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. Growing demand for geothermal heat pumps, and the rising use of geothermal energy for power generation are the driving factor for the geothermal energy market.
The geothermal energy market is served by a mix of large international and local players such as Ormat (US), Mitsubishi Heavy Industries (Japan), Baker Hughes Company (US), NIBE Group (Sweden), and SLB (US). Strategies such as contracts, agreements, partnerships, collaborations, and expansions are followed by these companies to increase their market share.
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Ormat is one of the leading vertically integrated companies primarily engaged in the geothermal energy power business. Ormat conducts its operations through three business segments, namely, Electricity, Product, and Energy Storage. The company's Electricity business segment, which represented 88.3 % of total sales in 2021, develops, builds, owns, and operates geothermal, solar PV, and recovered energy-based power plants in the US and geothermal power plants in other countries and sells the electricity they generate. The Electricity section provides geothermal and recovered energy-based electricity generation and remote power units. The company also provides as an EPC contractor for geothermal and recovered energy power plants on a turnkey basis. Ormat operates in over 100 countries across regions, namely, Europe, North America, South America, Asia, and the Middle East & Africa. It has more than 30 geothermal plants globally and operational projects in Chile, Costa Rica, Guadeloupe, Thailand, Austria, Iceland, Ethiopia, Guatemala, Philippines, New Zealand, Turkey, the US, Kenya, Indonesia, Japan, and many more countries.
Mitsubishi Heavy Industries is a Japanese multinational corporation specializing in shipbuilding, transportation systems, commercial aircraft, and power systems. The company offered its products and services to various end-use industries, such as energy, marine, automotive, defense, transportation, environment, and aerospace. The company operates its business through four segments namely, Energy Systems; Aircraft Defence & Space; Logistics, Thermal & Drive Systems; and Plants & Infrastructure Management. Through its Energy Systems business sector, the company provides Geothermal energy systems and services, accounting for 42.4% of the total revenue of the company in 2021. Under the Energy Systems business segment company offers thermal power generation systems (gas turbine combined cycle and steam power), nuclear power generation systems (light-water reactors, nuclear fuel cycle & advanced solutions), wind power generators, engines for aircraft, compressors, air quality control system, marine machinery, and renewable energy solutions. The company offers geothermal energy systems through the Mitsubishi Power and Turboden subsidiaries. The company has operations across Europe, North America, the Middle East, South America, Africa, and the Asia Pacific region. The corporation includes regional offices, warehouses, research and development facilities, and sales offices in over 150 countries worldwide.
The company has operations across Europe, North America, the Middle East, South America, Africa, and the Asia Pacific region. The corporation includes regional offices, warehouses, research and development facilities, and sales offices in over 100 countries worldwide. The company has 16 corporate technology facilities for research and development and production and quality assurance globally that optimize its business process.
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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