Denmark Geothermal Energy Market

Denmark geothermal energy market is estimated to register a substantial CAGR of over 1% during the forecast period, 2021–2028. The growth of the market is attributed to factors such as sustainable and efficient energy source and growing adoption of renewable energy. Minimal emission of carbon dioxide and other greenhouse gases and limited burning of fuels approve the adoption of geothermal energy. Geothermal energy can generate electricity with less environmental impact and at a lower cost than fossil fuels such as oil and coal.

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Geothermal energy is a renewable energy source with extensive potential. It has significant interest of low running costs, low CO2 emissions, local production and high security of supply. The geothermal reserves in the Copenhagen area in Denmark could cover 30-50% of the areas district heating needs for the next several thousand years. Low-temperature geothermal heat is utilised in district heating as energy sources. There are three geothermal plants in operation in Denmark. They are based in Sønderborg, Thisted and Amager (Copenhagen). Furthermore, boundless licences have been granted to explore the opportunities for using geothermal energy in specific areas. There is extensive potential for geothermal energy in Greater Copenhagen, and it is anticipated that geothermal energy will play a significant role in the green heat supply of the future. Therefore, the rising demand for energy, along with the potential of boundless geothermal resources, the demand for geothermal energy technologies is expected to grow during the forecast period.

The wind energy resources have shown potential development among all the renewable power generation advances; thereby, policy landscape of governments and associations are focused on wind energy resources. Wind energy plays a crucial role in Denmark’s aspiring goal to remove fossil fuel from all electricity generation. Denmark’s location plays a key role in its production of offshore and onshore wind, owing to strong winds coming from the Baltic Sea and the North Sea. The wind energy source is dominating the renewable energy mix in 2019 and is expected to continue dominating in the forecast period due to the expanded adoption of wind energy by various sectors and the declining cost of the technology in the country. Wind accounted for 47% of Denmark’s power usage in 2019 and the installed wind capacity has reached 6117 MW. Therefore, the wind energy market is likely to hinder the geothermal energy market during the forecast period.

The Covid-19 pandemic had an unpleasant impact on the Denmark geothermal energy market ddue to disruption in the international supply chain and a reduction in investment for the upcoming projects. Moreover some projects are expected to be delayed; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.

Market Trends, Drivers, Restraints, and Opportunities

• The primary application of geothermal energy being Direct heat utilization is estimated to drive the market during the forecast period
• Rising electricity security concerned due to clean and eco-friendly resources are fueling the growth of the geothermal energy market
• Growing demand for cooling and heating systems such as ground source heat pumps and district heating, are projected to fuel the growth of the geothermal energy market.
• Alternative clean energy sources such as solar and wind are likely to impede the market growth.
• R&D investment and technological advancement in Denmark geothermal energy market are expected to offer lucrative opportunities for the market players.

Scope of the Report

The report on the Denmark geothermal energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment insights

The binary cycle power plants segment is projected to constitute a large market share

Based on plant type, the geothermal energy market is segregated into dry steam plants, flash steam plants, and binary cycle power plants. The binary cycle power plants segment is expected to account for a key share of the market during the forecast period owing to its significant features such as it being operatable at low-temperature reservoirs (200°F to 330°F).

The steam or water below the earth never comes in direct contact with the turbines inbinary cycle power plants Instead, water from geothermal reservoirs is pumped through a heat exchanger where it heats a second liquid-like isobutene (which boils at a lower temperature than water).This second liquid is heated into steam, which powers the turbines that drives a generator. The hot water from the earth is recycled into the earth through the injection well, and the second liquid is recycled through the turbine and back into the heat exchanger where it can be used again.

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Segments

Segments Covered in the Report

The Denmark geothermal energy market has been segmented on the basis of:-

Plant Type

• Dry Steam Plants
• Flash Steam Plants
• Binary Cycle Power Plants

Key Companie

• A.P. Møller Holding A/S
• Geothermal Operations Company
• Gate 21
• Danfoss A/S

Competitive Landscape

Key players competing in the Denmark geothermal energy market include A.P. Møller Holding A/S, Geothermal Operations Company, Gate 21 and Danfoss A/S.

Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.