Global Geothermal Power Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Geothermal Power Market 2021 (Includes Business Impact of COVID-19)
Global Geothermal Power Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027 report has been recently generated by Trusted Business Insights, and offers in-depth insights, revenue details, and other vital information regarding the global geothermal power market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global geothermal power market report has been segmented on the basis of technology type and region.
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The global geothermal power market was valued at $5.07 billion in 2020, and is projected to reach $8.26 billion by 2030, growing at a CAGR of 5.0% from 2020 to 2030.

This report is based on synthesis, analysis, and interpretation of information gathered from various sources regarding the target market. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts, with the primary objective being to provide a holistic view of the target market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as current impact, in order to make informed forecasts about the scenarios in the near and distant future.

Introduction:

Geothermal power is power generated by geothermal energy. Technologies in use include dry steam power stations, flash steam power stations and binary cycle power stations.

Dynamics:

The global geothermal power market is expected to register significant growth owing to increasing awareness for the need of sustainable energy sources. Increasing concern of global warming is driving growth of renewable forms of energy, leading to growth of the global target market. In addition, increasing industrialization and urbanization across numerous developing markets such as Brazil, India, China and Mexico have led to an increasing demand for power generation. Rising manufacturing sector in these aforementioned markets is one of the primary factors driving electricity demand, which in turn is expected to drive growth of the global geothermal power market over the estimated time period. Moreover, increasing importance for reliable and renewable electricity generation is estimated to fuel the global geothermal power market growth. Increasing government initiatives in form of financial benefits, subsidies and tax rebates to support sustainable forms of energy are expected to fuel growth of the global market over the estimated time period. In addition, increasing private investment in energy sector is also expected to propel growth of the global market over the forecast period.

On the other hand, inadequate transmission infrastructure is a challenge and is expected to hinder growth of the global market over the estimated time period.

Increasing technological advancement and existence of numerous geothermal reserves is expected to create revenue opportunities for the players in the global market. In addition, increasing electricity demand from emerging economies is also expected to boost market growth over the forecast period.

The U.S. Department of Energy is expected to invest USD 4 million in financing six geothermal Deep Direct-Use (DDU) research projects to conduct feasibility research of low-temperature, deep-well, and large scale, geothermal systems, and surface technologies. These projects will help in extending the reach of geothermal energy into earlier untapped regions of the country.

Analysis by Region:

US Market in North America is a major producer of geothermal power and accounts for maximum share in terms of revenue in the global geothermal power market. Increasing geothermal project in the region, coupled with increasing expansion of the capacity of old plants is driving demand for geothermal power in the region, which in turn is expected to contribute to growth of the global market over the estimated time period. Market in Asia Pacific is also expected to witness substantial growth, owing to the increasing demand for electricity in the developing economies of the region.


Below are the active patents related to Geothermal Power Market.


Patent Number: AU2012365103B2

Geothermal heat exchanger and geothermal power generation device

Abstract

[Problem] To provide a geothermal heat exchanger and a geothermal power generation device with which steam can be obtained from high-temperature, high-pressure hot water extracted from underground without the adhesion of impurities to the device due to the steam that is used, thereby enabling a large-capacity and extremely efficient exchange of heat, and with which there is no adverse effect on the environment in the vicinity of the geothermal region. [Solution] A geothermal heat exchanger (1) has a pressurized water injection pipe (11), to which pressurized process water is supplied by a high-pressure water supply pump (17), and a hot water extraction pipe (12) which, with respect to the process water that descends to a geothermal region (10) through the pressurized water injection pipe (11), raises hot water produced by heat supplied from the geothermal region (10), in a state wherein the hot water does not include steam, with the hot water extracted from the hot water extraction pipe (12) being sent to a steam generator (21) and extracted as steam only within the steam generator (21). The pressurized water injection pipe (11) is arranged at the outer circumferential side of the hot water extraction pipe (12), and is constructed such that the hot water is transferred to the hot water extraction pipe (12) through inlet holes (15) provided in the lower portion of the pressurized water injection pipe (11).

Application File Date: 2012-12-28

Application Granted Date: 2016-08-04

Current Assignee: JAPAN NEW ENERGY Co Ltd

Global Geothermal Power Market Segmentation:

By Application

  
Power generation
  
District heating & cooling
  
Process heating & cooling

By Technology

  
Flash
  
Binary
  
Dry Stream

By Material

  
Molten salt
  
Water
  
Phase change material (PCM)
  
Others.

By Storage

  
Latent heat storage
  
Thermo chemical storage
  
Sensible heat storage

By Industry

  
Agriculture
  
Power Generation
  
Industry Automation

By End User

  
Industrial
  
Commercial
  
Residential
  
Utility


Key Market Players included in the report:


  
Aboitiz Power Corporation
  
Berkshire Hathaway Energy,
  
Calpine Corporation
  
Chevron Corporation,
  
Electricity Generating Company PLC
  
Enel Green Power S.p.A.
  
Energy Development Corporation
  
EthosEnergy Group
  
Fuji Electric Co. Ltd.
  
Gradient Resources,
  
Kenya Pertamina Geothermal Energy
  
Mitsubishi Gas Chemical Company Inc.
  
Ormat Technologies Inc.
  
Pertamina Geothermal Energy (PGE)
  
Terra-Gen Power LLC
  
ThermaSource LLC.
  
Toshiba Energy Systems & Solutions Corporation
  
US Geothermal


Below are the key development related to Geothermal Power Market in 2020 and 2021.


July 2021: Ormat Completed the Acquisition of TG Geothermal Portfolio, LLC; Increasing Its Total Operating Portfolio to 1.1 GW. Ormat Technologies, Inc. (NYSE: ORA) announces that it has closed the previously announced acquisition of TG Geothermal Portfolio, LLC, paying $171 million for 100% of the equity interests and assumed debt and associated lease obligations with a book value of approximately $206 million Following the acquisition, Ormat now owns and operates two geothermal power plants in Nevada at Dixie Valley and Beowawe, with a total net generating capacity of approximately 67.5 MW. In addition, Ormat now owns rights to Coyote Canyon, a greenfield development asset adjacent to Dixie Valley with high resource potential and an underutilized transmission line, capable of handling between 300MW and 400MW of 230KV electricity, connecting Dixie Valley to California. Source

April 2021: Oil & gas firm Strike Energy acquires all of the existing geothermal rights of the Perth Basin, Western Australia, via acquisition of Mid West Geothermal Power. Source

March 2021: Chevron Invests in Geothermal Development Company. Chevron Corporation (NYSE: CVX) announced an investment in Baseload Capital AB, a Sweden-based private investment company focused on development and operation of low-temperature geothermal and heat power assets. Heat power is an affordable form of renewable energy that can be harnessed from either geothermal resources or waste heat. This investment round includes existing Baseload Capital investors Breakthrough Energy Ventures and Sweden-based investment group Gullspang Invest AB. The Baseload investment follows last month’s announcement of funding for Eavor and expands Chevron’s capacity to gain insight into geothermal innovations such as low-temperature power generation and closed-loop. Chevron Technology Ventures (CTV) identifies externally developed technology with the potential to enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy now and into the future. The investments in Baseload and Eavor are financed by CTV’s Core Venture fund which identifies companies with technology that can add efficiencies to Chevron’s core business in operational enhancement, digitalization, and lower-carbon operations. In August, we announced that we were looking for a new strategic investor to help us accelerate deployment in our key markets. Source

March 2021: Atlantica Announces the Acquisition of a 135 MW Renewable Energy Plant in California. Atlantica Sustainable Infrastructure plc (NASDAQ: AY) (“Atlantica”), the sustainable infrastructure company that owns a diversified portfolio of contracted assets in the energy and environment sectors, announced that it has reached an agreement to acquire Coso Geothermal Power Holdings, LLC (“Coso”), a 135 MW geothermal power plant, from a consortium of investors (the “Consortium”) including Bardin Hill Investment Partners LP, Avenue Capital LP, Corre Partners Management, LLC and Voya Financial. As the third largest geothermal power plant in the United States, Coso plays a critical role in supporting California’s decarbonization efforts. Atlantica’s investment is expected to be approximately US $170 million1. Source

February 2021: Kaishan Compressor has spent USD5.1 million to buy its third geothermal project in Nevada from Berkshire Hathaway. The company paid $3.2 million for the project and $1.9 million for the land leasing contract. The company is working to transform itself from a large compressor equipment maker into a green energy firm. It is operating or has contracted to build geothermal projects in several countries, including Hungary and Kenya. The US is one of the world’s most important geothermal power markets, and after the Star Peak and Wabuska projects, Kaishan’s third project in Nevada will help it transform into a renewable energy equipment manufacturer. Source

January 2021: French renewable energy producer Albioma acquires a 75% stake in geothermal operator Gümüsköy in Turkey. The acquisition was done in cooperation with Turkish Egesim that acquired the remaining 25% stake. Source

September 2020: IGas announces 1st acquisition in geothermal energy sector. UK oil and gas exploration company IGas Energy plc (LON:IGAS) announced its first foray into geothermal energy with the acquisition of local company GT Energy UK Limited. The purchase is part of IGas diversification into the wider UK energy market. GT Energy is developing a 14-MW deep geothermal project in the Etruria Valley, Stoke-on-Trent, which is expected to supply heat under a long-term contract with Stoke-on-Trent City Council. Drilling and testing for the project is expected to begin in the second or third quarter of 2021, while the facility is expected to start operations by March 2022. The acquisition will create significant synergies, combining IGas expertise in well engineering, drilling and onshore operations with GT Energys deep geothermal project knowledge. In addition to completing the Stoke-on-Trent project, the two companies plan to build a pipeline of projects, taking advantage of IGas well stock and relationships in its operational areas. Source