Geothermal Power Generation Market Size, Emerging Trends, Market Opportunities, Key Players And Forecast To 2033
Posted by Sushmitha on May 23rd, 2024
Overview and Scope
Geothermal power generation refers to the process of harnessing heat energy from beneath the Earth's surface to generate electricity. These systems utilize the heat from geothermal reservoirs or underground hot water and steam to drive turbines, which in turn produce electricity.
Sizing and Forecast
The geothermal power generation market size has grown rapidly in recent years. It will grow from .83 billion in 2023 to .17 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to government incentives and subsidies, technological advancements in geothermal drilling and exploration, increasing environmental concerns and regulations, rising energy demand, growing investments in renewable energy.
The geothermal power generation market size is expected to see rapid growth in the next few years. It will grow to .54 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to advancements in enhanced geothermal systems (EGS) technology, expansion of geothermal projects in developing countries, growing emphasis on decarbonization and sustainability, increasing global energy demand, supportive government policies and regulations. Major trends in the forecast period include integration of geothermal energy with other renewable sources in hybrid energy systems, emergence of innovative financing models for geothermal projects, adoption of digital technologies for optimizing geothermal plant performance, expansion of geothermal power generation capacity.
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Segmentation & Regional Insights
The geothermal power generation market covered in this report is segmented –
1) By Type: Binary Cycle, Dry Steam, Flash Steam
2) By Application: Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Stations
3) By End Users: Commercial, Residential, Industrial, Other End Users
Asia-Pacific was the largest region in the geothermal power generation market in 2023. The regions covered in the geothermal power generation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing demand for renewable energy is expected to fuel the growth of the geothermal power generation market going forward. Renewable energy refers to energy derived from naturally replenishing sources that are virtually inexhaustible on human timescales. The increasing demand for renewable energy is driven by its cost-effectiveness, environmental benefits, and the broader global transition towards sustainable energy systems. Renewable energy, including geothermal power generation, contributes to sustainable development, environmental protection, and the transition towards a cleaner and more resilient energy future. Geothermal energy is considered a clean and sustainable energy source because it relies on a constantly replenished heat source within the Earth and generates minimal greenhouse gases when used to generate power. For instance, in December 2022, according to the International Energy Agency (IEA), a France-based intergovernmental organization, the global renewable power capacity is projected to grow by 2,400 gigawatts (GW) over the 2022–2027 period, representing a remarkable 30% increase compared to previous forecasts. Therefore, the growing demand for renewable energy is driving the growth of the geothermal power generation market.
Key Industry Players
Major companies operating in the geothermal power generation market are Chevron Corp., Enel Green Power S.p.A., Mitsubishi Corporation, Siemens AG, General Electric SE, Sumitomo Corporation, ABB Ltd., Berkshire Hathaway Energy, Toshiba Corporation, Atlas Copco AB, Calpine Corporation, Fuji Electric Co. Ltd., Tata Power Company Limited, Aboitiz Power Corporation, First Gen Corporation, Ansaldo Energia S.P.A., Ormat Technologies Inc., Innergex Renewable Energy Inc., Climatemaster Inc., Green Mountain Energy Company, Exergy Inc., GEG Power Equipments Private Limited, ElectraTherm Inc., Fervo Energy Co., Climeon AB
The geothermal power generation market report table of contents includes:
1. Executive Summary
2. Geothermal Power Generation Market Characteristics
3. Geothermal Power Generation Market Trends And Strategies
4. Geothermal Power Generation Market - Macro Economic Scenario
5. Global Geothermal Power Generation Market Size and Growth
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32. Global Geothermal Power Generation Market Competitive Benchmarking
33. Global Geothermal Power Generation Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Geothermal Power Generation Market
35. Geothermal Power Generation Market Future Outlook and Potential Analysis
36. Appendix
