermal Energy Market
9.4.5.4.1Rest of Middle East and Africa Geothermal Energy Market by Type
9.4.5.4.2Rest of Middle East and Africa Geothermal Energy Market by Application
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America Geothermal Energy Market Overview
9.5.2South and Central America Geothermal Energy Market Forecasts and Analysis
9.5.3South and Central America Geothermal Energy Market Forecasts and Analysis - By Type
9.5.4South and Central America Geothermal Energy Market Forecasts and Analysis - By Application
9.5.5South and Central America Geothermal Energy Market Forecasts and Analysis - By Countries
9.5.5.1Brazil Geothermal Energy Market
9.5.5.1.1Brazil Geothermal Energy Market by Type
9.5.5.1.2Brazil Geothermal Energy Market by Application
9.5.5.2Argentina Geothermal Energy Market
9.5.5.2.1Argentina Geothermal Energy Market by Type
9.5.5.2.2Argentina Geothermal Energy Market by Application
9.5.5.3Rest of South and Central America Geothermal Energy Market
9.5.5.3.1Rest of South and Central America Geothermal Energy Market by Type
9.5.5.3.2Rest of South and Central America Geothermal Energy Market by Application
10.INDUSTRY LANDSCAPE
10.1.MERGERS AND ACQUISITIONS
10.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3.NEW PRODUCT LAUNCHES
10.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11.GEOTHERMAL ENERGY MARKET, KEY COMPANY PROFILES
11.1.BERKSHIRE HATHAWAY INC.
11.1.1.Key Facts
11.1.2.Business Description
11.1.3.Products and Services
11.1.4.Financial Overview
11.1.5.SWOT Analysis
11.1.6.Key Developments
11.2.CHEVRON CORP.
11.2.1.Key Facts
11.2.2.Business Description
11.2.3.Products and Services
11.2.4.Financial Overview
11.2.5.SWOT Analysis
11.2.6.Key Developments
11.3.ENEL GREEN POWER NORTH AMERICAN INC
11.3.1.Key Facts
11.3.2.Business Description
11.3.3.Products and Services
11.3.4.Financial Overview
11.3.5.SWOT Analysis
11.3.6.Key Developments
11.4.ETHOSENERGY GROUP
11.4.1.Key Facts
11.4.2.Business Description
11.4.3.Products and Services
11.4.4.Financial Overview
11.4.5.SWOT Analysis
11.4.6.Key Developments
11.5.GRADIENT RESOURCES
11.5.1.Key Facts
11.5.2.Business Description
11.5.3.Products and Services
11.5.4.Financial Overview
11.5.5.SWOT Analysis
11.5.6.Key Developments
11.6.ORMAT TECHNOLOGIES INC.
11.6.1.Key Facts
11.6.2.Business Description
11.6.3.Products and Services
11.6.4.Financial Overview
11.6.5.SWOT Analysis
11.6.6.Key Developments
11.7.TERRA-GEN POWER LLC
11.7.1.Key Facts
11.7.2.Business Description
11.7.3.Products and Services
11.7.4.Financial Overview
11.7.5.SWOT Analysis
11.7.6.Key Developments
11.8.TOSHIBA INTERNATIONAL CORP.
11.8.1.Key Facts
11.8.2.Business Description
11.8.3.Products and Services
11.8.4.Financial Overview
11.8.5.SWOT Analysis
11.8.6.Key Developments
11.9.THERMA SOURCE LLC
11.9.1.Key Facts
11.9.2.Business Description
11.9.3.Products and Services
11.9.4.Financial Overview
11.9.5.SWOT Analysis
11.9.6.Key Developments
11.10.U.S. GEOTHERMAL INC.
11.10.1.Key Facts
11.10.2.Business Description
11.10.3.Products and Services
11.10.4.Financial Overview
11.10.5.SWOT Analysis
11.10.6.Key Developments
12.APPENDIX
12.1.ABOUT THE INSIGHT PARTNERS
12.2.GLOSSARY OF TERMS
1.Berkshire Hathaway Inc.
2.Chevron Corp.
3.Enel Green Power North American Inc
4.EthosEnergy Group
5.Gradient Resources
6.Ormat Technologies Inc.
7.Terra-Gen Power LLC
8.Toshiba International Corp.
9.Therma Source LLC
10.U.S. Geothermal Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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