UK Geothermal Energy Market Size, Share, Industry | 2031
UK Geothermal Energy Market Size, Share, Industry | 2031
Segments - United Kingdom Geothermal Energy Market by Applications (Power Generation and Direct Heat Utilization) and Country - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :EP-3582
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| 204 Pages
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Report Description
The United Kingdom geothermal energy market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 1% during 2023–2031.The growth of the market is attributed to increasing demand for an efficient and sustainable energy source, as well as the expanding use of renewable energy.
Renewable energy began to contribute to power generation in the United Kingdom in the mid-1990s, attention has been drawn in recent years as a result of UK and EU targets for reducing carbon emissions, as well as commercial incentives for renewable electricity, such as the Renewable Obligation Certificate scheme (ROCs) and Feed in Tariffs (FITs), and renewable heat. The EU Renewable Directive of 2009 established a target of 15% reduction in overall energy use in the United Kingdom by 2020.
An efficient and sustainable energy source, as well as the expanding use of renewable energy geothermal energy is heat stored beneath the ground. The term geothermal derives from the Greek words geo (earth) and thermal (heat). Because heat is constantly created within the ground, geothermal energy is a renewable energy source utilize geothermal heat for bathing, heating buildings, and generating power.
In 2019, there were 13,900 megawatts (MW) of geothermal electricity available worldwide. Forecasts for geothermal power's future rely on assumptions about technology, energy pricing, subsidies, plate boundary movement, and interest rates.
The nature and location of geothermal resources in the United Kingdom are North East, Wessex, Cheshire, and Northern Ireland heat-only projects because the resource is vast and accessible, these initiatives will have the most potential.
The average geothermal gradient in the United Kingdom is 26 C per kilometer underground. Deep geothermal power generation is not available in the United Kingdom. South West England's granite areas, the Lake District and Weardale, and Scotland's Eastern Highlands are seen to have the major potential for power generation.
Market Trends, Drivers, Restraints, and Opportunities
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Rising demand for renewable energy sources is expected to drive the market in the coming years.
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Rapid growth of the energy and power industry is key factors fueling the market in the coming years.
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Increasing end users for the geothermal energy is anticipated to boost the market.
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Rising nation’s imported fuels bill as well as the emissions is major factor estimated to propel the market in the coming years.
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Enactment of beneficial government legislation and policies is estimated to propel the market.
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Deep geothermal energy production in the UK has the potential to yield profits for investors, but it is fraught with risk and uncertainty is projected to hamper the market growth.
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Technological development and innovation on methods of extraction are expected to create lucrative opportunities for the market players.
Scope of the Report
The report on the United Kingdom geothermal energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
United Kingdom Geothermal Energy Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Applications (Power Generation and Direct Heat Utilization) |
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Country Scope |
United Kingdom |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Eden Geothermal Ltd ;Go Geothermal Ltd; Engie SA; Geothermal Engineering Ltd.; GT Energy |
Market Segment Insights
The direct heat utilization segment is projected to account for a large market share
Based on applications, the United Kingdom geothermal energy market is bifurcated into power generation and direct heat utilization. The direct heat utilization segment is expected to constitute a key share of the market during the forecast period owing to heat generated with the help of ground source heat pumps, this heat is directly extracted and used to warmness and cooling of homes and buildings.
Segments
The United Kingdom geothermal energy market has been segmented on the basis of
Applications
- Power Generation
- Direct Heat Utilization
Country
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United Kingdom
Key Players
- Eden Geothermal Ltd
- Go Geothermal Ltd
- Engie SA
- Geothermal Engineering Ltd.
- GT Energy
Competitive Landscape
Key players competing in the United Kingdom geothermal energy market include Eden Geothermal Ltd; Go Geothermal Ltd; Engie SA; Geothermal Engineering Ltd.; GT Energy.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years. For instance,
On 2021 Ecotricity and Geothermal Engineering Limited have inked a power purchase agreement for ten years.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Geothermal Energy Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Geothermal Energy Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Geothermal Energy Market - Supply Chain
4.5. Global Geothermal Energy Market Forecast
4.5.1. Geothermal Energy Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Geothermal Energy Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Geothermal Energy Market Absolute $ Opportunity
5. Global Geothermal Energy Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Geothermal Energy Market Size and Volume Forecast by Applications
5.3.1. Power Generation
5.3.2. Direct Heat Utilization
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Geothermal Energy Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Geothermal Energy Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Geothermal Energy Demand Share Forecast, 2019-2026
7. North America Geothermal Energy Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Geothermal Energy Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Geothermal Energy Market Size and Volume Forecast by Applications
7.4.1. Power Generation
7.4.2. Direct Heat Utilization
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Geothermal Energy Demand Share Forecast, 2019-2026
8. Latin America Geothermal Energy Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Geothermal Energy Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Geothermal Energy Market Size and Volume Forecast by Applications
8.4.1. Power Generation
8.4.2. Direct Heat Utilization
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Geothermal Energy Demand Share Forecast, 2019-2026
9. Europe Geothermal Energy Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Geothermal Energy Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Geothermal Energy Market Size and Volume Forecast by Applications
9.4.1. Power Generation
9.4.2. Direct Heat Utilization
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Geothermal Energy Demand Share Forecast, 2019-2026
10. Asia Pacific Geothermal Energy Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Geothermal Energy Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Geothermal Energy Market Size and Volume Forecast by Applications
10.4.1. Power Generation
10.4.2. Direct Heat Utilization
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Geothermal Energy Demand Share Forecast, 2019-2026
11. Middle East & Africa Geothermal Energy Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Geothermal Energy Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Geothermal Energy Market Size and Volume Forecast by Applications
11.4.1. Power Generation
11.4.2. Direct Heat Utilization
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Geothermal Energy Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Geothermal Energy Market: Market Share Analysis
12.2. Geothermal Energy Distributors and Customers
12.3. Geothermal Energy Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Eden Geothermal Ltd
12.4.2. Go Geothermal Ltd
12.4.3. Engie SA
12.4.4. Geothermal Engineering Ltd.
12.4.5. GT Energy
Methodology
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