Press release
Geothermal Power Generation Market to Reach US$ 27.15 Billion by 2031, Driven by Global Shift Toward Clean Energy and Sustainability Goals
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Market Overview
Geothermal power generation harnesses the Earth's internal heat to produce electricity, offering a clean, sustainable, and reliable alternative to fossil fuels. The technology is gaining prominence as governments and industries worldwide strive to reduce carbon footprints and achieve net-zero emission goals. Flash steam power plants accounted for 64.6% of the total market share, while industrial end users represented 45.4% of global geothermal power consumption in 2023.
The Asia Pacific region led the market with a 40.4% share in 2022, driven by abundant geothermal resources and increasing investment in renewable power projects across countries such as Indonesia, the Philippines, Japan, and New Zealand.
Key Market Drivers
• Low Greenhouse Gas Emissions: Geothermal plants emit significantly less CO2 compared to fossil fuel-based power generation, supporting global sustainability initiatives.
• Rising Electricity Demand: Rapid industrialization and urbanization are driving electricity consumption across residential, commercial, and industrial sectors.
• Untapped Potential in Emerging Economies: Countries such as Kenya, Turkey, and Indonesia are actively investing in geothermal exploration. Initiatives like the Global Geothermal Alliance (GGA) by IRENA aim to accelerate geothermal adoption worldwide.
• Technological Advancements: The development of Enhanced Geothermal Systems (EGS) is expanding the feasibility of geothermal projects beyond traditional volcanic regions.
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Regional Insights
Asia Pacific remains the dominant region, with Indonesia, the Philippines, and New Zealand accounting for more than 75% of global geothermal power generation. Meanwhile, North America and Europe continue to expand their geothermal capacity through technological innovation and favorable government policies.
Key Players
Prominent companies operating in the global geothermal power generation market include:
Toshiba Energy Systems & Solutions Corp., Berkshire Hathaway Inc., General Electric Co., Fuji Electric Co. Ltd., Turboden SpA, NIBE Industrier AB, Kenya Electricity Generating Co. Ltd., Carrier Global Corp., Danfoss AS, and Northern California Power Agency.
Recent Developments
• Fervo Energy commenced construction of a 400 MW next-generation geothermal plant in Beaver County, Utah, utilizing advanced enhanced geothermal technologies (September 2023).
• Exergy International signed an agreement with Energy Development Corporation (EDC) to supply a 28 MW binary system plant in Leyte, Philippines (August 2023).
Conclusion
The geothermal power generation market is set for strong growth through 2031, propelled by clean energy demand, supportive policies, and technological advancements that make geothermal energy more accessible and efficient. As the world accelerates toward sustainable power systems, geothermal energy will play a pivotal role in achieving a reliable, low-carbon energy future.
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Report Scope
• Base Year: 2023
• Forecast Period: 2023-2031
• Market Size (2031): US$ 27,149.2 Million
• CAGR: 7.3%
• Regions Covered: North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
• Segments: By Plant Type (Direct Dry Steam, Flash Steam, Binary Cycle) and By End User (Residential, Commercial, Industrial)
Contact Us:
Contact Person: Ankit Mathur
sales@theinsightpartners.com
Phone: +1-646-491-9876
About Us:
The Insight Partners is a one stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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