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Geothermal energy is heat that is produced beneath the earth's surface. It is transported to the Earth's surface via water and/or steam. It can be used to produce clean electricity or used for heating and cooling, depending on its properties.
Fortune Business Insights states that the market size for geothermal energy was USD 52.87 billion in 2020. The market is expected to grow from USD 55.80 billion in 2021 to USD 83.27 billion in 2028 at a 5.9% CAGR during 2021-2028.
The market for renewable energy has been adversely affected by the COVID-19 outbreak. Strict government regulations brought in severe supply chain disruptions across the globe. Travel restrictions also hinder import and export operations. Labor shortages were also a result of strict lockdowns in numerous areas. As a result, the industry suffered a decline in investment in planned projects, and numerous projects were delayed globally.
Below mentioned are the top 9 geothermal energy producing companies operating in the market.
Calpine is headquartered in Texas, U.S. It is America’s largest electricity generator from natural gas and geothermal resources with strong industrial, commercial, and residential retail operations in prime competitive power markets.
Ormat Technologies is a renewable power and energy solutions provider based in Nevada, U.S. The company offers clean, reliable solutions from recovered energy, geothermal power, and energy storage solutions.
In September 2021, Ormat Technologies announced the securing of Engineering and Procurement Contract (EPC) for the 30 MW geothermal power plant project located in Unalaska, Alaska, along with the Makushin Volcano project site. The EPC contract is worth USD 90 million.
Enel Green Power is headquartered in Rome, Italy, and has a strong foothold in renewable energy globally. The company currently operates more than 12,000 power plants in five continents, and it is already present in 21 countries across the globe. It has geothermal operational capacity of 0.92 GW worldwide.
Chevron is a major integrated oil & gas company headquartered in California, U.S. The company specializes in developing reliable, affordable, and cleaner energy. It functions in the value chain of oil & gas, including storage, production & exploration, pipeline, and refining.
The company is headquartered in Tokyo, Japan. The company has a significant presence in geothermal power generation. The company offers a wide range of power generation systems from 1 MW to 200 MW, and it is extensively working on improving the reliability and performance of geothermal turbines.
First Gen Corporation is one of the oldest and largest corporations in the Philippines. The company specializes in power generation and distribution based on renewable sources. It also works in manufacturing, infrastructure, and property development.
Mitsubishi Corporation is headquartered in Yokohama, Japan. It has a significant foothold in geothermal power generation and offers a wide range of products and services. The company is the first corporation to introduce the two-phase flow transportation system and the double flash cycle as technologies for geothermal power generations.
Fuji Electric is a ground-breaking company headquartered in Japan. The company has been involved in the geothermal business since 1960. It has specialized design and manufacturing technology for geothermal steam turbines and generators. The company has received 84 units of geothermal equipment orders.
KenGen is one of the leading geothermal energy companies headquartered in Kenya. The company has approximately 713 MW of installed geothermal capacity. Geothermal is one of the company's leading sources of energy generation after Hydro.
1. Geothermal Power Better for Environment
Most importantly, geothermal fields produce nearly zero emissions, and geothermal energy is gathered from the earth without utilizing fossil fuels.
2. Dependable Source of Renewable Energy
In comparison with other renewable energy sources, such as solar, wind, or biomass, geothermal energy has a number of advantages as well.
3. High Geothermal System Efficiency
Geothermal heat pump systems utilize up to 25% to 50% less electricity when compared to conventional systems for cooling or heating. With their adaptable design, they can be accustomed to multiple circumstances, needing less space for hardware set against conventional systems.
4. Minimal Upkeep of Geothermal System
The life duration of geothermal heat pump systems is relatively elevated because they hold a small amount of mobile components that are safeguarded inside a building.
1. Greenhouse Gas Emissions-related Environmental Issues
Geothermal energy unfortunately also raises a few small environmental issues, despite its image as an environmentally favorable alternate energy source.
2. Potential for Geothermal Resource Depletion
Additionally, although geothermal energy is seen as an ecological and renewable source of energy, it is likely that some regions would eventually cool off, making it difficult to continue harvesting the energy in future.
3. Geothermal System Investment Costs are High
The hefty opening cost for individual homes is another drawback. The cost increases significantly because one must install a complicated system in their home.
4. Required Land for Installation of Geothermal System
In terms of geothermal systems, it is necessary to have a plot of land close to the house in order to build one. Due to this, installing geothermal systems for homes in large cities is challenging except if a vertical ground source heat pump is utilized.
The Future Landscape
A sustainable, eco-friendly, dependable, and economical source of energy is geothermal energy. Around the world, both the demand for electricity and the worry about its security are steadily rising. People are turning away from coal in favor of alternate energy sources as global pollution rises dramatically. The government is putting a lot of effort into creating geothermal technology and renewable energy sources. As energy from the earth's surface is used to create electricity and heat, this sort of energy is one of the clean energy sources.