Press release
Future of the Geothermal Electricity Market: Trends, Innovations, and Key Forecasts Through 2034
Geothermal Electricity Market
Geothermal Electricity Market Size Growth Forecast: What to Expect by 2025?
The size of the geothermal electricity market has expanded dramatically in recent times. The growth is anticipated to continue from $8.29 billion in 2024 all the way to $9.23 billion in 2025, with a compound annual growth rate (CAGR) of 11.3%. Factors such as resource availability, concerns over the environment, governmental incentives, and the need for energy security have contributed to this growth in the historic era.
How Will the Geothermal Electricity Market Size Evolve and Grow by 2029?
In the coming years, the geothermal electricity market is anticipated to experience swift expansion. It is projected to escalate to $13.93 billion by 2029, with a compound annual growth rate (CAGR) of 10.8%. The robust growth during the projected period can be linked to global warming objectives, energy conversion, market liberalisation, and worldwide enlargement. Significant trends in the predicted timespan comprise technological evolution, escalated implementation of enhanced geothermal systems (egs), integration with alternative energy resources, geothermal heat pumps, and direct-use applications.
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What Drivers Are Propelling the Growth of Geothermal Electricity Market Forward?
The anticipated surge in electricity requirement is projected to propel the geothermal electricity market in the coming years. The expanding economy, rapidly growing populations, and escalating need for transportation, particularly in emerging nations like China, India, Brazil, and a few African countries, create a high demand for electricity. The worldwide requirement for electricity is predicted to escalate to 38,700 Terawatt-hour (TWH) by 2050, and electric vehicles are foreseen to comprise 9% of this overall demand. As per Canada's Upstream Oil & Natural Gas Industry, the global population is expected to grow by roughly two billion in the next twenty years, leading to an estimation that by 2040, electricity production will have enhanced by 49%. Therefore, this rising demand for electricity is predicted to boost the geothermal electricity market's growth in the upcoming years.
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Which Emerging Trends Are Transforming the Geothermal Electricity Market in 2025?
Firms in the geothermal electricity sector are investing in innovative technologies to streamline the process of using geothermal energy for electricity generation and various other heating uses. The substantial amounts of geothermal energy can only be harvested from areas where very hot water is easily accessible. Yet, countries like the UK and France don't have easy access to such hot water or steam, unlike volcano-rich regions like Iceland and Indonesia. As a result, companies are investing in novel strategies to simplify the extraction and availability of geothermal energy. For example, Climeon, a company based in Sweden, has developed a unique technology functional at temperatures ranging from 70 °C to 120 °C that exploits the temperature variances between hot and cold water to generate power. This process, unlike solar and wind power, is constantly available and remains unaffected by weather conditions.
What Are the Key Segments in the Geothermal Electricity Market?
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
Subsegments:
1) By Back Pressure: Low-Pressure Back Pressure, High-Pressure Back Pressure
2) By Binary: Organic Rankine Cycle (ORC) Binary, Kalina Cycle Binary
3) By Double Flash: Dual-Pressure Flash, Multi-Pressure Flash
4) By Dry Steam: Superheated Steam, Saturated Steam
5) By Single Flash: Low-Temperature Flash, High-Temperature Flash
6) By Triple Flash: Triple-Stage Flash, Multi-Stage Flash
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Who Are the Key Players Shaping the Geothermal Electricity Market's 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
What Geographic Markets Are Powering Growth in the Geothermal Electricity 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
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