Market Size of United Kingdom Geothermal Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 1.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UK Geothermal Energy Market Analysis
The United Kingdom geothermal energy market is expected to grow at a CAGR of more than 1% during the forecast period. The geothermal power market is mainly driven by factors including an efficient and sustainable energy source and growing adoption of renewable energy. The limited burning of fuels and minimal emission of carbon dioxide and other greenhouse gases favor the adoption of geothermal energy. On the other hand, the lucrative market for solar and wind is likely to hinder the market growth.
- Direct heat utilization is expected to dominate the market during the forecast period.
- The introduction of favorable government regulations and policies are expected to recover the otherwise untapped huge geothermal potential for low-carbon electricity generation and direct use in cooling and heating. Geothermal energy can generate electricity with less environmental impact and at a lower cost than fossil fuels such as oil and coal.
- The largely untapped geothermal resources in the United Kingdom have the potential to deliver up to 20% of the country's energy needs in a reliable and sustainable way. By 2050, the country is expected to reach its zero emission target by additional exploitation of geothermal energy and also the UK Government have set aside over EUR 300 million to invest in district heat networks over the next few years. Which are a really important way of bringing it forward providing opportunities in the market. Deep geothermal power is another opportunity to create heat and generate power in the coming future.
UK Geothermal Energy Industry Segmentation
United Kingdom geothermal energy market report include:
| Application | |
| Power Generation | |
| Direct Heat Utilization |
United Kingdom Geothermal Energy Market Size Summary
The geothermal energy market in the United Kingdom is poised for growth, driven by its efficient and sustainable energy characteristics and the increasing adoption of renewable energy sources. The market is expected to expand despite competition from the more lucrative solar and wind sectors. Direct heat utilization is anticipated to be a dominant segment, supported by favorable government regulations aimed at tapping into the country's substantial geothermal potential for low-carbon electricity generation and direct heating and cooling applications. Geothermal energy offers a less environmentally impactful and cost-effective alternative to fossil fuels, with the potential to meet a significant portion of the UK's energy needs sustainably. The government's investment in district heat networks and the development of deep geothermal power present further opportunities for market expansion.
Geothermal energy for heating is expected to play a significant role in the UK, with the potential to heat millions of homes using both deep and shallow geothermal resources. The southwest of England, particularly Cornwall, is identified as a prime location for geothermal projects, including the UK's first deep geothermal power plant. Despite the dominance of solar and wind energy in the UK's renewable energy landscape, the untapped geothermal resources and increasing energy demand suggest a growing interest in geothermal technologies. The market is consolidated, with key players such as Geothermal Engineering Ltd., GT Energy, and Eden Geothermal Ltd. actively contributing to its development. As policy support for geothermal plants continues, the demand for geothermal energy is expected to rise in the coming years.
United Kingdom Geothermal Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Installed Capacity and Forecast, in GW, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION & ANALYSIS
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2.1 Application
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2.1.1 Power Generation
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2.1.2 Direct Heat Utilization
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United Kingdom Geothermal Energy Market Size FAQs
What is the current United Kingdom Geothermal Energy Market size?
The United Kingdom Geothermal Energy Market is projected to register a CAGR of greater than 1% during the forecast period (2024-2029)
Who are the key players in United Kingdom Geothermal Energy Market?
Geothermal Engineering Ltd. , GT Energy , Eden Geothermal Ltd , Go Geothermal Ltd and Engie SA are the major companies operating in the United Kingdom Geothermal Energy Market.
