EGEC (European Geothermal Energy Council) has published the Geothermal Market Report, which provides a detailed assessment of the development of the geothermal industry during the year 2022.

For over a decade, the EGEC Geothermal Market report has been the go-to publication for keeping up with Europe’s geothermal sector. Renowned for its trustworthiness and authority, the report provides a comprehensive overview of the industry, covering electricity generation, heating, cooling systems, and even the extraction of minerals like lithium, illuminating the latest trends in the global geothermal market.

Here are some key headlines from this year’s report:

• Celebrating 110 years of geothermal power (1913-2023): A significant milestone, 2023 marks the 110th anniversary of the first-ever geothermal power plantin 1913 Larderello, ,Italy. The oldest geothermal power plant is still in operation is from 1986.
• In 2022, 142 geothermal power plants are in operation with an installed capacity of about 3,5 GWe and generating more than 22 TWh. The average capacity factor last year was 79%, the highest of all electricity sources. Continued growth in geothermal district heating and cooling systems:
• In 2022, the expansion of geothermal district heating and cooling systems persisted. By the year’s end, there were 395 operational systems—an increase of 14 compared to 2021.. There are more than 300 projects under development.

Beyond presenting statistical data, the report offers captivating insights into emerging market trends, policy frameworks, and technological advancements that shape the geothermal sector. Each year, the report focuses on a specific aspect of geothermal technology, diving deep into the latest developments and innovations. In the highly anticipated 2022 edition, the EGEC Geothermal Market Report takes a closer look at exploration permits and concessions for geothermal in Europe, shedding light on critical breakthroughs in this essential field. All over Europe, we expect more than 30 wells to be drilled in the next 3 to 5 years for geothermal electricity power plants.

More than 100 wells will be drilled for heating projects over the coming years. Record-breaking sales of geothermal heat pump systems in 2022: The year 2022 witnessed an all-time high in the sales volume of geothermal heat pump systems, surpassing the previous record set in 2021. With over 141,300 GHP systems installed, sales in 2022 were 17% higher than the previous year. This upward trend has already been confirmed in the first quarter of 2023, particularly in Germany and Sweden. More than 2,19 million geothermal heat pumps are in operation in Europe.

EGEC-Market-Report-2022_Key-Findings.pdf

Source: EGEC