Geothermal Power Generation Market: Major Trends Reshaping the Future of the Industry

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What Will the Geothermal Power Generation Industry Market Size Be by 2025?
The market size for geothermal power generation has experienced rapid expansion in the past few years. It is projected to increase from $11.17 billion in 2024 to $12.59 billion in 2025, with a compound annual growth rate (CAGR) of 12.6%. Several factors contributed to this growth during the historic period, including government incentives and subsidies, advancements in geothermal drilling and exploration technology, escalating environmental concerns and regulations, mounting energy demand, and heightened investment in renewable energy.

What's the Long-Term Growth Forecast for the Geothermal Power Generation Market Size Through 2029?
Over the next few years, a swift expansion is anticipated in the geothermal power generation market, which is projected to reach $19.15 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 11.1%. This predicted growth during the forecast period can be credited to improvements in Enhanced Geothermal Systems (EGS) technology, the proliferation of geothermal projects in emerging economies, an intensified focus on decarbonization and sustainability, rising worldwide energy needs, and governing bodies' supportive policies and regulations. The forecast period is also expected to see significant trends such as the combination of geothermal energy with other renewable energy sources in hybrid systems, the rise of inventive financing models for geothermal endeavors, the employment of digital technologies to enhance geothermal plant efficiency, and an increase in geothermal power generation capacity.

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What Are the Key Growth Drivers Fueling the Geothermal Power Generation Market Expansion?
The expansion of the geothermal power generation market is projected to be invigorated by the escalating demand for renewable energy. Renewable energy, essentially energy sourced from naturally replenishing means that are practically inexhaustible through human lifespans, is gaining traction due to its economic efficiency, environmental advantages, and the wider global shift towards more sustainable energy models. Geothermal power generation, a type of renewable energy, plays a significant role in sustainable growth, environmental preservation, and the move towards a cleaner, more robust energy future. Due to its reliance on a perpetually renewed heat source within the Earth and its low greenhouse gas emission during power production, geothermal energy is seen as a clean and sustainable power source. For example, the International Energy Agency (IEA), an intergovernmental organization based in France, projected in December 2022 that the worldwide renewable power capacity would escalate by 2,400 gigawatts (GW) between 2022 and 2027, marking an impressive 30% increase from previous predictions. As such, the surging demand for renewable energy is fueling the expansion of the geothermal power generation market.

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Which Emerging Trends Are Transforming the Geothermal Power Generation Market in 2025?
Leading businesses in the geothermal power generation industry are shifting their strategy towards fostering strategic partnerships to gain a market advantage. This kind of partnership in a geothermal power project entails a joint effort among two or more parties to design, establish, and manage a geothermal power production facility. For example, in November 2023, Google LLC, a technological enterprise based in the US, joined forces with Fervo, a US-based clean-energy newcomer, to pioneer a geothermal power initiative in Nevada. The project is intended to supply carbon-neutral energy to support Google's data centers and general operations. Fervo taps into cutting-edge drilling methods, initially innovated by the oil and gas sector, to harness heat from beneath the earth's crust. Through the installment of fiber-optic cables for live monitoring of the flow, temperature, and efficiency of the geothermal system, Fervo has proven its capability to generate constant carbon-free electricity with less land usage than other clean energy alternatives.

How Is the Geothermal Power Generation Market Segmented?
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 Companies Are Leading the Charge in Geothermal Power Generation Market Innovation?
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 Are Leading the Global Geothermal Power Generation Market in Revenue?
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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