The global geothermal market was valued at US$4.6 billion in 2018 and is expected to reach US$6.8 billion by 2026, at a CAGR of 5.0% from 2019 to 2026.
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The report includes the global total market revenue with historical analysis and key figures including total revenue, total sales, major products, motor drives, and challenges.
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Geothermal energy, which falls under the category of renewable energy sources, is used to generate geothermal electricity. Using this alternative energy source will help reduce fossil fuel consumption and greenhouse gas emissions.
The global geothermal market is expected to expand during the forecast period, due to the stringent regulations in place in many countries and numerous policies put in place by many governments to focus on addressing climate change in both developing and developed countries.
During the pandemic, the global geothermal power generation market shrank. The global economy has been hampered by the pandemic. In addition to supply chain management issues, lockdowns and curfews have also slowed construction of geothermal facilities.
Many geothermal power plants have closed due to financial uncertainty. During the pandemic, the seven geothermal projects in Turkey were also put on hold.
Many countries will invest in geothermal electricity because building a geothermal power plant also helps reduce carbon emissions.
Various strict rules set by the governments of different countries are driving the growth of the geothermal market worldwide.
Fossil fuel scarcity and increasing greenhouse gas emissions are other factors driving the market expansion. The market is expected to expand due to high volatility in fossil fuel prices.
Due to the low cost and high capacity of geothermal energy, the market is expected to expand throughout the forecast period. There is a need for this energy source as a result of all these factors. The market is expanding due to the increasing demand for clean and environmentally friendly sources.
The increasing demand for electricity around the world is also a contributing factor to the increase in the demand for geothermal energy. Accordingly, a number of countries have turned to clean and renewable energy sources, among which is geothermal energy.
Average growth rate of 2% annually
Energy production from geothermal sources is expected to increase at an average rate of 2% annually, according to the International Energy Agency (IEA) Geothermal Energy Report released in November 2021.
Turkey, Kenya and Indonesia emerged as the major markets driving the need for geothermal energy globally. Besides North America and Europe, other countries from the Asia Pacific region are also contributing to the significant expansion of geothermal energy due to its lower cost.