Geothermal Power Generation Market on Track for Strong Growth, Estimated to Grow at 11.2% CAGR Through 2029

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What Is the Expected CAGR for the Geothermal Power Generation Market Through 2025?
The market size of geothermal power generation has experienced swift expansion in the last few years. The market size is projected to escalate from $11.17 billion in 2024 to a significant $12.69 billion in 2025, reflecting a compound annual growth rate (CAGR) of 13.5%. The notable growth during the historical phase can be ascribed to factors such as government incentives and subsidies, breakthroughs in geothermal drilling and exploration technology, heightened environmental concerns and regulations, increased energy demands, and substantial investments in renewable energy.

What's the Projected Size of the Global Geothermal Power Generation Market by 2029?
In the upcoming years, the market size for geothermal power generation is anticipated to experience substantial growth, expected to reach $19.43 billion in 2029 with a compound annual growth rate (CAGR) of 11.2%. This projected growth in the forecast period can be credited to developments in enhanced geothermal systems (EGS) technology, initiation of more geothermal projects in developing nations, accelerating focus on decarbonization and sustainability, rising global energy demand, as well as supportive government policies and regulations. Notable trends during the forecast period include the hybridization of geothermal energy with other renewable energy forms, emergence of inventive financing models for geothermal projects, adoption of digital technologies to improve geothermal plant performance, and the overall expansion of geothermal power generation capacity.

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Top Growth Drivers in the Geothermal Power Generation Industry: What's Accelerating the Market?
The uptick in required renewable energy is projected to promote the expansion of the geothermal power generation market. The surge in appetite for renewable energy, which originates from naturally renewable resources with seemingly limitless replenishment on human timescale, is propelled by its affordability, environmental advantages, and the overarching global shift towards sustainable energy mechanisms. Geothermal power generation, a part of renewable energy, aids sustainable progress, environmental safeguarding, and the shift towards a cleaner, superior energy future. As geothermal energy leans on continually replenished heat from the Earth and produces minor greenhouse gases when utilized for power generation, it is deemed a sustainable and clean energy source. For instance, the International Energy Agency (IEA), an intergovernmental organization based in France, projected in December 2022, that the worldwide capacity for renewable power is expected to leap by 2,400 gigawatts (GW) over the 2022-2027 phase, indicating a substantial 30% increase compared to earlier predictions. Thus, the surging demand for renewable energy fuels the expansion of the geothermal power generation market.

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What Trends Will Shape the Geothermal Power Generation Market Through 2029 and Beyond?
Major corporations in the geothermal power generation market are establishing strategic alliances to obtain a competitive advantage. The partnership on a geothermal power project is a cooperative effort between two or more parties for the planning, development, and management of a geothermal power production facility. Take for example, Google LLC, a technology firm based in the US, collaborated with Fervo, a clean-energy startup also based in the US, in November 2023 to launch a pioneering geothermal power project in Nevada. This project is designed to deliver carbon-free power to sustain Google's data centers and operations. Fervo leverages sophisticated drilling practices originally created by the oil and gas sector to glean heat from beneath the ground's surface. Fervo has shown its capacity to consistently generate carbon-free electricity using less land relative to other renewable energy sources, as it installs fiber-optic cables to oversee the flow, temperature, and efficacy of the geothermal system in real-time.

What Are the Main 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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Which Top Companies are Driving Growth in the Geothermal Power Generation Market?
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

Which Regions Will Dominate the Geothermal Power Generation Market Through 2029?
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.

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