Geothermal Power Generation Market Size, Growth Analysis, Share, Leading Key Players, Trends, And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Geothermal Power Generation Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $17.54 Bn In 2028 At A CAGR Of 11.9% :
The geothermal power generation market size has grown rapidly in recent years. It will grow from $9.83 billion in 2023 to $11.17 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 $17.54 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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Geothermal Power Generation Market Major Segments
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

Key Driver - Role Of Increasing Renewable Energy Demand In Geothermal Power Generation Market Expansion

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.

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Prominent Trend - Strategic Partnerships Drive Innovation In Geothermal Power Generation

Major companies operating in the geothermal power generation market are focused on developing strategic partnerships to gain a competitive edge in the market. A geothermal power project partnership involves a collaborative arrangement between two or more entities to plan, develop, and operate a geothermal power generation facility. For instance, in November 2023, Google LLC, a US-based technology company, partnered with Fervo, a US-based clean-energy startup, to develop a first-of-its-kind geothermal power project in Nevada that aims to provide carbon-free energy to support Google's data centers and operations. Fervo uses advanced drilling techniques, which were originally developed by the oil and gas industry, to extract heat from beneath the earth's surface. Fervo has demonstrated the ability to produce round-the-clock carbon-free electricity using less land compared to other clean energy sources by installing fiber-optic cables to monitor the flow, temperature, and performance of the geothermal system in real-time.

Geothermal Power Generation Market 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

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Largest And Fastest Growing Region In The Market
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.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Geothermal Power Generation Market Report Structure
3. Geothermal Power Generation Market Trends And Strategies
4. Geothermal Power Generation Market - Macro Economic Scenario
5. Geothermal Power Generation Market Size And Growth
…..
27. Geothermal Power Generation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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