Press release
Geothermal Electricity Market 2024- 2033 Top Trends, Key Drivers, Share Analysis And Major Players | Calpine Corporation, Comisión Federal de Electricidad (CFE), Energy Development Corporation, Enel S.p.A., Chevron Corporation
Geothermal Electricity Market
The Business Research Company's Geothermal Electricity Global Market Report 2024 identifies growing demand for electricity as the major driver for the Geothermal Electricity Market's growth in the forecast period. The growing economy, rapidly rising populations and increasing demand for transportation, especially in developing countries such as China, India, Brazil and some African countries generates high demand for electricity. The global electricity demand is projected to grow to 38,700 Terawatt-hour (TWH) by 2050, and electric vehicles are expected to account for 9% of the global demand. According to Canada's Upstream Oil & Natural Gas Industry, with the global population expected to increase by about two billion over the next two decades, it is estimated that by 2040 electricity generation is expected to increase by 49%. Hence, the increasing demand for electricity is expected to drive the growth of the geothermal electricity market in the forecast period.
The geothermal electricity market size has grown rapidly in recent years. It will grow from $7.28 billion in 2023 to $8.07 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to resource availability, environmental concerns, government incentives, energy security.
The geothermal electricity market size is expected to see rapid growth in the next few years. It will grow to $12.27 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to climate goals, energy transition, market liberalization, global expansion. Major trends in the forecast period include technological advancements, increasing deployment of enhanced geothermal systems (egs), hybridization with other energy sources, geothermal heat pumps, direct use applications.
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Major competitors in the geothermal electricity market are Calpine Corporation, Comisión Federal de Electricidad (CFE), Energy Development Corporation, Enel S.p.A., Chevron Corporation, U.S. Geothermal Inc., Kenya Electricity Generating Company PLC (KenGen), Contact Energy Limited, Orkuveita Reykjavikur (Reykjavik Energy), Pertamina Geothermal Energy, CalEnergy Generation, Star Energy Ltd., Northern California Power Agency, Terra-Gen LLC, Ormat Technologies Inc., Aboitiz Power Corporation, Mercury NZ Limited, PT Pertamina Geothermal Energy, Raya Group Limited, Cyrq Energy Inc., Fuji Electric Co. Ltd., Baker Hughes Company, Doosan Skoda Power s.r.o., Sosian Energy Limited.
A key trend in the Geothermal Electricity Market includes Innovative Technologies. The companies in the geothermal electricity market are investing in new technologies to make geothermal energy easily accessible to generate electricity and for other heating purposes. Large amounts of geothermal energy are extracted only from places where it is easy to access very hot water. However, in countries like the UK and France, the availability of such hot water or hot water steam is very low as compared to places with volcanoes, such as Iceland and Indonesia. Following that, companies are investing in new approaches to make geothermal energy easily extractable and available. For instance, Climeon, a Sweden-based company, invented a technology that operates in temperatures between 70 °C and 120 °C and uses the temperature differences between hot and cold water to produce electricity. The method, unlike solar and wind power, is continuously available and is not affected by the weather.
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The Geothermal Electricity Market is segmented -
1) By Type: Back Pressure, Binary, Double Flash, Dry Steam, Single Flash, Triple Flash
2) By Application: Residential, Commercial, Industrial, Other Applications
3) By End-user: Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Station
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Geothermal Electricity Market.
The Business Research Company's "Global Geothermal Electricity Market Report 2024" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Geothermal Electricity Market Include:
1. Executive Summary
2. Geothermal Electricity Market Characteristics
3. Geothermal Electricity Market Trends And Strategies
4. Geothermal Electricity Market - Macro Economic Scenario
5. Global Geothermal Electricity Market Size and Growth
……
31. Global Geothermal Electricity Market Competitive Benchmarking
32. Global Geothermal Electricity Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Geothermal Electricity Market
34. Geothermal Electricity Market Future Outlook and Potential Analysis
35. Appendix
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