Geothermal Electricity Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, Demand, Forecast, Competitive Landscape

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 Electricity 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 $12.27 billion In 2028 At A CAGR Of 11.0% :
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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Geothermal Electricity Market Major Segments
The geothermal electricity market covered in this report 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

Key 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.

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Prominent 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.

Geothermal Electricity Market Players
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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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the geothermal electricity market in 2023. Western Europe was the second-largest region in the geothermal electricity market. The regions covered in the geothermal electricity 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 Electricity Market Report Structure
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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