EGEC publishes Key Findings of Geothermal Market Report 2022
EGEC Geothermal Market Report 2022 (source: EGEC)
Carlo Cariaga
17 Jul 2023
EGEC has published a Key Findings report summarizing the major points of the 2022 Geothermal Market Report.
Following the webinar that presented some of the topics in the Geothermal Market Report 2022, the European Geothermal Energy Council (EGEC) as published a document summarizing the key findings of the report. The Key Findings report is publicly available to everyone, while the full Market Report and Annexes are available for EGC members.
2023 is a significant milestone for the geothermal market in Europe and worldwide, as it marks the 110th anniversary of the first-ever geothermal power plant in Larderello, Italy. The end of 2022 also marks several encouraging trends for the geothermal market in Europe – continued growth in geothermal district heating and cooling systems, and a record-breaking sales year for geothermal heat pump systems.
Geothermal district heating and cooling
By the end of 2022, 395 geothermal heating and cooling systems were in operation. 14 new systems came online in 2022. 261 of the geothermal heating and cooling systems, including 12 that were commissioned in 2022, are within the European Union. The growth trend is expected to continue with 316 projects currently under investigation, potentially adding over 700 MW of capacity to the current 5,608 MW.
For large heating and cooling production, 16 projects are currently or about to start drilling.
Across Europe, 29 countries have installed geothermal heating and cooling systems, 21 of which area Member States of the European Union. This coverage is expected increase to 34 with projects in the pipeline in the countries of Bosnia, Ireland, Latvia, Luxembourg, and Malta.
Geothermal heat pumps
With more than 141,300 geothermal heat pump systems installed, 2022 has been a record-setting year for geothermal heat pumps. Better yet, the trend already shows signs of continuing based on the 2023 first trimester numbers in Germany and Sweden, the two countries that are leading in terms of geothermal heat pump sales in Europe.
The future for geothermal, particularly geothermal heat pumps, looks bright. The European Commission will launch a strategy on heat pumps in 2023 to help streamline regulations to meet its target of deploying 30,000 hydronic heat pumps by 2030.
Geothermal power
According to the report, 30 wells are expected to be drilled within the next 3 to 5 years for geothermal power generation. The geothermal electricity market is now entering a new development phase with many plants to be put into operation in the next 5 to 7 years, within the context of 43 projects being developed and 140 being investigated.
Geothermal continues to exhibit the highest capacity factor among all electricity sources with an average capacity factor of 79%.
Source: EGEC
