출판 : MarketsandMarkets (마켓츠앤마켓츠) 출판년월 : 2023년02월
지열 에너지(Geothermal Energy) 시장 : 용도 (발전, 주거 및 상업용 난방 및 냉방), 온도, 기술 (바이너리, 플래시 사이클 플랜트, 드라이 스팀 플랜트, 지열 히트 펌프, 직접 시스템) – 2027년까지의 세계 예측
Geothermal Energy Market by Application (Power Generation, Residential & Commercial Heating And Cooling), Temperature, Technology (Binary & Flash Cycle Plant, Dry Steam Plant, Ground Source Heat Pumps, Direct Systems) & Region – Global Forecast to 2027
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| 구성 | 영문조사보고서 |
| 가격 |
The geothermal energy market is estimated to grow from USD 7.0 Billion in 2022 to USD 9.4 Billion by 2027; it is expected to record a CAGR of 5.9% during the forecast period. Geothermal energy market is driven by major factors such as need for renewable power generation, increasing adaptaion of ground source heat pumps (GHP), and favorable government policies
지열 에너지 시장은 2022년 70억 달러에서 2027년 94억 달러로 성장할 것으로 예상됩니다. 예측 기간 동안 5.9%의 CAGR을 기록할 것으로 예상됩니다. 지열 에너지 시장은 재생 가능 발전의 필요성, 지열원 열 펌프(GHP)의 적응 증가, 우호적인 정부 정책과 같은 주요 요인에 의해 주도됩니다.
“Power Generation segment is expected to emerge as the largest segment based on application”
By application, the geothermal energy market has been segmented into power generation, residential heating and cooling, commercial heating and cooling, and others. The power generation segment is expected to be the largest segment during the forecast period due to the increasing demand for sustainable energy in every sector. Also, geothermal energy is preferred over other renewable forms of energy such as wind, solar, and hydropower for power generation.
“Flash Steam Plants segment is expected to emerge as the second largest segment based on technology”
By technology, the geothermal energy market has been segmented into Binary Cycle plants, Flash Steam Plants, Dry Steam Plants, Ground Source Heat Pumps, Direct Systems, and others. The Flash Steam Plants segment is expected to be the second largest segment during the forecast period. The Flash steam plants vary in size depending on whether they are single- (0.2-80 MW), double – (2-110 MW), & triple-flash (60- 150 MW) plants. It produces about 27 kg/MWh of CO2 emissions while a binary power plant produces zero CO2 emissions. As per the favorable government policies and mature technology of dry steam plants are expected to drive the geothermal energy market.
“Europe is expected to be the second largest market during the forecast period.”
Europe is expected to be the second-fastest growing market due to the advancements in suitable geographical areas and many countries focused on the use of geothermal energy for electricity production and other applications and their increased high investment for new projects in the region are expected to drive the growth of the geothermal energy market in Europe.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 65%, Tier 2- 24%and Tier 3- 11%
By Designation: C-Level- 30%, Managers- 25%, and Others- 45%
By Region: North America- 27%, Europe- 20%, Asia Pacific- 33%, the Middle East & Africa- 8%, and South America- 12%
Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The geothermal energy market is dominated by a few major players that have a wide regional presence. The leading players in the geothermal energy market are Ormat (US), Mitsubishi Heavy Industries, Ltd. (Japan), Baker Hughes Company (US), NIBE Group (Sweden), and SLB (US).
Research Coverage:
The report defines, describes, and forecasts the global geothermal energy market, by technology, temperature, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the geothermal energy market.
Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for geothermal energy, which would help equipment manufacturers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them to make better strategic decisions.
목차
1 INTRODUCTION 20
1.1 STUDY OBJECTIVES 20
1.2 MARKET DEFINITION 20
1.3 INCLUSIONS & EXCLUSIONS 21
1.3.1 GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY: INCLUSIONS & EXCLUSIONS 21
1.3.2 GEOTHERMAL ENERGY MARKET, BY TEMPERATURE: INCLUSIONS & EXCLUSIONS 21
1.3.3 GEOTHERMAL ENERGY MARKET, BY APPLICATION: INCLUSIONS & EXCLUSIONS 22
1.4 MARKET SCOPE 22
1.4.1 GEOTHERMAL ENERGY MARKET: SEGMENTATION 22
1.4.2 REGIONAL SCOPE 23
1.4.3 YEARS CONSIDERED 23
1.5 UNITS CONSIDERED 23
1.6 CURRENCY CONSIDERED 24
1.7 RECESSION IMPACT 24
1.8 SUMMARY OF CHANGES 24
1.9 LIMITATIONS 25
1.10 STAKEHOLDERS 25
2 RESEARCH METHODOLOGY 26
2.1 RESEARCH DATA 26
FIGURE 1 GEOTHERMAL ENERGY MARKET: RESEARCH DESIGN 27
2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 28
FIGURE 2 DATA TRIANGULATION METHODOLOGY 28
2.2.1 SECONDARY DATA 29
2.2.1.1 Key data from secondary sources 29
2.2.2 PRIMARY DATA 29
2.2.2.1 Key data from primary sources 30
2.2.2.2 Breakdown of primaries 30
2.3 SCOPE 31
FIGURE 3 MAIN METRICS CONSIDERED TO CONSTRUCT AND ASSESS DEMAND FOR GEOTHERMAL ENERGY SYSTEMS 31
2.4 MARKET SIZE ESTIMATION 32
2.4.1 DEMAND-SIDE ANALYSIS 32
FIGURE 4 GEOTHERMAL ENERGY MARKET: REGION-WISE ANALYSIS 32
2.4.1.1 Calculation 32
2.4.1.2 Assumptions 33
2.4.2 SUPPLY-SIDE ANALYSIS 33
FIGURE 5 GEOTHERMAL ENERGY MARKET: SUPPLY-SIDE ANALYSIS 33
FIGURE 6 KEY METRICS CONSIDERED TO ASSESS SUPPLY OF GEOTHERMAL ENERGY SYSTEMS 34
2.4.3 FORECAST 35
3 EXECUTIVE SUMMARY 36
TABLE 1 GEOTHERMAL ENERGY MARKET SNAPSHOT 36
FIGURE 7 BINARY CYCLE PLANTS SEGMENT TO LEAD GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY, DURING FORECAST PERIOD 37
FIGURE 8 MEDIUM TEMPERATURE SEGMENT TO REGISTER HIGHEST CAGR IN GEOTHERMAL ENERGY MARKET, BY TEMPERATURE, DURING FORECAST PERIOD 38
FIGURE 9 POWER GENERATION SEGMENT TO DOMINATE GEOTHERMAL ENERGY MARKET, BY APPLICATION, DURING FORECAST PERIOD 38
FIGURE 10 ASIA PACIFIC TO ACCOUNT FOR LARGEST SHARE OF GEOTHERMAL ENERGY MARKET BETWEEN 2022 AND 2027 39
4 PREMIUM INSIGHTS 40
4.1 ATTRACTIVE OPPORTUNITIES FOR GEOTHERMAL ENERGY MARKET PLAYERS 40
FIGURE 11 FAVORABLE RENEWABLE ENERGY POLICIES TO DRIVE GEOTHERMAL ENERGY MARKET DURING 2022–2027 40
4.2 GEOTHERMAL ENERGY MARKET, BY REGION 41
FIGURE 12 ASIA PACIFIC GEOTHERMAL ENERGY MARKET TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 41
4.3 GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY 41
FIGURE 13 BINARY CYCLE PLANTS SEGMENT DOMINATED GEOTHERMAL ENERGY MARKET IN 2021 41
4.4 GEOTHERMAL ENERGY MARKET, BY TEMPERATURE 42
FIGURE 14 MEDIUM TEMPERATURE SEGMENT ACCOUNTED FOR LARGEST SHARE OF GEOTHERMAL ENERGY MARKET IN 2021 42
4.5 GEOTHERMAL ENERGY MARKET, BY APPLICATION 42
FIGURE 15 POWER GENERATION SEGMENT HELD LARGEST SHARE OF GEOTHERMAL ENERGY MARKET IN 2021 42
5 MARKET OVERVIEW 43
5.1 INTRODUCTION 43
5.2 MARKET DYNAMICS 43
FIGURE 16 GEOTHERMAL ENERGY MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 43
5.2.1 DRIVERS 44
5.2.1.1 Surging demand for ground source/geothermal heat pumps 44
FIGURE 17 ENERGY CONSUMPTION IN US, BY SECTOR, 2021 45
FIGURE 18 AIR CONDITIONING USAGE IN US HOUSEHOLDS, 2001–2020 45
5.2.1.2 Favorable government policies and initiatives 45
FIGURE 19 GEOTHERMAL TECHNOLOGIES OFFICE FISCAL YEAR APPROPRIATIONS IN US, 2012–2021 46
5.2.1.3 Use of geothermal energy for power generation 47
FIGURE 20 GLOBAL CUMULATIVE GEOTHERMAL ELECTRICITY GENERATION CAPACITY, 2015–2021 47
FIGURE 21 GEOTHERMAL ELECTRICITY CAPACITY (MW), BY COUNTRY, 2021 48
5.2.1.4 Focus on addressing climate crisis and reducing greenhouse gas emissions 48
FIGURE 22 GREENHOUSE GAS AND CO2 EMISSIONS IN US, 2010–2021 49
5.2.2 RESTRAINTS 49
5.2.2.1 High growth of solar, wind, gas, and other alternative renewable energy sources 49
FIGURE 23 GLOBAL INSTALLED POWER GENERATION CAPACITY, BY SOURCE, 2015–2021 50
5.2.2.2 Lack of exploration and drilling techniques required to identify and develop undiscovered geothermal resources 50
5.2.2.3 Expensive geothermal well drilling leading to high upfront project costs 51
5.2.3 OPPORTUNITIES 51
5.2.3.1 Emergence of advanced technologies and rise of Geothermal 2.0 51
5.2.3.2 Co-production and conversion of oil and gas wells for geothermal energy 53
TABLE 2 MAJOR DEVELOPMENTS PERTAINING TO USE OF OIL AND GAS WELLS FOR GEOTHERMAL INSTALLATIONS 53
5.2.3.3 Geothermal potential for low- and medium-temperature resources 54
5.2.3.4 Mineral extraction using geothermal energy 55
5.2.4 CHALLENGES 55
5.2.4.1 Acquisition of power purchase agreements (PPAs) 55
5.2.4.2 Multiple environmental reviews and assessments associated with geothermal projects 56
FIGURE 24 EXAMPLE OF TIMELINE OF GEOTHERMAL PROJECT ON FEDERAL LANDS 57
5.2.4.3 Absence of geothermal professionals, consultants, and businesses 57
TABLE 3 PERSONNEL REQUIREMENTS IN DIFFERENT STAGES OF GEOTHERMAL DEVELOPMENT (50 MW) 58
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 58
5.3.1 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR GEOTHERMAL ENERGY SYSTEM PROVIDERS 58
FIGURE 25 REVENUE SHIFTS FOR GEOTHERMAL ENERGY SYSTEM PROVIDERS 59
5.4 MARKET MAP 59
FIGURE 26 MARKET MAP: GEOTHERMAL ENERGY MARKET 59
TABLE 4 GEOTHERMAL ENERGY MARKET: ROLE IN ECOSYSTEM 60
5.5 SUPPLY CHAIN ANALYSIS 62
5.5.1 SUPPLY CHAIN ANALYSIS OF GEOTHERMAL COMBINED HEAT AND POWER GENERATION 62
FIGURE 27 SUPPLY CHAIN ANALYSIS: GEOTHERMAL COMBINED HEAT AND POWER GENERATION 62
5.5.1.1 Exploration & feasibility 63
5.5.1.2 Development 63
5.5.1.3 Drilling 63
5.5.1.4 Front-end engineering and design (FEED) 63
5.5.1.5 Manufacturing 63
5.5.1.6 Construction/Engineering, procurement, and construction (EPC) 63
5.5.1.7 Operations and maintenance 64
5.5.2 SUPPLY CHAIN ANALYSIS OF GEOTHERMAL ENERGY MARKET FOR GROUND SOURCE/GEOTHERMAL HEAT PUMPS 64
FIGURE 28 SUPPLY CHAIN ANALYSIS: GEOTHERMAL ENERGY MARKET – GROUND SOURCE/GEOTHERMAL HEAT PUMPS 64
5.5.2.1 Raw material suppliers 64
5.5.2.2 Original equipment manufacturers (OEMs) 64
5.5.2.3 Distributors 64
5.5.2.4 End Users 64
5.6 KEY CONFERENCES & EVENTS, 2022–2023 65
TABLE 5 GEOTHERMAL ENERGY MARKET: LIST OF CONFERENCES & EVENTS 65
5.7 CODES, POLICIES, AND REGULATIONS 67
5.7.1 CODES, POLICIES, AND REGULATIONS RELATED TO GEOTHERMAL ENERGY SYSTEMS 67
TABLE 6 GEOTHERMAL ENERGY SYSTEMS: CODES AND REGULATIONS 67
5.7.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 73
TABLE 7 GLOBAL: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 73
TABLE 8 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 74
TABLE 9 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 75
TABLE 10 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76
TABLE 11 REST OF THE WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 77
5.8 PATENT ANALYSIS 77
TABLE 12 GEOTHERMAL ENERGY SYSTEMS: INNOVATIONS AND PATENT REGISTRATIONS, APRIL 2015–MAY 2022 77
5.9 PORTER’S FIVE FORCES ANALYSIS 82
FIGURE 29 GEOTHERMAL ENERGY MARKET: PORTER’S FIVE FORCES ANALYSIS 82
TABLE 13 GEOTHERMAL ENERGY MARKET: PORTER’S FIVE FORCES ANALYSIS 82
5.9.1 THREAT OF SUBSTITUTES 83
5.9.2 BARGAINING POWER OF SUPPLIERS 83
5.9.3 BARGAINING POWER OF BUYERS 83
5.9.4 THREAT OF NEW ENTRANTS 83
5.9.5 INTENSITY OF COMPETITIVE RIVALRY 84
5.10 CASE STUDY ANALYSIS 84
5.10.1 ENERGY-EFFICIENT GEOTHERMAL HEATING AND COOLING AT DETACHED HOUSE IN WESTHOFFEN, FRANCE 84
5.10.1.1 Problem statement 84
5.10.1.2 Solution 84
5.10.2 ELDERLY ACCOMMODATION CENTER IN MEUNG SUR LOIRE, FRANCE, USES GEOTHERMAL ENERGY FOR HEATING AND COOLING 85
5.10.2.1 Problem statement 85
5.10.2.2 Solution 85
5.10.3 CHÂTEAU PONTET-CANET WINERY SUSTAINABLY USES GEOTHERMAL ENERGY AT VINEYARD 85
5.10.3.1 Problem statement 85
5.10.3.2 Solution 85
5.10.4 MITSUBISHI HEAVY INDUSTRIES SUPPORTS GEOTHERMAL DEVELOPMENT IN KENYA 86
5.10.4.1 Problem statement 86
5.10.4.2 Solution 86
5.11 GEOTHERMAL RESOURCES 86
5.11.1 GEOTHERMAL HEAT-PUMP RESOURCES 86
5.11.2 HYDROTHERMAL RESOURCES 87
5.11.3 UNCONVENTIONAL RESOURCES (ENHANCED GEOTHERMAL SYSTEMS) 87
5.12 TECHNOLOGY ANALYSIS 87
5.12.1 ENHANCED GEOTHERMAL RESOURCES 87
5.12.2 ADVANCED GEOTHERMAL RESOURCES 88
5.12.3 CLOSED-LOOP GEOTHERMAL (CLG) ENERGY 88
5.12.4 DISPATCHABLE GEOTHERMAL PLANTS 88
5.12.5 UNDERGROUND THERMAL ENERGY STORAGE 88
5.13 TRADE DATA 89
FIGURE 30 GLOBAL IMPORT AND EXPORT SCENARIO FOR HS CODE 840681, 2018–2021 (USD BILLION) 89
TABLE 14 GLOBAL TRADE DATA FOR HS CODE 840681, 2018–2021 (USD MILLION) 89
FIGURE 31 GLOBAL IMPORT AND EXPORT SCENARIO FOR HS CODE 840682, 2018–2021 (USD BILLION) 90
TABLE 15 GLOBAL TRADE DATA FOR HS CODE 840682, 2018–2021 (USD MILLION) 90
FIGURE 32 GLOBAL IMPORT AND EXPORT SCENARIO FOR HS CODE: 841861, 2018–2021 (USD BILLION) 90
TABLE 16 GLOBAL TRADE DATA FOR HS CODE: 841861, 2018–2021 (USD MILLION) 91
5.14 KEY STAKEHOLDERS & BUYING CRITERIA 91
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 91
FIGURE 33 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END USER 91
TABLE 17 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END USER (%) 91
5.14.2 BUYING CRITERIA 92
FIGURE 34 KEY BUYING CRITERIA FOR END USERS 92
TABLE 18 KEY BUYING CRITERIA, BY END USER 92
5.15 AVERAGE CAPITAL EXPENDITURE PRICE TREND 92
FIGURE 35 AVERAGE CAPEX OF DIFFERENT TYPES OF GEOTHERMAL POWER PLANTS IN VARIOUS REGIONS 93
TABLE 19 AVERAGE CAPEX OF DIFFERENT TYPES OF GEOTHERMAL POWER PLANTS IN VARIOUS REGIONS (USD/KW) 93
6 GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY 94
6.1 INTRODUCTION 95
FIGURE 36 GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY, 2021 95
TABLE 20 GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY, 2020–2027 (USD MILLION) 95
6.2 BINARY CYCLE PLANTS 96
6.2.1 ABILITY TO UTILIZE MEDIUM-TEMPERATURE RESERVOIRS DRIVING MARKET 96
TABLE 21 BINARY CYCLE PLANTS: GEOTHERMAL ENERGY MARKET, BY REGION, 2020–2027 (USD MILLION) 96
6.3 DRY STEAM PLANTS 96
6.3.1 LARGE INSTALLED BASE OF DRY STEAM TECHNOLOGY DRIVING MARKET 96
TABLE 22 DRY STEAM PLANTS: GEOTHERMAL ENERGY MARKET F, BY REGION, 2020–2027 (USD MILLION) 97
6.4 FLASH STEAM PLANTS 97
6.4.1 FAVORABLE GOVERNMENT POLICIES AND MATURE TECHNOLOGY OF FLASH STEAM PLANTS TO SUPPORT MARKET GROWTH 97
TABLE 23 FLASH STEAM PLANTS: GEOTHERMAL ENERGY MARKET, BY REGION, 2020–2027 (USD MILLION) 98
6.5 GROUND SOURCE HEAT PUMPS 98
6.5.1 LOW OPERATIONAL COST AND HIGH EFFICIENCY TO PROPEL ADOPTION 98
TABLE 24 GROUND SOURCE HEAT PUMPS: GEOTHERMAL ENERGY MARKET, BY REGION, 2020–2027 (USD MILLION) 98
6.6 DIRECT SYSTEMS 99
6.6.1 SIMPLICITY AND EFFICIENCY OF DIRECT-USE SYSTEMS TO FUEL DEMAND 99
TABLE 25 DIRECT SYSTEMS: GEOTHERMAL ENERGY MARKET, BY REGION, 2020–2027 (USD MILLION) 99
6.7 OTHERS 99
TABLE 26 OTHERS: GEOTHERMAL ENERGY MARKET, BY REGION, 2020–2027 (USD MILLION) 100
7 GEOTHERMAL ENERGY MARKET, BY TEMPERATURE 101
7.1 INTRODUCTION 102
FIGURE 37 GEOTHERMAL ENERGY MARKET, BY TEMPERATURE, 2021 102
TABLE 27 GEOTHERMAL ENERGY MARKET, BY TEMPERATURE, 2020–2027 (USD MILLION) 102
7.2 LOW TEMPERATURE (LESS THAN 90°C) 103
7.2.1 LOW-TEMPERATURE GEOTHERMAL RESOURCES USED FOR DIRECT APPLICATIONS 103
TABLE 28 LOW TEMPERATURE: GEOTHERMAL ENERGY MARKET, BY REGION, 2020–2027 (USD MILLION) 103
7.3 MEDIUM TEMPERATURE (90–150°C) 103
7.3.1 MEDIUM-TEMPERATURE FIELDS INCREASINGLY USED FOR ELECTRICITY GENERATION 103
TABLE 29 MEDIUM TEMPERATURE: GEOTHERMAL ENERGY MARKET, BY REGION, 2020–2027 (USD MILLION) 104
7.4 HIGH TEMPERATURE (ABOVE 150°C) 104
7.4.1 HIGH-TEMPERATURE GEOTHERMAL ENERGY FOUND IN VOLCANIC AND SEISMICALLY ACTIVE REGIONS 104
TABLE 30 HIGH TEMPERATURE: GEOTHERMAL ENERGY MARKET, BY REGION, 2020–2027 (USD MILLION) 104
8 GEOTHERMAL ENERGY MARKET, BY APPLICATION 105
8.1 INTRODUCTION 106
FIGURE 38 GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2021 106
TABLE 31 GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 106
8.2 POWER GENERATION 107
8.2.1 SURGING DEMAND FOR SUSTAINABLE ENERGY DRIVING MARKET 107
TABLE 32 POWER GENERATION: GEOTHERMAL ENERGY MARKET, BY REGION, 2020–2027 (USD MILLION) 107
8.3 RESIDENTIAL HEATING & COOLING 107
8.3.1 TOWERING ENERGY COST TO PROMPT RESIDENTIAL SECTOR TO ADOPT GEOTHERMAL ENERGY 107
TABLE 33 RESIDENTIAL HEATING & COOLING: GEOTHERMAL ENERGY MARKET, BY REGION, 2020–2027 (USD MILLION) 108
8.4 COMMERCIAL HEATING & COOLING 108
8.4.1 ADOPTION OF GEOTHERMAL ENERGY BY SMALL BUSINESSES TO PROPEL MARKET 108
TABLE 34 COMMERCIAL HEATING & COOLING: GEOTHERMAL ENERGY MARKET, BY REGION, 2020–2027 (USD MILLION) 109
8.5 OTHERS 109
TABLE 35 OTHERS: GEOTHERMAL ENERGY MARKET, BY REGION, 2020–2027 (USD MILLION) 109
9 GEOTHERMAL ENERGY MARKET, BY REGION 110
9.1 INTRODUCTION 111
FIGURE 39 GEOTHERMAL ENERGY MARKET IN NORTH AMERICA TO GROW AT HIGHEST CAGR FROM 2022 TO 2027 111
FIGURE 40 GEOTHERMAL ENERGY MARKET SHARE, IN TERMS OF VALUE, BY REGION, 2021 (%) 111
TABLE 36 GEOTHERMAL ENERGY MARKET, BY REGION, 2020–2027 (USD MILLION) 112
TABLE 37 GEOTHERMAL ENERGY MARKET, BY REGION, 2020–2027 (MWE) 112
9.2 ASIA PACIFIC 113
FIGURE 41 ASIA PACIFIC: GEOTHERMAL ENERGY MARKET SNAPSHOT 114
TABLE 38 ASIA PACIFIC: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY, 2020–2027 (USD MILLION) 115
9.2.1 ASIA PACIFIC: RECESSION IMPACT 115
TABLE 39 ASIA PACIFIC: GEOTHERMAL ENERGY MARKET, BY TEMPERATURE, 2020–2027 (USD MILLION) 115
TABLE 40 ASIA PACIFIC: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 116
TABLE 41 ASIA PACIFIC: GEOTHERMAL ENERGY MARKET, BY COUNTRY, 2020–2027 (USD MILLION) 116
9.2.2 CHINA 116
9.2.2.1 Plans to increase installed geothermal power capacity to propel market 116
TABLE 42 CHINA: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 117
9.2.3 JAPAN 117
9.2.3.1 Widespread use of geothermal energy to boost market 117
TABLE 43 JAPAN: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 118
9.2.4 INDONESIA 118
9.2.4.1 Supportive government policies to encourage market growth 118
TABLE 44 INDONESIA: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 119
9.2.5 PHILIPPINES 119
9.2.5.1 Favorable geological conditions and high opportunities for investment in geothermal energy to drive market 119
TABLE 45 PHILIPPINES: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 120
9.2.5.2 New Zealand 120
9.2.5.2.1 Investments in geothermal projects to push market 120
TABLE 46 NEW ZEALAND: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 121
9.2.6 REST OF ASIA PACIFIC 121
TABLE 47 REST OF ASIA PACIFIC: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 122
9.3 EUROPE 122
FIGURE 42 EUROPE: GEOTHERMAL ENERGY MARKET SNAPSHOT 123
9.3.1 EUROPE: RECESSION IMPACT 124
TABLE 48 EUROPE: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY, 2020–2027 (USD MILLION) 124
TABLE 49 EUROPE: GEOTHERMAL ENERGY MARKET, BY TEMPERATURE, 2020–2027 (USD MILLION) 124
TABLE 50 EUROPE: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 125
TABLE 51 EUROPE: GEOTHERMAL ENERGY MARKET, BY COUNTRY, 2020–2027 (USD MILLION) 125
9.3.2 TURKEY 125
9.3.2.1 Geothermal Development Project to provide opportunities for market growth 125
TABLE 52 TURKEY: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 126
9.3.3 GERMANY 126
9.3.3.1 Target of additional 100 geothermal projects by 2030 to accelerate market growth 126
TABLE 53 GERMANY: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 127
9.3.4 ITALY 127
9.3.4.1 Increasing demand for geothermal heat pumps (GHPs) to drive market 127
TABLE 54 ITALY: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 128
9.3.5 ICELAND 128
9.3.5.1 Abundance of geothermal resources to support market growth 128
TABLE 55 ICELAND: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 128
9.3.6 REST OF EUROPE 129
TABLE 56 REST OF EUROPE: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 129
9.4 NORTH AMERICA 130
9.4.1 NORTH AMERICA: RECESSION IMPACT 130
TABLE 57 NORTH AMERICA: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY, 2020–2027 (USD MILLION) 131
TABLE 58 NORTH AMERICA: GEOTHERMAL ENERGY MARKET, BY TEMPERATURE, 2020–2027 (USD MILLION) 131
TABLE 59 NORTH AMERICA: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 131
TABLE 60 NORTH AMERICA: GEOTHERMAL ENERGY MARKET, BY COUNTRY, 2020–2027 (USD MILLION) 132
9.4.2 US 132
9.4.2.1 Increasing demand for geothermal heat pumps to favor market 132
TABLE 61 US: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 133
9.4.3 CANADA 133
9.4.3.1 Favorable government policy framework to fuel market growth 133
TABLE 62 CANADA: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 134
9.4.4 MEXICO 134
9.4.4.1 Initiation of multiple geothermal projects to augment market growth 134
TABLE 63 MEXICO: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 135
9.5 MIDDLE EAST & AFRICA 135
9.5.1 MIDDLE EAST & AFRICA: RECESSION IMPACT 136
TABLE 64 MIDDLE EAST & AFRICA: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY, 2020–2027 (USD MILLION) 136
TABLE 65 MIDDLE EAST & AFRICA: GEOTHERMAL ENERGY MARKET, BY TEMPERATURE, 2020–2027 (USD MILLION) 137
TABLE 66 MIDDLE EAST & AFRICA: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 137
TABLE 67 MIDDLE EAST & AFRICA: GEOTHERMAL ENERGY MARKET, BY COUNTRY, 2020–2027 (USD MILLION) 137
9.5.2 KENYA 138
9.5.2.1 Presence of suitable geological sites and favorable government policies to promote market growth 138
TABLE 68 KENYA: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 138
9.5.3 SAUDI ARABIA 139
9.5.3.1 Supportive government policies and increasing investments in renewables to drive market 139
TABLE 69 SAUDI ARABIA: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 139
9.5.4 REST OF MIDDLE EAST & AFRICA 140
TABLE 70 REST OF MIDDLE EAST & AFRICA: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 141
9.6 SOUTH AMERICA 141
9.6.1 SOUTH AMERICA: RECESSION IMPACT 141
TABLE 71 SOUTH AMERICA: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY, 2020–2027 (USD MILLION) 142
TABLE 72 SOUTH AMERICA: GEOTHERMAL ENERGY MARKET, BY TEMPERATURE, 2020–2027 (USD MILLION) 142
TABLE 73 SOUTH AMERICA: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 142
TABLE 74 SOUTH AMERICA: GEOTHERMAL ENERGY MARKET, BY COUNTRY, 2020–2027 (USD MILLION) 143
9.6.2 CHILE 143
9.6.2.1 Investments in new geothermal projects to foster market growth 143
TABLE 75 CHILE: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 143
9.6.3 COLOMBIA 144
9.6.3.1 Changes in geothermal energy-related regulations to offer opportunities for market growth 144
TABLE 76 COLOMBIA: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 144
10 COMPETITIVE LANDSCAPE 145
10.1 STRATEGIES ADOPTED BY KEY PLAYERS 145
TABLE 77 OVERVIEW OF KEY STRATEGIES ADOPTED BY TOP PLAYERS, FEBRUARY 2021– MAY 2022 145
10.2 MARKET SHARE ANALYSIS OF TOP PLAYERS 148
TABLE 78 GEOTHERMAL ENERGY MARKET FOR SURFACE PLANT EQUIPMENT AND SERVICES: DEGREE OF COMPETITION 148
FIGURE 43 GEOTHERMAL ENERGY MARKET FOR SURFACE PLANT EQUIPMENT AND SERVICES: MARKET SHARE ANALYSIS, 2021 149
TABLE 79 GEOTHERMAL ENERGY MARKET FOR SUB-SURFACE EQUIPMENT AND SERVICES: DEGREE OF COMPETITION 149
FIGURE 44 GEOTHERMAL ENERGY MARKET FOR SUB-SURFACE EQUIPMENT AND SERVICES: MARKET SHARE ANALYSIS, 2021 150
TABLE 80 GEOTHERMAL ENERGY MARKET FOR GROUND SOURCE/GEOTHERMAL HEAT PUMPS: DEGREE OF COMPETITION 150
FIGURE 45 GEOTHERMAL ENERGY MARKET FOR GROUND SOURCE/GEOTHERMAL HEAT PUMPS: MARKET SHARE ANALYSIS, 2021 151
10.3 REVENUE ANALYSIS OF TOP MARKET PLAYERS 152
FIGURE 46 REVENUE OF TOP PLAYERS IN GEOTHERMAL ENERGY MARKET FROM 2017 TO 2021 152
10.4 COMPANY EVALUATION QUADRANT 153
10.4.1 STARS 153
10.4.2 PERVASIVE PLAYERS 153
10.4.3 EMERGING LEADERS 153
10.4.4 PARTICIPANTS 153
FIGURE 47 COMPETITIVE LEADERSHIP MAPPING: GEOTHERMAL ENERGY MARKET, 2021 154
10.5 STARTUP/SME EVALUATION QUADRANT 154
10.5.1 PROGRESSIVE COMPANIES 154
10.5.2 RESPONSIVE COMPANIES 154
10.5.3 DYNAMIC COMPANIES 155
10.5.4 STARTING BLOCKS 155
FIGURE 48 GEOTHERMAL ENERGY MARKET: START-UP/SME EVALUATION QUADRANT, 2021 155
10.5.5 GEOTHERMAL ENERGY MARKET: COMPETITIVE BENCHMARKING 156
TABLE 81 GEOTHERMAL ENERGY MARKET: DETAILED LIST OF KEY SMES/STARTUPS 156
TABLE 82 GEOTHERMAL ENERGY MARKET: COMPETITIVE BENCHMARKING OF KEY SMES SMES/STARTUPS 157
10.6 GEOTHERMAL ENERGY MARKET: COMPANY FOOTPRINT 158
TABLE 83 BY PLAYER’S ROLE IN SUPPLY CHAIN: COMPANY FOOTPRINT 158
TABLE 84 BY APPLICATION: COMPANY FOOTPRINT 159
TABLE 85 BY REGION: COMPANY FOOTPRINT 160
TABLE 86 COMPANY FOOTPRINT 161
10.7 COMPETITIVE SCENARIOS AND TRENDS 162
TABLE 87 GEOTHERMAL ENERGY MARKET: PRODUCT LAUNCHES, 2020–2022 162
TABLE 88 GEOTHERMAL ENERGY MARKET: DEALS, FEBRUARY 2021 165
TABLE 89 GEOTHERMAL ENERGY MARKET: OTHERS, JANUARY 2021– NOVEMBER 2021 177
11 COMPANY PROFILES 187
(Business Overview, Products, Recent Developments, MnM View)*
11.1 POWER PLANT EQUIPMENT PROVIDERS 187
11.1.1 ORMAT 187
TABLE 90 ORMAT: COMPANY OVERVIEW 187
FIGURE 49 ORMAT: COMPANY SNAPSHOT, 2021 188
TABLE 91 ORMAT: PRODUCTS OFFERED 188
TABLE 92 ORMAT: PRODUCT LAUNCHES 189
TABLE 93 ORMAT: DEALS 190
TABLE 94 ORMAT: OTHERS 195
11.1.2 MITSUBISHI HEAVY INDUSTRIES 198
TABLE 95 MITSUBISHI HEAVY INDUSTRIES: COMPANY OVERVIEW 198
FIGURE 50 MITSUBISHI HEAVY INDUSTRIES: COMPANY SNAPSHOT, 2021 199
TABLE 96 MITSUBISHI HEAVY INDUSTRIES: PRODUCTS OFFERED 200
TABLE 97 MITSUBISHI HEAVY INDUSTRIES: DEALS 201
TABLE 98 MITSUBISHI HEAVY INDUSTRIES: OTHERS 202
11.1.3 GENERAL ELECTRIC 205
TABLE 99 GENERAL ELECTRIC: COMPANY OVERVIEW 205
FIGURE 51 GENERAL ELECTRIC: COMPANY SNAPSHOT, 2021 206
TABLE 100 GENERAL ELECTRIC: PRODUCTS OFFERED 206
11.1.4 ANSALDO ENERGIA 207
TABLE 101 ANSALDO ENERGIA: COMPANY OVERVIEW 207
FIGURE 52 ANSALDO ENERGIA: COMPANY SNAPSHOT, 2021 208
TABLE 102 ANSALDO ENERGIA: PRODUCTS OFFERED 208
TABLE 103 ANSALDO ENERGIA: OTHERS 209
11.1.5 FUJI ELECTRIC 210
TABLE 104 FUJI ELECTRIC: COMPANY OVERVIEW 210
FIGURE 53 FUJI ELECTRIC: COMPANY SNAPSHOT, 2021 211
TABLE 105 FUJI ELECTRIC: PRODUCTS OFFERED 212
TABLE 106 FUJI ELECTRIC: OTHERS 212
11.1.6 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION 214
TABLE 107 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: COMPANY OVERVIEW 214
TABLE 108 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: PRODUCTS OFFERED 214
TABLE 109 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: DEALS 215
11.1.7 SIEMENS ENERGY 216
TABLE 110 SIEMENS ENERGY: COMPANY OVERVIEW 216
FIGURE 54 SIEMENS ENERGY: COMPANY SNAPSHOT, 2021 217
TABLE 111 SIEMENS ENERGY: PRODUCTS OFFERED 217
TABLE 112 SIEMENS ENERGY: DEALS 218
TABLE 113 SIEMENS ENERGY: OTHERS 219
11.1.8 EXERGY INTERNATIONAL SRL 220
11.1.9 ALTAROCK ENERGY 221
11.2 SUB-SURFACE EQUIPMENT AND SERVICE PROVIDERS 222
11.2.1 BAKER HUGHES COMPANY 222
TABLE 114 BAKER HUGHES COMPANY: COMPANY OVERVIEW 222
FIGURE 55 BAKER HUGHES COMPANY: COMPANY SNAPSHOT, 2021 223
TABLE 115 BAKER HUGHES COMPANY: PRODUCTS OFFERED 223
FIGURE 56 BAKER HUGHES COMPANY: SUPPLY CHANNEL ADOPTED 225
TABLE 116 BAKER HUGHES COMPANY: PRODUCT LAUNCHES 226
TABLE 117 BAKER HUGHES COMPANY: DEALS 226
11.2.2 SLB 230
TABLE 118 SLB: COMPANY OVERVIEW 230
FIGURE 57 SLB: COMPANY SNAPSHOT, 2021 231
TABLE 119 SLB: PRODUCTS OFFERED 231
TABLE 120 SLB: PRODUCT LAUNCHES 234
TABLE 121 SLB: DEALS 236
TABLE 122 SLB: OTHERS 238
11.2.3 HALLIBURTON 240
TABLE 123 HALLIBURTON: COMPANY OVERVIEW 240
FIGURE 58 HALLIBURTON: COMPANY SNAPSHOT, 2021 241
TABLE 124 HALLIBURTON: PRODUCTS OFFERED 241
TABLE 125 HALLIBURTON: PRODUCT LAUNCHES 245
TABLE 126 HALLIBURTON: DEALS 247
11.2.4 NOV 249
TABLE 127 NOV: COMPANY OVERVIEW 249
FIGURE 59 NOV: COMPANY SNAPSHOT, 2021 250
TABLE 128 NOV: PRODUCTS OFFERED 250
TABLE 129 NOV: PRODUCT LAUNCHES 251
TABLE 130 NOV: OTHERS 252
11.2.5 WEATHERFORD INTERNATIONAL 254
TABLE 131 WEATHERFORD INTERNATIONAL: COMPANY OVERVIEW 254
FIGURE 60 WEATHERFORD INTERNATIONAL: COMPANY SNAPSHOT, 2021 255
TABLE 132 WEATHERFORD INTERNATIONAL: PRODUCTS OFFERED 255
TABLE 133 WEATHERFORD INTERNATIONAL: PRODUCT LAUNCHES 256
TABLE 134 WEATHERFORD INTERNATIONAL: DEALS 256
TABLE 135 WEATHERFORD INTERNATIONAL: OTHERS 257
11.2.6 WELLTEC 258
TABLE 136 WELLTEC: COMPANY OVERVIEW 258
FIGURE 61 WELLTEC: COMPANY SNAPSHOT, 2021 258
TABLE 137 WELLTEC: PRODUCTS OFFERED 259
TABLE 138 WELLTEC: DEALS 260
TABLE 139 WELLTEC: OTHERS 261
11.2.7 MANNVIT 262
11.3 GEOTHERMAL/GROUND SOURCE HEAT PUMP MANUFACTURERS AND
SERVICE PROVIDERS 263
11.3.1 NIBE GROUP 263
TABLE 140 NIBE GROUP: COMPANY OVERVIEW 263
FIGURE 62 NIBE GROUP: COMPANY SNAPSHOT, 2021 264
TABLE 141 NIBE GROUP: PRODUCTS OFFERED 264
11.3.2 CARRIER GLOBAL CORPORATION 266
TABLE 142 CARRIER GLOBAL CORPORATION: COMPANY OVERVIEW 266
FIGURE 63 CARRIER GLOBAL CORPORATION: COMPANY SNAPSHOT, 2021 267
TABLE 143 CARRIER GLOBAL CORPORATION: PRODUCTS OFFERED 267
TABLE 144 CARRIER GLOBAL CORPORATION: DEALS 269
11.3.3 DANFOSS 270
11.3.4 TRANE TECHNOLOGIES 271
11.3.5 BOSCH THERMOTECHNIK GMBH 272
11.3.6 VIESSMANN GROUP 273
11.3.7 DANDELION ENERGY 274
*Details on Business Overview, Products, Recent Developments, MnM View might not be captured in case of unlisted companies.
12 APPENDIX 275
12.1 INSIGHTS FROM INDUSTRY EXPERTS 275
12.2 DISCUSSION GUIDE 276
12.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 283
12.4 CUSTOMIZATION OPTIONS 285
12.5 RELATED REPORTS 285
12.6 AUTHOR DETAILS 286
