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Rising Global Electricity Demand Propels The Geothermal Electricity Market: Strategic Insights Driving Geothermal Electricity Market Momentum in 2025
Geothermal Electricity
How Large Will the Geothermal Electricity Market Size By 2025?
In recent times, the size of the geothermal electricity market has seen robust expansion. The projection is that it will increase from $7.91 billion in 2024 to $8.59 billion in 2025, displaying a compound annual growth rate (CAGR) of 8.6%. Factors such as the abundance of resources, environmental issues, governmental incentives, and energy security are largely responsible for the growth experienced in the historical period.
How Big Is the Geothermal Electricity Market Size Expected to Grow by 2029?
The market size of geothermal electricity is anticipated to witness substantial growth in the forthcoming years. By 2029, it will expand to a size of $12.43 billion with a Compound Annual Growth Rate (CAGR) of 9.7%. This anticipated growth during the forecast period can be traced back to factors such as climate objectives, transition to renewable energy, market deregulation, and global expansion. Key trends projected to shape this growth involve technological progress, escalated adoption of enhanced geothermal systems (egs), combination with different energy sources, geothermal heat pumps, and direct-use applications.
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Which Key Market Drivers Powering Geothermal Electricity Market Expansion and Growth?
The forecast period is likely to witness an expansion in the geothermal electricity market, driven by the escalating demand for electricity. Rapidly emerging economies, surging populations, and heightened demand for transportation, particularly in developing nations like China, India, Brazil, and a few African nations, contribute to a substantial demand for electricity. The worldwide electricity demand is anticipated to rise to 38,700 Terawatt-hour (TWH) by 2050, with electric vehicles accounting for 9% of this global demand. As stated by Canada's Upstream Oil & Natural Gas Industry, over the forthcoming two decades, the population is projected to surge by approximately two billion, this could potentially augment electricity generation by 49% by 2040. Thus, the forecast period is poised to see the geothermal market's growth, bolstered by the burgeoning demand for electricity.
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Which Fast-Growing Trends Are Poised to Disrupt the Geothermal Electricity Market?
Firms in the geothermal electricity market are channeling funds into technological innovations aimed at simplifying the process of harnessing geothermal energy for electricity generation and heating. At present, the extraction of significant levels of geothermal energy only occurs where easily accessible, heated water is present. However, in nations such as the UK and France, the accessibility of such warm water or steam lags behind that of volcanic regions like Iceland and Indonesia. In response to this, companies are investing in novel techniques to streamline geothermal energy extraction and distribution. For example, Climeon, based in Sweden, has developed a technology that functions within the 70 °C to 120 °C temperature range. The technology capitalizes on the temperature variation between warm and cold water to generate electricity. Unlike solar and wind power, this technique delivers consistent output irrespective of weather conditions.
What Are the Emerging Segments in the Geothermal Electricity Market?
The geothermal electricitymarket 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 Global Leaders in the Geothermal Electricity Market?
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
Which are the Top Profitable Regional Markets for the Geothermal Electricity Industry?
Asia-Pacific was the largest region in the geothermal electricity market in 2024. 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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