Geothermal Power Generation Market Size Forecasted To Achieve $19.43 Billion By 2029 With Steady Growth

The Geothermal Power Generation Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Geothermal Power Generation Market Size and Projected Growth Rate?
There has been a swift expansion in the size of the geothermal power generation market in the past few years. It is projected to increase from $11.17 billion in 2024 to $12.69 billion in 2025, representing a compound annual growth rate (CAGR) of 13.5%. The expansion during the historic period is attributable to government incentives and subsidies, advancements in geothermal drilling and exploration technology, increased environmental rules and concerns, the surge in energy demand, and an escalation in renewable energy investments.

We can expect to see rapid expansion in the geothermal power generation market over the coming years. The market size is projected to increase to $19.43 billion by 2029, with a compound annual growth rate (CAGR) of 11.2%. This growth throughout the forecast period could likely be due to advancements in enhanced geothermal systems (EGS) technology, the development of geothermal projects in emerging economies, a heightened focus on sustainability and decarbonization, a rise in the world's energy demand, and supportive government legislation and policies. The anticipated trends during this period include the integration of geothermal energy with other renewable sources in hybrid energy systems, the emergence of novel financing structures for geothermal projects, the implementation of digital technologies to increase geothermal power plant efficiency, and the enlargement of geothermal power generation capacity.

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What Are the Major Segments in the Geothermal Power Generation Market?
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

Subsegments:
1) By Binary Cycle: Organic Rankine Cycle (ORC) Systems, Dual-Flash Binary Cycle Systems, Other Binary Cycle Systems
2) By Dry Steam: Conventional Dry Steam Power Plants, Enhanced Dry Steam Systems
3) By Flash Steam: Single-Flash Steam Systems, Double-Flash Steam Systems

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What Are The Driving Geothermal Power Generation Market Evolution?
The rise in demand for renewable energy is anticipated to spur the expansion of the geothermal power generation market. This refers to energy produced from naturally replenishing sources, virtually infinite on a human timescale. It is cost-effectiveness, environmental advantages, and the larger shift toward sustainable energy systems that motivates the increased demand for renewable energy. Renewable energy, apexed by geothermal power generation, promotes sustainable development, safeguards the environment, and eases the transition to a cleaner and more resilient energy future. As a result of their dependence on a continually replenished source of heat from within the Earth, and the minute amount of greenhouse gases they emit during power generation, geothermal energy is deemed a clean and sustainable energy source. For example, in December 2022, the International Energy Agency (IEA), an intergovernmental organization based in France, projected that global renewable power capacity will increase by 2,400 gigawatts (GW) during the 2022-2027 period, a significant increase of 30% compared to earlier predictions. Thus, the surging demand for renewable energy underpins the growth of the geothermal power generation market.

Which Firms Dominate The Geothermal Power Generation Market Segments?
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

What Trends Are Driving Growth in The Geothermal Power Generation Market?
In a bid to stay ahead of their competition, leading businesses in the geothermal power generation market are prioritizing the creation of strategic partnerships. These partnerships entail a coordinated effort between two or more parties to strategize, execute and run a geothermal power generating plant. For instance, in November 2023, Google LLC, a tech giant from the US, entered into a partnership with Fervo, a US clean-energy startup. The partnership's aim was to create a pioneering geothermal power project in Nevada to supply carbon-free energy for Google's data hubs and operations. Fervo employs cutting-edge drilling methodologies, initially introduced by the petroleum and natural gas industry, to extract heat from deep within the earth. By incorporating fiber-optic cables that oversee the flow, temperature, and the geothermal system's effectiveness in real-time, Fervo has showcased its capacity to generate continuous carbon-free electricity using lesser land than other clean energy alternatives.

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Which Is The Largest Region In The Geothermal Power Generation Market?
Asia-Pacific was the largest region in the geothermal power generation market in 2024. The regions covered in the geothermal power generation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Geothermal Power Generation Market?
2. What is the CAGR expected in the Geothermal Power Generation Market?
3. What Are the Key Innovations Transforming the Geothermal Power Generation Industry?
4. Which Region Is Leading the Geothermal Power Generation Market?

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