Press release
Geothermal Electricity Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033
Geothermal Electricity Market
The Business Research Company offers in-depth market insights through Geothermal Electricity Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
The geothermal electricity market covered in this report is segmented by type into back pressure, binary, double flash, dry steam, single flash, and triple flash. It is also segmented by end-user into dry steam power stations, flash steam power stations, and binary cycle power stations.
Major Driver - Rising Global Electricity Demand Propels The Geothermal Electricity Market
The growing demand for electricity is expected to drive the geothermal electricity market 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.
Competitive Landscape:
Major companies operating in the geothermal electricity market include 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 Škoda Power s.r.o., Sosian Energy Limited
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Top Trend - Environmental Consequences Challenge Growth Of The Geothermal Electricity Market
The environmental consequences caused by drilling the earth's surface for geothermal electricity restrict the growth of the geothermal electricity market. The geothermal system involves forcing the pathways for the earth's trapped heat to reach the surface to generate power and create fractures on the earth's surface. The construction of a geothermal electric power plant makes the surface uneven and more vulnerable to earthquakes. Other concerns regarding geothermal electricity include the potential for surface instability and sudden sulfur dioxide and silica emissions. For instance, in 2021, according to France's National Seismic Monitoring Network (Renass), a canceled geothermal project caused a 3.9 magnitude earthquake in the eastern city of Strasbourg, France. The increased risk of earthquakes and other environmental-related concerns hampers the growth of the geothermal electricity market.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Geothermal Electricity Market Characteristics
3. Geothermal Electricity Market Trends And Strategies
4. Geothermal Electricity Market - Macro Economic Scenario
5. Geothermal Electricity Market Size And Growth
…..
27. Geothermal Electricity Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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