Geothermal Energy Market

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

Report Code: EP 8539 Jan, 2023, by marketsandmarkets.com

[286 Pages Report] The global geothermal energy market size was valued at $6.6 Billion in 2021, and geothermal energy industry is projected to reach $9.4 billion by 2027, growing at a CAGR of 5.9% from 2022 to 2027. In recent times, the geothermal energy market has been experiencing fast growth due to the confluence of favorable factors: firstly, real growing demand for renewable sources of energy impelled by the dire need to reduce carbon emissions and counter climate change, and secondly, improved technology for drilling and enhanced geothermal systems that increased economic feasibility in the exploitation of geothermal resources even from locations considered non-viable. The market is also benefiting from an increase in awareness of the dependability of geothermal energy, and the fact that baseload power supply can be effectively and reliably delivered with it-something many other renewable sources, like solar and wind, are incapable of doing. Moreover, increasing demand for constant power supply among residential, commercial, and industrial sectors, and growing demand for electricity generation through sustainable means in industries are the major driving factor for the geothermal energy market.

Geothermal Energy Market

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Geothermal Energy Market Dynamics

Driver: Rising demand for power generation through sustainable means

Conventional geothermal resources currently exploited technologies are dominated by the following in the generation of geothermal electricity: dry steam plants, single flash plants, double flash plants, triple flash plants, binary plants, and combined cycle or hybrid plants. As high-quality conventional resources become increasingly inaccessible, deeper resources may become accessible in the future through the development of enhanced geothermal systems.

The installed capacity of geothermal power generation stood at 15,960 MW by the end of 2021.

Additional capacity was added in several countries apart from Colombia and Taiwan, which have added geothermal power newly in the year. The US is the leading producer of geothermal electricity in the world. In 2021, geothermal power plants in California, Nevada, Utah, Oregon, Hawaii, Idaho and New Mexico produced about 16.2 billion kilowatt-hours (kWh) equal to about 0.4% of total US utility-scale electricity generation. By 2050, geothermal power output in and outside of the western part of the US could be greatly increased to provide 60+ gigawatts electric (GWe) of reliable, flexible clean energy.

Restraint: Lack of exploration and drilling techniques

Well drilling, construction, and operation in these harsh geothermal environments require advanced techniques and technologies relative to the drilling of water or oil and gas. The process of drilling a geothermal well is plagued with lost circulation, nonproductive time due to trips, and inefficiencies brought about by low rates of penetration and damaging drilling dynamics. Enhancement of the efficiency of drilling and system performance is very slow, while upfront drilling cost keeps growing significantly. Because drilling operations comprise a major part of the cost of geothermal development, more efficient drilling can reduce risk and cost to help increase near-term geothermal development. Private companies are working to advance high-temperature/ hard-rock geothermal drilling technology. Currently, the average geothermal drilling rate of hard rock and crystalline formations is about 125 ft/day; this compares to larger and more economical wells drilled for the petroleum industry, which makes geothermal drilling relatively slow and costly. Unlike relatively short-lived oil and gas wells, geothermal wells are expected to have a multi-decadal life-span under continuous operation in aggressive conditions and therefore need well materials-casing and cement backing-capable of surviving for many years at temperatures over 300°C and in high saline fluid conditions >1M.

Similarly, collection of downhole data in the oil and gas industry has been reducing time for drilling and its cost while increasing the rate of penetration by 35%–55%. Geothermal drilling can be optimized through new technologies in sensing and electronics, which can reduce time by 50%. New downhole drilling and data collection tools need to be developed using new materials and designs that would provide enhanced temperature and pressure capability for these instruments in high-temperature geothermal wells (>250°C). Current downhole sensor technology has a reliability problem over 150°C, while the predicted drilling environments for geothermal applications exceed 400°C.

Opportunities: Geothermal potential for low- and medium-temperature resources

Geothermal energy from low-to-moderate temperatures is considered to be heat derived from the geothermal fluid in the ground at temperatures of 300°F (150°C) or less. These systems represent a large energy resource for the world, but are economically challenging for electric power generation. In addition to the challenges facing all geothermal development, including exploration, permitting, financing, and operation, the low-temperature resources have low exergy and corresponding efficiencies for converting the heat to electricity. This means that certain low-temperature resources may be used in binary cycle electricity generating technology. Most of the geothermal resources presently used are being applied to direct-use applications, including space heating, district heating, greenhouses, fisheries, mineral recovery, and industrial process heat. The low-temperature geothermal energy resources can be utilized by different community customers such as urban centers, rural areas, and remote communities. Very low-temperature geothermal energy can be recovered from heat sources under 30°C.

This geothermal energy can be utilized for heating applications via heat pumps. These applications include homes, apartments, and commercial buildings such as offices and malls. These days, urban planners are increasingly making use of very low-temperature geothermal resources for the heating and cooling of large complexes. Low-temperature resources have the potential to contribute largely toward the global geothermal portfolio. According to the US Geological Survey, there are about 120,000 megawatts of undeveloped low-temperature geothermal resources in the US. These generally occur in the eastern US states. In 2021, the US DoE announced ~USD 15 million for research and development to help grow US low-to-moderate temperature geothermal resources and coproduced resources. The government is striving for wide production of low-temperature power through advances in surface and down-hole technology, better education and outreach, and a greater collaboration between the government and industry. Very low-temperature geothermal energy has increasingly been applied globally by urban planners for heating and cooling large complexes. Low-temperature resources stand to have a high prospect of making fairly sufficient contributions to the geothermal global portfolio.

Challenges: Environmental disruptions have caused various challenges to the process of geothermal energy extraction

Funding and availability of regulatory agency staff to approve and process geothermal lease nominations could also extend timelines, particularly when there is a need for engagement with separate federal and state land management agencies. Geothermal development timelines also depend on the review and processing stages related to federal permitting. Staff experiences and processes vary between federal and state permitting offices. At the federal level, in areas with active geothermal projects, field office federal leasing and permitting staff may have experience with geothermal development, while those in other areas without projects may not have enough experience to process new applications. In areas with experienced staff, delays may also occur because geothermal experts cannot be made available due to competing priorities or other reasons. Data from each of these phases in the geothermal exploration and resource confirmation helps dictate whether and how to proceed with development. To date, each of these phases in the process of geothermal development may require sequential environmental reviews under existing processes. The length and number of environmental reviews required for one geothermal project have an impact on the deployment of geothermal resources.

More than 40% of the United States geothermal electricity capacity is located on leases issued by the Bureau of Land Management. Geothermal projects on federally managed land in the United States can be subjected to NEPA environmental review process at least six times from agency land-use planning through the construction of a power plant and associated transmission infrastructure. Various reviews and NEPA analyses make confirmation of the resource more costly and risky. The delay and the need for additional steps may result in a 5–7-year period—rather than a 1–3-year period—until a permit applicant has a bankable geothermal development. Legislation is in place at the federal level, Bund, as well as at state, Länder, level.

Geothermal energy in Germany is regulated by the Federal Mining Act Bundesberggesetz. The legal regulations of the geothermal operations in France are based upon two main decrees. Decree 77-620 of 16 June 1977 added a new title "Low temperature geothermal deposits" to the Mining Law (Code Minier) introducing an obligation to obtain an exploration permit before drilling and an exploitation permit before starting up production. Decree 74-498 of 24 March 1978 defined laws relative to "Geothermal prospecting and exploitation licenses". According to the said decrees, the geothermal resources are considered concessible and therefore assimilated into mines. All drillings deeper than 100m are ruled by the Mining Code and thus subject to a declaration to the competent authority, Direction Regionale de l'Industrie, de la Recherche et de l'Environnement (DRIRE), which is linked to the Ministry of Industry through Direction Générale de l'Energie et des Matières Premières (DGEMP). In Hungary, issues about geothermal development are covered under the following separate laws: Mining Law, no. XLVIII, 1993; Water Management Law, no. LVII, 1995; Concession Law, no. XI, 1991. In thermal water use, the components of water, production well(s), and land property are dealt with by different laws.

Market Trends

Geothermal Energy Market

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Commercial Heating and Cooling segment, by application, is expected to grow at the highest CAGR during the forecast period

Application-wise, the geothermal energy market is segmented into power-generation, residential heating and cooling, commercial heating and cooling, and others. In commercial, Geothermal Energy is mainly utilized for commercial applications like space and water heating. Due to the continuous adoption of geothermal energy in the office buildings to reduce electricity consumption. Many of the warehouses used geothermal energy to heat up asphalt to desired temperatures. Demand for energy by smaller business establishments for heating and cooling purposes supports the growth in the geothermal market for commercial heating and cooling.

By Temperature, the low temperature segment is expected to be the second-largest during the forecast period

The geothermal energy market can be categorized into three broad groups according to temperature: low temperature, medium temperature, and high temperature. Generally, low-temperature geothermal resources are used directly for heating and recreation applications. Geothermal heat can almost be tapped anywhere in the world and used directly as a source of heat. This heat energy is mainly found in pockets of low-temperature zones that are normally found a few meters below ground. People have used these pockets of geothermal energy for cooking, comfort, and healing since time immemorial. Growth in the low temperature segment is attributed to easy availability through vents and geysers, and an increase in adaptation of geothermal heat pumps at home.

Asia Pacific is expected to be the largest geothermal energy market during the forecast period

The Asia-Pacific region is expected to be the largest in the geothermal energy market in 2021 and is also the fastest-growing region. Most of the countries in the region of Asia-Pacific are now focusing on the geothermal energy to meet the ever-increasing demand of electricity and also to accomplish the net zero emission goal of CO2. Geothermal resources are aplenty in Indonesia, New Zealand, and other Asia-Pacific countries and can be gainfully employed as sources of climate-friendly energy in all weathers. Large investments are thus being made, both by the governments and private companies.

Geothermal Energy Market

Key Market Players

The geothermal energy market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global geothermal energy market include Ormat (US), Mitsubishi Heavy Industries (Japan), Baker Hughes Company (US), NIBE Group (Sweden), and SLB (US). Strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions are followed by these companies to increase their market share.

Geothermal Energy Market Report Scope

Report Coverage

Details

Market size:

USD 7.0 billion in 2022 to USD 9.4 billion by 2027

Growth Rate:

5.9%

Largest Market:

Asia Pacific

Market Dynamics:

Drivers, Restraints, Opportunities & Challenges

Forecast Period:

2022-2027

Forecast Units:

Value (USD Billion)

Report Coverage:

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered: 

Geothermal Energy Market by Technology, Temperature, Application, and Region

Geographies Covered:

Asia Pacific, North America, Europe, Latin America, and Middle East and Africa

Report Highlights:

 

Updated financial information / product portfolio of players

Key Market Opportunities:

Emergence of advanced technologies and rise of Geothermal 2.0

Key Market Drivers:

Rising demand for power generation through sustainable means

This research report categorizes the market by technology, temperature, application, and region

On the basis of technology, the geothermal energy market has been segmented as follows:
  • Binary Cycle Plants
  • Flash Steam Plants
  • Dry Steam Plants
  • Ground Source Heat Pumps
  • Direct Systems
  • Others
On the basis of temperature, the geothermal energy market has been segmented as follows:
  • Low Temperature (Up to 900C)
  • Medium Temperature (900C – 1500C)
  • High Temperature (Above 1500C)
On the basis of application, the geothermal energy market has been segmented as follows:
  • Power Generation
  • Residential Heating and Cooling
  • Commercial Heating and Cooling
On the basis of region, the market has been segmented as follows:
  • Asia Pacific
  • Europe
  • North America
  • Middle East & Africa
  • South America

Recent Developments

  • Ormat announced in July 2022 that the Casa Diablo-IV (CD4) 30 MW geothermal power plant had reached commercial operation. Under a 10-year PPA, the CD4 facility provides 7 MW of geothermal power to each of the Community Choice Aggregators, Silicon Valley Clean Energy, and Central Coast Community Energy. The facility also provides 16 MW of geothermal power to the Southern California Public Power Authority under a 25-year agreement.
  • In March 2021, Ormat introduced a new high-performance between-bearings turbine. The company has employed the classical radially split casing design to support the turbine rotor between axially spaced bearings for its new product.
  • In May 2021, Iberdrola and Mitsubishi Power, the energy solutions subsidiary of Mitsubishi Heavy Industries, agreed to a collaboration deal for the joint development of competitive, clean, safe energy solutions based on renewable energy. This would drive the decarbonization of industrial production in various parts of the world.
  • In May 2022, Baker Hughes Company announced an investment in San Francisco-based GreenFire Energy Inc., a firm dealing with the development of closed-loop Advanced Geothermal Systems. The companies will accelerate the development of geothermal resources by retrofitting both existing non-producing geothermal and oil and gas wells to closed-loop heat-producing wells for power generation and direct-use applications. Additionally, Baker Hughes and GreenFire Energy will be involved in project feasibility analyses, the installation of systems, and the development of projects worldwide.
  • SLB launched the GeoSphere 360 3D reservoir mapping-while-drilling service at IPTC last February 2022. This uses very advanced cloud and digital solutions to provide real-time 3D profiling of reservoir objects. It serves to enhance an understanding of the reservoir and then permits improved well placement with returns from complex reservoirs.

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 20)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
    1.3 INCLUSIONS & EXCLUSIONS 
           1.3.1 GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY: INCLUSIONS & EXCLUSIONS
           1.3.2 MARKET, BY TEMPERATURE: INCLUSIONS & EXCLUSIONS
           1.3.3 MARKET, BY APPLICATION: INCLUSIONS & EXCLUSIONS
    1.4 MARKET SCOPE 
           1.4.1 GEOTHERMAL ENERGY MARKET: SEGMENTATION
           1.4.2 REGIONAL SCOPE
           1.4.3 YEARS CONSIDERED
    1.5 UNITS CONSIDERED 
    1.6 CURRENCY CONSIDERED 
    1.7 RECESSION IMPACT 
    1.8 SUMMARY OF CHANGES 
    1.9 LIMITATIONS 
    1.10 STAKEHOLDERS 
 
2 RESEARCH METHODOLOGY (Page No. - 26)
    2.1 RESEARCH DATA 
           FIGURE 1 GEOTHERMAL ENERGY MARKET: RESEARCH DESIGN
    2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 
           FIGURE 2 DATA TRIANGULATION METHODOLOGY
           2.2.1 SECONDARY DATA
                    2.2.1.1 Key data from secondary sources
           2.2.2 PRIMARY DATA
                    2.2.2.1 Key data from primary sources
                    2.2.2.2 Breakdown of primaries
    2.3 SCOPE 
           FIGURE 3 MAIN METRICS CONSIDERED TO CONSTRUCT AND ASSESS DEMAND FOR GEOTHERMAL ENERGY SYSTEMS
    2.4 MARKET SIZE ESTIMATION 
           2.4.1 DEMAND-SIDE ANALYSIS
                    FIGURE 4 GEOTHERMAL ENERGY MARKET: REGION-WISE ANALYSIS
                    2.4.1.1 Calculation
                    2.4.1.2 Assumptions
           2.4.2 SUPPLY-SIDE ANALYSIS
                    FIGURE 5 MARKET: SUPPLY-SIDE ANALYSIS
                    FIGURE 6 KEY METRICS CONSIDERED TO ASSESS SUPPLY OF GEOTHERMAL ENERGY SYSTEMS
           2.4.3 FORECAST
 
3 EXECUTIVE SUMMARY (Page No. - 36)
    TABLE 1 GEOTHERMAL ENERGY MARKET SNAPSHOT 
    FIGURE 7 BINARY CYCLE PLANTS SEGMENT TO LEAD MARKET, BY TECHNOLOGY, DURING FORECAST PERIOD 
    FIGURE 8 MEDIUM TEMPERATURE SEGMENT TO REGISTER HIGHEST CAGR IN MARKET, BY TEMPERATURE, DURING FORECAST PERIOD 
    FIGURE 9 POWER GENERATION SEGMENT TO DOMINATE MARKET, BY APPLICATION, DURING FORECAST PERIOD 
    FIGURE 10 ASIA PACIFIC TO ACCOUNT FOR LARGEST SHARE OF MARKET BETWEEN 2022 AND 2027 
 
4 PREMIUM INSIGHTS (Page No. - 40)
    4.1 ATTRACTIVE OPPORTUNITIES FOR GEOTHERMAL ENERGY MARKET PLAYERS 
           FIGURE 11 FAVORABLE RENEWABLE ENERGY POLICIES TO DRIVE MARKET DURING 2022–2027
    4.2 MARKET, BY REGION 
           FIGURE 12 ASIA PACIFIC MARKET TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
    4.3 MARKET, BY TECHNOLOGY 
           FIGURE 13 BINARY CYCLE PLANTS SEGMENT DOMINATED MARKET IN 2021
    4.4 MARKET, BY TEMPERATURE 
           FIGURE 14 MEDIUM TEMPERATURE SEGMENT ACCOUNTED FOR LARGEST SHARE OF MARKET IN 2021
    4.5 MARKET, BY APPLICATION 
           FIGURE 15 POWER GENERATION SEGMENT HELD LARGEST SHARE OF MARKET IN 2021
 
5 MARKET OVERVIEW (Page No. - 43)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 16 GEOTHERMAL ENERGY MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Surging demand for ground source/geothermal heat pumps
                               FIGURE 17 ENERGY CONSUMPTION IN US, BY SECTOR, 2021
                               FIGURE 18 AIR CONDITIONING USAGE IN US HOUSEHOLDS, 2001–2020
                    5.2.1.2 Favorable government policies and initiatives
                               FIGURE 19 GEOTHERMAL TECHNOLOGIES OFFICE FISCAL YEAR APPROPRIATIONS IN US, 2012–2021
                    5.2.1.3 Use of geothermal energy for power generation
                               FIGURE 20 GLOBAL CUMULATIVE GEOTHERMAL ELECTRICITY GENERATION CAPACITY, 2015–2021
                               FIGURE 21 GEOTHERMAL ELECTRICITY CAPACITY (MW), BY COUNTRY, 2021
                    5.2.1.4 Focus on addressing climate crisis and reducing greenhouse gas emissions
                               FIGURE 22 GREENHOUSE GAS AND CO2 EMISSIONS IN US, 2010–2021
           5.2.2 RESTRAINTS
                    5.2.2.1 High growth of solar, wind, gas, and other alternative renewable energy sources
                               FIGURE 23 GLOBAL INSTALLED POWER GENERATION CAPACITY, BY SOURCE, 2015–2021
                    5.2.2.2 Lack of exploration and drilling techniques required to identify and develop undiscovered geothermal resources
                    5.2.2.3 Expensive geothermal well drilling leading to high upfront project costs
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Emergence of advanced technologies and rise of Geothermal 2.0
                    5.2.3.2 Co-production and conversion of oil and gas wells for geothermal energy
                               TABLE 2 MAJOR DEVELOPMENTS PERTAINING TO USE OF OIL AND GAS WELLS FOR GEOTHERMAL INSTALLATIONS
                    5.2.3.3 Geothermal potential for low- and medium-temperature resources
                    5.2.3.4 Mineral extraction using geothermal energy
           5.2.4 CHALLENGES
                    5.2.4.1 Acquisition of power purchase agreements (PPAs)
                    5.2.4.2 Multiple environmental reviews and assessments associated with geothermal projects
                               FIGURE 24 EXAMPLE OF TIMELINE OF GEOTHERMAL PROJECT ON FEDERAL LANDS
                    5.2.4.3 Absence of geothermal professionals, consultants, and businesses
                               TABLE 3 PERSONNEL REQUIREMENTS IN DIFFERENT STAGES OF GEOTHERMAL DEVELOPMENT (50 MW)
    5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
           5.3.1 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR GEOTHERMAL ENERGY SYSTEM PROVIDERS
                    FIGURE 25 REVENUE SHIFTS FOR GEOTHERMAL ENERGY SYSTEM PROVIDERS
    5.4 MARKET MAP 
           FIGURE 26 MARKET MAP: GEOTHERMAL ENERGY MARKET
           TABLE 4 MARKET: ROLE IN ECOSYSTEM
    5.5 SUPPLY CHAIN ANALYSIS 
           5.5.1 SUPPLY CHAIN ANALYSIS OF GEOTHERMAL COMBINED HEAT AND POWER GENERATION
                    FIGURE 27 SUPPLY CHAIN ANALYSIS: GEOTHERMAL COMBINED HEAT AND POWER GENERATION
                    5.5.1.1 Exploration & feasibility
                    5.5.1.2 Development
                    5.5.1.3 Drilling
                    5.5.1.4 Front-end engineering and design (FEED)
                    5.5.1.5 Manufacturing
                    5.5.1.6 Construction/Engineering, procurement, and construction (EPC)
                    5.5.1.7 Operations and maintenance
           5.5.2 SUPPLY CHAIN ANALYSIS OF MARKET FOR GROUND SOURCE/GEOTHERMAL HEAT PUMPS
                    FIGURE 28 SUPPLY CHAIN ANALYSIS: GEOTHERMAL ENERGY MARKET – GROUND SOURCE/GEOTHERMAL HEAT PUMPS
                    5.5.2.1 Raw material suppliers
                    5.5.2.2 Original equipment manufacturers (OEMs)
                    5.5.2.3 Distributors
                    5.5.2.4 End Users
    5.6 KEY CONFERENCES & EVENTS, 2022–2023 
           TABLE 5 MARKET: LIST OF CONFERENCES & EVENTS
    5.7 CODES, POLICIES, AND REGULATIONS 
           5.7.1 CODES, POLICIES, AND REGULATIONS RELATED TO GEOTHERMAL ENERGY SYSTEMS
                    TABLE 6 GEOTHERMAL ENERGY SYSTEMS: CODES AND REGULATIONS
           5.7.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 7 GLOBAL: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 8 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 9 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 10 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 11 REST OF THE WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    5.8 PATENT ANALYSIS 
           TABLE 12 GEOTHERMAL ENERGY SYSTEMS: INNOVATIONS AND PATENT REGISTRATIONS, APRIL 2015–MAY 2022
    5.9 PORTER’S FIVE FORCES ANALYSIS 
           FIGURE 29 GEOTHERMAL ENERGY MARKET: PORTER’S FIVE FORCES ANALYSIS
           TABLE 13 MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.9.1 THREAT OF SUBSTITUTES
           5.9.2 BARGAINING POWER OF SUPPLIERS
           5.9.3 BARGAINING POWER OF BUYERS
           5.9.4 THREAT OF NEW ENTRANTS
           5.9.5 INTENSITY OF COMPETITIVE RIVALRY
    5.10 CASE STUDY ANALYSIS 
           5.10.1 ENERGY-EFFICIENT GEOTHERMAL HEATING AND COOLING AT DETACHED HOUSE IN WESTHOFFEN, FRANCE
                    5.10.1.1 Problem statement
                    5.10.1.2 Solution
           5.10.2 ELDERLY ACCOMMODATION CENTER IN MEUNG SUR LOIRE, FRANCE, USES GEOTHERMAL ENERGY FOR HEATING AND COOLING
                    5.10.2.1 Problem statement
                    5.10.2.2 Solution
           5.10.3 CHÂTEAU PONTET-CANET WINERY SUSTAINABLY USES GEOTHERMAL ENERGY AT VINEYARD
                    5.10.3.1 Problem statement
                    5.10.3.2 Solution
           5.10.4 MITSUBISHI HEAVY INDUSTRIES SUPPORTS GEOTHERMAL DEVELOPMENT IN KENYA
                    5.10.4.1 Problem statement
                    5.10.4.2 Solution
    5.11 GEOTHERMAL RESOURCES 
           5.11.1 GEOTHERMAL HEAT-PUMP RESOURCES
           5.11.2 HYDROTHERMAL RESOURCES
           5.11.3 UNCONVENTIONAL RESOURCES (ENHANCED GEOTHERMAL SYSTEMS)
    5.12 TECHNOLOGY ANALYSIS 
           5.12.1 ENHANCED GEOTHERMAL RESOURCES
           5.12.2 ADVANCED GEOTHERMAL RESOURCES
           5.12.3 CLOSED-LOOP GEOTHERMAL (CLG) ENERGY
           5.12.4 DISPATCHABLE GEOTHERMAL PLANTS
           5.12.5 UNDERGROUND THERMAL ENERGY STORAGE
    5.13 TRADE DATA 
                    FIGURE 30 GLOBAL IMPORT AND EXPORT SCENARIO FOR HS CODE 840681, 2018–2021 (USD BILLION)
                    TABLE 14 GLOBAL TRADE DATA FOR HS CODE 840681, 2018–2021 (USD MILLION)
                    FIGURE 31 GLOBAL IMPORT AND EXPORT SCENARIO FOR HS CODE 840682, 2018–2021 (USD BILLION)
                    TABLE 15 GLOBAL TRADE DATA FOR HS CODE 840682, 2018–2021 (USD MILLION)
                    FIGURE 32 GLOBAL IMPORT AND EXPORT SCENARIO FOR HS CODE: 841861, 2018–2021 (USD BILLION)
                    TABLE 16 GLOBAL TRADE DATA FOR HS CODE: 841861, 2018–2021 (USD MILLION)
    5.14 KEY STAKEHOLDERS & BUYING CRITERIA 
           5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 33 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END USER
                    TABLE 17 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END USER (%)
           5.14.2 BUYING CRITERIA
                    FIGURE 34 KEY BUYING CRITERIA FOR END USERS
                    TABLE 18 KEY BUYING CRITERIA, BY END USER
    5.15 AVERAGE CAPITAL EXPENDITURE PRICE TREND 
                    FIGURE 35 AVERAGE CAPEX OF DIFFERENT TYPES OF GEOTHERMAL POWER PLANTS IN VARIOUS REGIONS
                    TABLE 19 AVERAGE CAPEX OF DIFFERENT TYPES OF GEOTHERMAL POWER PLANTS IN VARIOUS REGIONS (USD/KW)
 
6 GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY (Page No. - 94)
    6.1 INTRODUCTION 
           FIGURE 36 MARKET, BY TECHNOLOGY, 2021
           TABLE 20 GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY, 2020–2027 (USD MILLION)
    6.2 BINARY CYCLE PLANTS 
           6.2.1 ABILITY TO UTILIZE MEDIUM-TEMPERATURE RESERVOIRS DRIVING MARKET
                    TABLE 21 BINARY CYCLE PLANTS: MARKET, BY REGION, 2020–2027 (USD MILLION)
    6.3 DRY STEAM PLANTS 
           6.3.1 LARGE INSTALLED BASE OF DRY STEAM TECHNOLOGY DRIVING MARKET
                    TABLE 22 DRY STEAM PLANTS: MARKET F, BY REGION, 2020–2027 (USD MILLION)
    6.4 FLASH STEAM PLANTS 
           6.4.1 FAVORABLE GOVERNMENT POLICIES AND MATURE TECHNOLOGY OF FLASH STEAM PLANTS TO SUPPORT MARKET GROWTH
                    TABLE 23 FLASH STEAM PLANTS: MARKET, BY REGION, 2020–2027 (USD MILLION)
    6.5 GROUND SOURCE HEAT PUMPS 
           6.5.1 LOW OPERATIONAL COST AND HIGH EFFICIENCY TO PROPEL ADOPTION
                    TABLE 24 GROUND SOURCE HEAT PUMPS: MARKET, BY REGION, 2020–2027 (USD MILLION)
    6.6 DIRECT SYSTEMS 
           6.6.1 SIMPLICITY AND EFFICIENCY OF DIRECT-USE SYSTEMS TO FUEL DEMAND
                    TABLE 25 DIRECT SYSTEMS: MARKET, BY REGION, 2020–2027 (USD MILLION)
    6.7 OTHERS 
           TABLE 26 OTHERS: MARKET, BY REGION, 2020–2027 (USD MILLION)
 
7 GEOTHERMAL ENERGY MARKET, BY TEMPERATURE (Page No. - 101)
    7.1 INTRODUCTION 
           FIGURE 37 MARKET, BY TEMPERATURE, 2021
           TABLE 27 GEOTHERMAL ENERGY MARKET, BY TEMPERATURE, 2020–2027 (USD MILLION)
    7.2 LOW TEMPERATURE (LESS THAN 90°C) 
           7.2.1 LOW-TEMPERATURE GEOTHERMAL RESOURCES USED FOR DIRECT APPLICATIONS
                    TABLE 28 LOW TEMPERATURE: MARKET, BY REGION, 2020–2027 (USD MILLION)
    7.3 MEDIUM TEMPERATURE (90–150°C) 
           7.3.1 MEDIUM-TEMPERATURE FIELDS INCREASINGLY USED FOR ELECTRICITY GENERATION
                    TABLE 29 MEDIUM TEMPERATURE: MARKET, BY REGION, 2020–2027 (USD MILLION)
    7.4 HIGH TEMPERATURE (ABOVE 150°C) 
           7.4.1 HIGH-TEMPERATURE GEOTHERMAL ENERGY FOUND IN VOLCANIC AND SEISMICALLY ACTIVE REGIONS
                    TABLE 30 HIGH TEMPERATURE: MARKET, BY REGION, 2020–2027 (USD MILLION)
 
8 GEOTHERMAL ENERGY MARKET, BY APPLICATION (Page No. - 105)
    8.1 INTRODUCTION 
           FIGURE 38 GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2021
           TABLE 31 MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
    8.2 POWER GENERATION 
           8.2.1 SURGING DEMAND FOR SUSTAINABLE ENERGY DRIVING MARKET
                    TABLE 32 POWER GENERATION: MARKET, BY REGION, 2020–2027 (USD MILLION)
    8.3 RESIDENTIAL HEATING & COOLING 
           8.3.1 TOWERING ENERGY COST TO PROMPT RESIDENTIAL SECTOR TO ADOPT GEOTHERMAL ENERGY
                    TABLE 33 RESIDENTIAL HEATING & COOLING: MARKET, BY REGION, 2020–2027 (USD MILLION)
    8.4 COMMERCIAL HEATING & COOLING 
           8.4.1 ADOPTION OF GEOTHERMAL ENERGY BY SMALL BUSINESSES TO PROPEL MARKET
                    TABLE 34 COMMERCIAL HEATING & COOLING: MARKET, BY REGION, 2020–2027 (USD MILLION)
    8.5 OTHERS 
           TABLE 35 OTHERS: MARKET, BY REGION, 2020–2027 (USD MILLION)
 
9 GEOTHERMAL ENERGY MARKET, BY REGION (Page No. - 110)
    9.1 INTRODUCTION 
           FIGURE 39 MARKET IN NORTH AMERICA TO GROW AT HIGHEST CAGR FROM 2022 TO 2027
           FIGURE 40 GEOTHERMAL ENERGY MARKET SHARE, IN TERMS OF VALUE, BY REGION, 2021 (%)
           TABLE 36 MARKET, BY REGION, 2020–2027 (USD MILLION)
           TABLE 37 MARKET, BY REGION, 2020–2027 (MWE)
    9.2 ASIA PACIFIC 
           FIGURE 41 ASIA PACIFIC: GEOTHERMAL ENERGY MARKET SNAPSHOT
           TABLE 38 ASIA PACIFIC: MARKET, BY TECHNOLOGY, 2020–2027 (USD MILLION)
           9.2.1 ASIA PACIFIC: RECESSION IMPACT
                    TABLE 39 ASIA PACIFIC: MARKET, BY TEMPERATURE, 2020–2027 (USD MILLION)
                    TABLE 40 ASIA PACIFIC: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                    TABLE 41 ASIA PACIFIC: MARKET, BY COUNTRY, 2020–2027 (USD MILLION)
           9.2.2 CHINA
                    9.2.2.1 Plans to increase installed geothermal power capacity to propel market
                               TABLE 42 CHINA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
           9.2.3 JAPAN
                    9.2.3.1 Widespread use of geothermal energy to boost market
                               TABLE 43 JAPAN: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
           9.2.4 INDONESIA
                    9.2.4.1 Supportive government policies to encourage market growth
                               TABLE 44 INDONESIA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
           9.2.5 PHILIPPINES
                    9.2.5.1 Favorable geological conditions and high opportunities for investment in geothermal energy to drive market
                               TABLE 45 PHILIPPINES: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                    9.2.5.2 New Zealand
                               9.2.5.2.1 Investments in geothermal projects to push market
                               TABLE 46 NEW ZEALAND: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
           9.2.6 REST OF ASIA PACIFIC
                    TABLE 47 REST OF ASIA PACIFIC: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
    9.3 EUROPE 
           FIGURE 42 EUROPE: GEOTHERMAL ENERGY MARKET SNAPSHOT
           9.3.1 EUROPE: RECESSION IMPACT
                    TABLE 48 EUROPE: MARKET, BY TECHNOLOGY, 2020–2027 (USD MILLION)
                    TABLE 49 EUROPE: MARKET, BY TEMPERATURE, 2020–2027 (USD MILLION)
                    TABLE 50 EUROPE: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                    TABLE 51 EUROPE: MARKET, BY COUNTRY, 2020–2027 (USD MILLION)
           9.3.2 TURKEY
                    9.3.2.1 Geothermal Development Project to provide opportunities for market growth
                               TABLE 52 TURKEY: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
           9.3.3 GERMANY
                    9.3.3.1 Target of additional 100 geothermal projects by 2030 to accelerate market growth
                               TABLE 53 GERMANY: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
           9.3.4 ITALY
                    9.3.4.1 Increasing demand for geothermal heat pumps (GHPs) to drive market
                               TABLE 54 ITALY: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
           9.3.5 ICELAND
                    9.3.5.1 Abundance of geothermal resources to support market growth
                               TABLE 55 ICELAND: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
           9.3.6 REST OF EUROPE
                    TABLE 56 REST OF EUROPE: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
    9.4 NORTH AMERICA 
           9.4.1 NORTH AMERICA: RECESSION IMPACT
                    TABLE 57 NORTH AMERICA: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY, 2020–2027 (USD MILLION)
                    TABLE 58 NORTH AMERICA: MARKET, BY TEMPERATURE, 2020–2027 (USD MILLION)
                    TABLE 59 NORTH AMERICA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                    TABLE 60 NORTH AMERICA: MARKET, BY COUNTRY, 2020–2027 (USD MILLION)
           9.4.2 US
                    9.4.2.1 Increasing demand for geothermal heat pumps to favor market
                               TABLE 61 US: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
           9.4.3 CANADA
                    9.4.3.1 Favorable government policy framework to fuel market growth
                               TABLE 62 CANADA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
           9.4.4 MEXICO
                    9.4.4.1 Initiation of multiple geothermal projects to augment market growth
                               TABLE 63 MEXICO: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
    9.5 MIDDLE EAST & AFRICA 
           9.5.1 MIDDLE EAST & AFRICA: RECESSION IMPACT
                    TABLE 64 MIDDLE EAST & AFRICA: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY, 2020–2027 (USD MILLION)
                    TABLE 65 MIDDLE EAST & AFRICA: MARKET, BY TEMPERATURE, 2020–2027 (USD MILLION)
                    TABLE 66 MIDDLE EAST & AFRICA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                    TABLE 67 MIDDLE EAST & AFRICA: MARKET, BY COUNTRY, 2020–2027 (USD MILLION)
           9.5.2 KENYA
                    9.5.2.1 Presence of suitable geological sites and favorable government policies to promote market growth
                               TABLE 68 KENYA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
           9.5.3 SAUDI ARABIA
                    9.5.3.1 Supportive government policies and increasing investments in renewables to drive market
                               TABLE 69 SAUDI ARABIA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
           9.5.4 REST OF MIDDLE EAST & AFRICA
                    TABLE 70 REST OF MIDDLE EAST & AFRICA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
    9.6 SOUTH AMERICA 
           9.6.1 SOUTH AMERICA: RECESSION IMPACT
                    TABLE 71 SOUTH AMERICA: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY, 2020–2027 (USD MILLION)
                    TABLE 72 SOUTH AMERICA: MARKET, BY TEMPERATURE, 2020–2027 (USD MILLION)
                    TABLE 73 SOUTH AMERICA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                    TABLE 74 SOUTH AMERICA: MARKET, BY COUNTRY, 2020–2027 (USD MILLION)
           9.6.2 CHILE
                    9.6.2.1 Investments in new geothermal projects to foster market growth
                               TABLE 75 CHILE: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
           9.6.3 COLOMBIA
                    9.6.3.1 Changes in geothermal energy-related regulations to offer opportunities for market growth
                               TABLE 76 COLOMBIA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
 
10 COMPETITIVE LANDSCAPE (Page No. - 145)
     10.1 STRATEGIES ADOPTED BY KEY PLAYERS 
               TABLE 77 OVERVIEW OF KEY STRATEGIES ADOPTED BY TOP PLAYERS, FEBRUARY 2021– MAY 2022
     10.2 MARKET SHARE ANALYSIS OF TOP PLAYERS 
               TABLE 78 GEOTHERMAL ENERGY MARKET FOR SURFACE PLANT EQUIPMENT AND SERVICES: DEGREE OF COMPETITION
               FIGURE 43 MARKET FOR SURFACE PLANT EQUIPMENT AND SERVICES: MARKET SHARE ANALYSIS, 2021
               TABLE 79 MARKET FOR SUB-SURFACE EQUIPMENT AND SERVICES: DEGREE OF COMPETITION
               FIGURE 44 MARKET FOR SUB-SURFACE EQUIPMENT AND SERVICES: MARKET SHARE ANALYSIS, 2021
               TABLE 80 MARKET FOR GROUND SOURCE/GEOTHERMAL HEAT PUMPS: DEGREE OF COMPETITION
               FIGURE 45 MARKET FOR GROUND SOURCE/GEOTHERMAL HEAT PUMPS: MARKET SHARE ANALYSIS, 2021
     10.3 REVENUE ANALYSIS OF TOP MARKET PLAYERS 
               FIGURE 46 REVENUE OF TOP PLAYERS IN MARKET FROM 2017 TO 2021
     10.4 COMPANY EVALUATION QUADRANT 
             10.4.1 STARS
             10.4.2 PERVASIVE PLAYERS
             10.4.3 EMERGING LEADERS
             10.4.4 PARTICIPANTS
                       FIGURE 47 COMPETITIVE LEADERSHIP MAPPING: MARKET, 2021
     10.5 STARTUP/SME EVALUATION QUADRANT 
             10.5.1 PROGRESSIVE COMPANIES
             10.5.2 RESPONSIVE COMPANIES
             10.5.3 DYNAMIC COMPANIES
             10.5.4 STARTING BLOCKS
                       FIGURE 48 MARKET: START-UP/SME EVALUATION QUADRANT, 2021
             10.5.5 GEOTHERMAL ENERGY MARKET: COMPETITIVE BENCHMARKING
                       TABLE 81 MARKET: DETAILED LIST OF KEY SMES/STARTUPS
                       TABLE 82 MARKET: COMPETITIVE BENCHMARKING OF KEY SMES SMES/STARTUPS
     10.6 MARKET: COMPANY FOOTPRINT 
               TABLE 83 BY PLAYER’S ROLE IN SUPPLY CHAIN: COMPANY FOOTPRINT
               TABLE 84 BY APPLICATION: COMPANY FOOTPRINT
               TABLE 85 BY REGION: COMPANY FOOTPRINT
               TABLE 86 COMPANY FOOTPRINT
     10.7 COMPETITIVE SCENARIOS AND TRENDS 
               TABLE 87 GEOTHERMAL ENERGY MARKET: PRODUCT LAUNCHES, 2020–2022
               TABLE 88 MARKET: DEALS, FEBRUARY 2021
               TABLE 89 MARKET: OTHERS, JANUARY 2021– NOVEMBER 2021
 
11 COMPANY PROFILES (Page No. - 187)
(Business Overview, Products, Recent Developments, MnM View)*
     11.1 POWER PLANT EQUIPMENT PROVIDERS 
             11.1.1 ORMAT
                       TABLE 90 ORMAT: COMPANY OVERVIEW
                       FIGURE 49 ORMAT: COMPANY SNAPSHOT, 2021
                       TABLE 91 ORMAT: PRODUCTS OFFERED
                       TABLE 92 ORMAT: PRODUCT LAUNCHES
                       TABLE 93 ORMAT: DEALS
                       TABLE 94 ORMAT: OTHERS
             11.1.2 MITSUBISHI HEAVY INDUSTRIES
                       TABLE 95 MITSUBISHI HEAVY INDUSTRIES: COMPANY OVERVIEW
                       FIGURE 50 MITSUBISHI HEAVY INDUSTRIES: COMPANY SNAPSHOT, 2021
                       TABLE 96 MITSUBISHI HEAVY INDUSTRIES: PRODUCTS OFFERED
                       TABLE 97 MITSUBISHI HEAVY INDUSTRIES: DEALS
                       TABLE 98 MITSUBISHI HEAVY INDUSTRIES: OTHERS
             11.1.3 GENERAL ELECTRIC
                       TABLE 99 GENERAL ELECTRIC: COMPANY OVERVIEW
                       FIGURE 51 GENERAL ELECTRIC: COMPANY SNAPSHOT, 2021
                       TABLE 100 GENERAL ELECTRIC: PRODUCTS OFFERED
             11.1.4 ANSALDO ENERGIA
                       TABLE 101 ANSALDO ENERGIA: COMPANY OVERVIEW
                       FIGURE 52 ANSALDO ENERGIA: COMPANY SNAPSHOT, 2021
                       TABLE 102 ANSALDO ENERGIA: PRODUCTS OFFERED
                       TABLE 103 ANSALDO ENERGIA: OTHERS
             11.1.5 FUJI ELECTRIC
                       TABLE 104 FUJI ELECTRIC: COMPANY OVERVIEW
                       FIGURE 53 FUJI ELECTRIC: COMPANY SNAPSHOT, 2021
                       TABLE 105 FUJI ELECTRIC: PRODUCTS OFFERED
                       TABLE 106 FUJI ELECTRIC: OTHERS
             11.1.6 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION
                       TABLE 107 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: COMPANY OVERVIEW
                       TABLE 108 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: PRODUCTS OFFERED
                       TABLE 109 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: DEALS
             11.1.7 SIEMENS ENERGY
                       TABLE 110 SIEMENS ENERGY: COMPANY OVERVIEW
                       FIGURE 54 SIEMENS ENERGY: COMPANY SNAPSHOT, 2021
                       TABLE 111 SIEMENS ENERGY: PRODUCTS OFFERED
                       TABLE 112 SIEMENS ENERGY: DEALS
                       TABLE 113 SIEMENS ENERGY: OTHERS
             11.1.8 EXERGY INTERNATIONAL SRL
             11.1.9 ALTAROCK ENERGY
     11.2 SUB-SURFACE EQUIPMENT AND SERVICE PROVIDERS 
             11.2.1 BAKER HUGHES COMPANY
                       TABLE 114 BAKER HUGHES COMPANY: COMPANY OVERVIEW
                       FIGURE 55 BAKER HUGHES COMPANY: COMPANY SNAPSHOT, 2021
                       TABLE 115 BAKER HUGHES COMPANY: PRODUCTS OFFERED
                       FIGURE 56 BAKER HUGHES COMPANY: SUPPLY CHANNEL ADOPTED
                       TABLE 116 BAKER HUGHES COMPANY: PRODUCT LAUNCHES
                       TABLE 117 BAKER HUGHES COMPANY: DEALS
             11.2.2 SLB
                       TABLE 118 SLB: COMPANY OVERVIEW
                       FIGURE 57 SLB: COMPANY SNAPSHOT, 2021
                       TABLE 119 SLB: PRODUCTS OFFERED
                       TABLE 120 SLB: PRODUCT LAUNCHES
                       TABLE 121 SLB: DEALS
                       TABLE 122 SLB: OTHERS
             11.2.3 HALLIBURTON
                       TABLE 123 HALLIBURTON: COMPANY OVERVIEW
                       FIGURE 58 HALLIBURTON: COMPANY SNAPSHOT, 2021
                       TABLE 124 HALLIBURTON: PRODUCTS OFFERED
                       TABLE 125 HALLIBURTON: PRODUCT LAUNCHES
                       TABLE 126 HALLIBURTON: DEALS
             11.2.4 NOV
                       TABLE 127 NOV: COMPANY OVERVIEW
                       FIGURE 59 NOV: COMPANY SNAPSHOT, 2021
                       TABLE 128 NOV: PRODUCTS OFFERED
                       TABLE 129 NOV: PRODUCT LAUNCHES
                       TABLE 130 NOV: OTHERS
             11.2.5 WEATHERFORD INTERNATIONAL
                       TABLE 131 WEATHERFORD INTERNATIONAL: COMPANY OVERVIEW
                       FIGURE 60 WEATHERFORD INTERNATIONAL: COMPANY SNAPSHOT, 2021
                       TABLE 132 WEATHERFORD INTERNATIONAL: PRODUCTS OFFERED
                       TABLE 133 WEATHERFORD INTERNATIONAL: PRODUCT LAUNCHES
                       TABLE 134 WEATHERFORD INTERNATIONAL: DEALS
                       TABLE 135 WEATHERFORD INTERNATIONAL: OTHERS
             11.2.6 WELLTEC
                       TABLE 136 WELLTEC: COMPANY OVERVIEW
                       FIGURE 61 WELLTEC: COMPANY SNAPSHOT, 2021
                       TABLE 137 WELLTEC: PRODUCTS OFFERED
                       TABLE 138 WELLTEC: DEALS
                       TABLE 139 WELLTEC: OTHERS
             11.2.7 MANNVIT
     11.3 GEOTHERMAL/GROUND SOURCE HEAT PUMP MANUFACTURERS AND SERVICE PROVIDERS 
             11.3.1 NIBE GROUP
                       TABLE 140 NIBE GROUP: COMPANY OVERVIEW
                       FIGURE 62 NIBE GROUP: COMPANY SNAPSHOT, 2021
                       TABLE 141 NIBE GROUP: PRODUCTS OFFERED
             11.3.2 CARRIER GLOBAL CORPORATION
                       TABLE 142 CARRIER GLOBAL CORPORATION: COMPANY OVERVIEW
                       FIGURE 63 CARRIER GLOBAL CORPORATION: COMPANY SNAPSHOT, 2021
                       TABLE 143 CARRIER GLOBAL CORPORATION: PRODUCTS OFFERED
                       TABLE 144 CARRIER GLOBAL CORPORATION: DEALS
             11.3.3 DANFOSS
             11.3.4 TRANE TECHNOLOGIES
             11.3.5 BOSCH THERMOTECHNIK GMBH
             11.3.6 VIESSMANN GROUP
             11.3.7 DANDELION ENERGY
*Details on Business Overview, Products, Recent Developments, MnM View might not be captured in case of unlisted companies.
 
12 APPENDIX (Page No. - 275)
     12.1 INSIGHTS FROM INDUSTRY EXPERTS 
     12.2 DISCUSSION GUIDE 
     12.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     12.4 CUSTOMIZATION OPTIONS 
     12.5 RELATED REPORTS 
     12.6 AUTHOR DETAILS 

The study involved major activities in estimating the current size of the geothermal energy market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.

Secondary Research

This research study on the geothermal energy market involved the use of extensive secondary sources, directories, and databases, such as Hoovers, Bloomberg, Businessweek, IEA Geothermal, International Energy Agency, and BP Statistical Review of World Energy, to identify and collect information useful for a technical, market-oriented, and commercial study of the market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.

Primary Research

The market comprises several stakeholders such as power plant manufacturers, ground source heat pump manufacturers, manufacturing technology providers, and technical support providers in the supply chain. The demand side of this market is characterized by the rising demand for geothermal energy in, power generation, residential heat & cooling, commercial heat & cooling, and others applications. The supply side is characterized by rising demand for contracts from the industrial sector, and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:

Geothermal Energy Market Size, and Share

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Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the geothermal energy market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and market have been identified through extensive secondary research, and their market share in the respective regions have been determined through both primary and secondary research.
  • The industry’s value chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Geothermal Energy Market Size: Bottom-Up Approach

Geothermal Energy Market Size, and Share

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Data Triangulation

After arriving at the overall market size from the estimation process explained above, the total market has been split into several segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments, the data triangulation and market breakdown processes have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.

Objectives of the Study

  • To define, describe, segment, and forecast the geothermal energy market on the basis of technology, temperature, application, and region
  • To provide detailed information on the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze the market with respect to individual growth trends, future expansions, and the contribution of each segment to the market
  • To analyze market opportunities for stakeholders and details of the competitive landscape for market leaders
  • To forecast the growth of the market with respect to the main regions (Asia Pacific, Europe, North America, South America, and Middle East & Africa)
  • To strategically profile key players and comprehensively analyze their market rankings and core competencies
  • To track and analyze competitive developments in the market, such as contracts and agreements, investments and expansions, new product developments, and mergers and acquisitions

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Report Code
EP 8539
Published ON
Jan, 2023
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