Global Geothermal Power Market

Geothermal Power Market Size, Share, Growth Analysis, By Type of Power Plant(Dry steam, Flash steam, and Binary cycle plants), By Application(Electricity generation, Direct heating and district heating, Greenhouse heating, and Spa & wellness facilities), By Region - Industry Forecast 2024-2031


Report ID: SQMIG55F2030 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 64 |Figures: 65

Geothermal Power Market Insights

Geothermal Power Market size was valued at USD 4.10 billion in 2021 and is poised to grow from USD 4.31 billion in 2022 to USD 6.17 billion by 2030, at a CAGR of 5.26% during the forecast period (2023-2030).

The global geothermal power market encompasses firms engaged in diverse aspects of geothermal power production, including resource exploration and assessment, drilling, construction of power plants, operation and maintenance of facilities, and electricity distribution to end-users. Additionally, the market involves companies providing engineering and consulting services for geothermal power, as well as manufacturers and suppliers of power generation components.

The global geothermal power market has experienced substantial growth, primarily due to the escalating demand for renewable energy sources and the decreasing costs associated with geothermal power generation technology. Geothermal power is widely recognized as a dependable and sustainable energy source since it is not reliant on weather conditions, unlike solar and wind power. Moreover, it boasts minimal greenhouse gas emissions, making it an appealing and eco-friendly substitute for traditional fossil fuels.

US Geothermal Power Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 4.10 billion

Largest Segment

flash steam power plants

Fastest Growth

flash steam power plants

Growth Rate

5.26% CAGR

Global Geothermal Power Market ($ Bn)
Country Share for North America Region (%)

To get more reports on the above market click here to Buy The Report

Geothermal Power Market Segmental Analysis

Global Geothermal Power Market is segmented on the basis of Type of power plant, application, region. By Type of power plant, the market is segmented into dry steam, flash steam, and binary cycle plants. By Application, the market is segmented into electricity generation, direct heating and district heating, greenhouse heating, and spa & wellness facilities. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Geothermal Power Market Analysis By Type of Power plant

Geothermal power plants can be classified into several types, such as dry steam, flash steam, and binary cycle plants. Each type utilizes different technologies and resources for power generation. The flash steam power plants have been the most dominant segment in the market. This is primarily due to their widespread adoption and relatively simpler technology compared to other types. These plants use high-temperature steam directly from the geothermal reservoir to drive turbines and generate electricity.

On the other hand, the fastest growing segment is the binary cycle power plants. As technology has advanced, binary cycle plants have become more efficient and economically viable, enabling their rapid expansion. Additionally, binary cycle plants can utilize lower-temperature geothermal resources that might not be suitable for other types of power plants, thereby opening up new geothermal energy sources and expanding the market.

Geothermal Power Market Analysis By Application

The Electricity generation is the primary and dominant application of geothermal power. Geothermal power plants harness the energy from steam or hot water reservoirs to drive turbines and generate electricity. This segment is well-established in regions with abundant geothermal resources and mature geothermal power infrastructure. The reliability and consistent output of geothermal power plants make electricity generation a preferred and stable energy source. Additionally, the increasing focus on renewable energy and the benefits of geothermal as a baseload power source contribute to its dominance.

On the other hand, the fastest growing Direct heating and district heating applications utilize geothermal energy to provide heat for residential, commercial, and industrial buildings. District heating systems distribute geothermal heat through a network of pipes to multiple buildings, offering an energy-efficient heating solution. As sustainability and energy efficiency become more critical concerns, direct heating and district heating applications are experiencing rapid growth. These applications offer an environmentally friendly alternative to conventional heating systems, leading to increased adoption in regions with geothermal resources and cold climates.

Global Geothermal Power Market By Type of Power plant, 2023 (%)

To get detailed analysis on other segments, Request For Free Sample Report

Geothermal Power Market Regional Insights

The North America is the dominant region in the geothermal power market. It has a well-established geothermal industry with a significant number of operational geothermal power plants. The region's dominant position is attributed to its abundant geothermal resources, particularly in countries like the United States and Mexico.

On the other hand, The Asia Pacific (APAC) region is the fastest growing segment in the geothermal power market due to substantial geothermal energy production in Indonesia, the Philippines, and Japan. The region's growth is further fueled by supportive government policies aimed at increasing the share of geothermal energy in the overall renewable energy mix. This positive environment is expected to drive significant market expansion during the forecast period. In the Philippines, there is a strong emphasis on developing geothermal power to achieve energy security and elevate the proportion of renewable energy in the total energy mix. China presents another lucrative opportunity for the geothermal energy sector as the country imposes stricter emission regulations on coal-fired power plants. This has created a favorable environment for the rapid growth of the geothermal energy sector, thus propelling overall market expansion.

Global Geothermal Power Market By Geography, 2024-2031
  • Largest
  • Fastest

To know more about the market opportunities by region and country, click here to
Buy The Complete Report

Geothermal Power Market Dynamics

Geothermal Power Market Drivers

  • Low Carbon Emissions: Geothermal power plants produce very low levels of carbon dioxide and other greenhouse gas emissions compared to fossil fuel-based power plants. As the world focuses on reducing carbon emissions to combat climate change, geothermal energy becomes an attractive option to meet energy needs without contributing significantly to global warming.
  • Baseload Power Generation: Geothermal power provides baseload electricity, meaning it can produce a steady and reliable supply of energy 24/7, regardless of weather conditions. Unlike solar and wind energy, which depend on the availability of sunlight and wind, geothermal power is not intermittent. Its ability to provide consistent power makes it a valuable energy source for maintaining grid stability and reliability.
  • Advancements in Geothermal Technology: Ongoing research and technological advancements in drilling techniques, heat exchange systems, and power plant efficiency have improved the economics of geothermal power generation, making it more competitive with other energy sources.

Geothermal Power Market Restraints

  • Location and Resource Availability: Geothermal energy requires specific geological conditions and adequate heat sources, which may limit its widespread adoption. Not all regions have accessible geothermal reservoirs, and the cost of exploration and development in remote or challenging terrains can be prohibitive.
  • High Initial Capital Costs: The upfront investment required for drilling wells and constructing geothermal power plants can be substantial. This high capital cost can deter potential investors and make geothermal projects less competitive compared to other energy sources, especially in regions with cheaper fossil fuel alternatives.

Request Free Customization of this report to help us to meet your business objectives.

Geothermal Power Market Competitive Landscape

Global Geothermal Power Market features a competitive landscape with several key players vying for market share. The market is characterized by its fragmentation and competitiveness, industry players are increasingly emphasizing various inorganic growth strategies to maintain their market position. These strategies include mergers and acquisitions, joint ventures, partnerships, collaborations, and regional expansions. Additionally, market participants are actively seeking funding from investors to meet the growing demand for geothermal power. This proactive approach allows them to expand their capacity and remain competitive on a global scale. By leveraging these initiatives, industry participants aim to bolster their presence and capitalize on the rising interest in geothermal energy worldwide.

Geothermal Power Market Top Player’s Company Profiles

  • Calpine(US)
  • Ethos Energy (US)
  • GEG Power(Indonesia)
  • Electratherm (US)
  • Toshiba International Corporation (Japan)
  • Mitsbushi corporation (Japan)
  • Ormat Technologies (US)
  • Enel Green Power (Italy)
  • Berkshire Hathway Industries(US)
  • First Gen Corporation(Philippines)

Geothermal Power Market Recent Developments

  • In March 2022, Green Era, a renewable energy investment branch based in Singapore and affiliated with Pangestu, successfully acquired a 33.33% share in Start Energy. The majority of Start Energy's geothermal assets, totaling 875 MW in Indonesia, are now under Green Era's ownership. This acquisition was driven by Start Energy's desire to achieve clean, sustainable, and profitable growth, leveraging the track record of success of its geothermal assets.
  • In April 2022, Peninsula Clean Energy and Ormat Technologies entered into a 15-year Power Purchase Agreement (PPA). As part of this agreement, the city of Los Banos and San Mateo County will receive over 3,500 gigawatt-hours of electricity through the community choice aggregator. The Community Choice Aggregation (CCA) has committed to purchasing 26 MW of energy from Ormat's Heber 2 facility, starting from January 1st, 2023, for the entire contract duration.

Geothermal Power Key Market Trends

  • Growing Demand for Binary Cycle Power Plant: In binary cycle power plants, the geothermal water or steam beneath the Earth's surface is not directly used to drive the turbines. Instead, a heat exchanger is employed, where the geothermal water is pumped and heats a separate liquid called isobutene. Isobutene has a lower boiling point than water, so it transforms into steam when heated.

This steam generated from isobutene is then utilized to power the turbines, which, in turn, drive the generator to produce electricity. The geothermal water from the Earth is not wasted but recycled back into the ground via the injection well. Similarly, the isobutene liquid is also recycled through the turbine and back into the heat exchanger, where it can be reheated and reused in the cycle again. This process ensures efficient use of geothermal resources and reduces waste in binary cycle power plants.

  • Increasing Global Capacity: The geothermal power market has been experiencing steady growth in capacity worldwide. Governments and utilities are recognizing the potential of geothermal energy as a reliable and sustainable source, leading to investments in new geothermal projects and capacity expansion.

Geothermal Power Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Application team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our Global Geothermal Power Market analysis, the market is poised for significant growth in the coming years, primarily due to growing government support and favorable policies promoting renewable energy sources. According to the International Energy Agency (IEA), geothermal power's share in global electricity generation could rise to 3.5% by 2050, a significant increase from the current less than 1%. Technological advancements in geothermal power generation and exploration, such as enhanced geothermal systems (EGS) and microseismic monitoring, are anticipated to further boost market expansion. Despite the promising outlook, the global market faces challenges. One key obstacle is the substantial upfront costs associated with constructing geothermal power plants, which can deter new market entrants. Additionally, the availability and accessibility of suitable geothermal resources might be limited, making exploration and development a costly and time-consuming process. Nevertheless, given the growing demand for clean energy and ongoing advancements in geothermal power technology, the future appears bright for the global market.

Report Metric Details
Market size value in 2023 USD 4.10 billion
Market size value in 2031 USD 6.17 billion
Growth Rate 5.26%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type of Power Plant
    • Dry steam, Flash steam, and Binary cycle plants
  • Application
    • Electricity generation, Direct heating and district heating, Greenhouse heating, and Spa & wellness facilities
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Calpine(US)
  • Ethos Energy (US)
  • GEG Power(Indonesia)
  • Electratherm (US)
  • Toshiba International Corporation (Japan)
  • Mitsbushi corporation (Japan)
  • Ormat Technologies (US)
  • Enel Green Power (Italy)
  • Berkshire Hathway Industries(US)
  • First Gen Corporation(Philippines)
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.

Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Geothermal Power Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Geothermal Power Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Geothermal Power Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Geothermal Power Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Geothermal Power Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Geothermal Power Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

$3,500
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Geothermal Power Market size was valued at USD 4.10 billion in 2021 and is poised to grow from USD 4.31 billion in 2022 to USD 6.17 billion by 2030, at a CAGR of 5.26% during the forecast period (2023-2030).

Geothermal Power Market features a competitive landscape with several key players vying for market share. The market is characterized by its fragmentation and competitiveness, industry players are increasingly emphasizing various inorganic growth strategies to maintain their market position. These strategies include mergers and acquisitions, joint ventures, partnerships, collaborations, and regional expansions. Additionally, market participants are actively seeking funding from investors to meet the growing demand for geothermal power. This proactive approach allows them to expand their capacity and remain competitive on a scale. By leveraging these initiatives, industry participants aim to bolster their presence and capitalize on the rising interest in geothermal energy worldwide. 'Calpine(US)', 'Ethos Energy (US)', 'GEG Power(Indonesia)', 'Electratherm (US)', 'Toshiba International Corporation (Japan)', 'Mitsbushi corporation (Japan)', 'Ormat Technologies (US)', 'Enel Green Power (Italy)', 'Berkshire Hathway Industries(US)', 'First Gen Corporation(Philippines)'

Low Carbon Emissions: Geothermal power plants produce very low levels of carbon dioxide and other greenhouse gas emissions compared to fossil fuel-based power plants. As the world focuses on reducing carbon emissions to combat climate change, geothermal energy becomes an attractive option to meet energy needs without contributing significantly to warming.

Growing Demand for Binary Cycle Power Plant: In binary cycle power plants, the geothermal water or steam beneath the Earth's surface is not directly used to drive the turbines. Instead, a heat exchanger is employed, where the geothermal water is pumped and heats a separate liquid called isobutene. Isobutene has a lower boiling point than water, so it transforms into steam when heated.

The North America is the dominant region in the geothermal power market. It has a well-established geothermal industry with a significant number of operational geothermal power plants. The region's dominant position is attributed to its abundant geothermal resources, particularly in countries like the United States and Mexico.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global Geothermal Power Market

Product ID: SQMIG55F2030

$3,500
BUY NOW GET FREE SAMPLE