USD 4.10 billion
Geothermal Power Market Size, Share, Growth Analysis, By Technology (Binary Cycle Plant, Dry Steam Plant), Temperature (Low, Medium), Application (Power Generation, Residential Heating & Cooling), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55F2030 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
64
|Figures:
65
Geothermal Power Market Insights
Global Geothermal Power Market size was valued at USD 6.9 billion in 2022 and is poised to grow from USD 7.4 billion in 2023 to USD 11.8 billion by 2031, growing at a CAGR of 6.0% during the forecast period (2024-2031).
The global geothermal power market encompasses firms engaged in diverse aspects of geothermal power production, including resource exploration and assessment, drilling, construction of power plants, operation and maintenance of facilities, and electricity distribution to end-users. Additionally, the market involves companies providing engineering and consulting services for geothermal power, as well as manufacturers and suppliers of power generation components.
The global geothermal power market has experienced substantial growth, primarily due to the escalating demand for renewable energy sources and the decreasing costs associated with geothermal power generation technology. Geothermal power is widely recognized as a dependable and sustainable energy source since it is not reliant on weather conditions, unlike solar and wind power. Moreover, it boasts minimal greenhouse gas emissions, making it an appealing and eco-friendly substitute for traditional fossil fuels.
US Geothermal Power Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
flash steam power plants
Fastest Growth
flash steam power plants
Growth Rate
5.26% CAGR
Global Geothermal Power Market ($ Bn)
Country Share for North America Region (%)
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Geothermal Power Market Segmental Analysis
Global Geothermal Power Market is segmented by Technology, Temperature, Application and region. Based on Technology, the market is segmented into Binary Cycle Plant, Flash Cycle Plant, Dry Steam Plant, Ground Source Heat Pumps, Direct Systems, Others. Based on Temperature, the market is segmented into Low Temperature (Up to 900C), Medium Temperature (900C – 1500C), High Temperature (Above 1500C). Based on application, the market is segmented into Power Generation, Residential Heating & Cooling, Commercial Heating & Cooling. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Geothermal Power Market Analysis By Type of Power plant
Geothermal power plants can be classified into several types, such as dry steam, flash steam, and binary cycle plants. Each type utilizes different technologies and resources for power generation. The flash steam power plants have been the most dominant segment in the market. This is primarily due to their widespread adoption and relatively simpler technology compared to other types. These plants use high-temperature steam directly from the geothermal reservoir to drive turbines and generate electricity.
On the other hand, the fastest growing segment is the binary cycle power plants. As technology has advanced, binary cycle plants have become more efficient and economically viable, enabling their rapid expansion. Additionally, binary cycle plants can utilize lower-temperature geothermal resources that might not be suitable for other types of power plants, thereby opening up new geothermal energy sources and expanding the market.
Geothermal Power Market Analysis By Application
The Electricity generation is the primary and dominant application of geothermal power. Geothermal power plants harness the energy from steam or hot water reservoirs to drive turbines and generate electricity. This segment is well-established in regions with abundant geothermal resources and mature geothermal power infrastructure. The reliability and consistent output of geothermal power plants make electricity generation a preferred and stable energy source. Additionally, the increasing focus on renewable energy and the benefits of geothermal as a baseload power source contribute to its dominance.
On the other hand, the fastest growing Direct heating and district heating applications utilize geothermal energy to provide heat for residential, commercial, and industrial buildings. District heating systems distribute geothermal heat through a network of pipes to multiple buildings, offering an energy-efficient heating solution. As sustainability and energy efficiency become more critical concerns, direct heating and district heating applications are experiencing rapid growth. These applications offer an environmentally friendly alternative to conventional heating systems, leading to increased adoption in regions with geothermal resources and cold climates.
Global Geothermal Power Market By Type of Power plant
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Geothermal Power Market Regional Insights
The North America is the dominant region in the geothermal power market. It has a well-established geothermal industry with a significant number of operational geothermal power plants. The region's dominant position is attributed to its abundant geothermal resources, particularly in countries like the United States and Mexico.
On the other hand, The Asia Pacific (APAC) region is the fastest growing segment in the geothermal power market due to substantial geothermal energy production in Indonesia, the Philippines, and Japan. The region's growth is further fueled by supportive government policies aimed at increasing the share of geothermal energy in the overall renewable energy mix. This positive environment is expected to drive significant market expansion during the forecast period. In the Philippines, there is a strong emphasis on developing geothermal power to achieve energy security and elevate the proportion of renewable energy in the total energy mix. China presents another lucrative opportunity for the geothermal energy sector as the country imposes stricter emission regulations on coal-fired power plants. This has created a favorable environment for the rapid growth of the geothermal energy sector, thus propelling overall market expansion.
Global Geothermal Power Market By Geography
- Largest
- Fastest
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Geothermal Power Market Dynamics
Geothermal Power Market Drivers
- Low Carbon Emissions: Geothermal power plants produce very low levels of carbon dioxide and other greenhouse gas emissions compared to fossil fuel-based power plants. As the world focuses on reducing carbon emissions to combat climate change, geothermal energy becomes an attractive option to meet energy needs without contributing significantly to global warming.
- Baseload Power Generation: Geothermal power provides baseload electricity, meaning it can produce a steady and reliable supply of energy 24/7, regardless of weather conditions. Unlike solar and wind energy, which depend on the availability of sunlight and wind, geothermal power is not intermittent. Its ability to provide consistent power makes it a valuable energy source for maintaining grid stability and reliability.
- Advancements in Geothermal Technology: Ongoing research and technological advancements in drilling techniques, heat exchange systems, and power plant efficiency have improved the economics of geothermal power generation, making it more competitive with other energy sources.
Geothermal Power Market Restraints
- Location and Resource Availability: Geothermal energy requires specific geological conditions and adequate heat sources, which may limit its widespread adoption. Not all regions have accessible geothermal reservoirs, and the cost of exploration and development in remote or challenging terrains can be prohibitive.
- High Initial Capital Costs: The upfront investment required for drilling wells and constructing geothermal power plants can be substantial. This high capital cost can deter potential investors and make geothermal projects less competitive compared to other energy sources, especially in regions with cheaper fossil fuel alternatives.
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Geothermal Power Market Competitive Landscape
Global Geothermal Power Market features a competitive landscape with several key players vying for market share. The market is characterized by its fragmentation and competitiveness, industry players are increasingly emphasizing various inorganic growth strategies to maintain their market position. These strategies include mergers and acquisitions, joint ventures, partnerships, collaborations, and regional expansions. Additionally, market participants are actively seeking funding from investors to meet the growing demand for geothermal power. This proactive approach allows them to expand their capacity and remain competitive on a global scale. By leveraging these initiatives, industry participants aim to bolster their presence and capitalize on the rising interest in geothermal energy worldwide.
Geothermal Power Market Top Player’s Company Profiles
- Ormat Technologies Inc.
- Enel Green Power (Enel SpA)
- Kenya Electricity Generating Company (KenGen)
- Calpine Corporation
- Welltec
- PT Pertamina Geothermal Energy
- Aboitiz Power Corporation
- Mitsubishi Heavy Industries
- General Electric
- Ansaldo Energia
- Fuji Electric
- Toshiba Energy Systems & Solutions Corporation
- Siemens Energy
- Exergy International Srl
- Altarock Energy
- Baker Hughes Company
- Weatherford International
- NOV
- SLB
- Halliburton
Geothermal Power Market Recent Developments
- In March 2022, Green Era, a renewable energy investment branch based in Singapore and affiliated with Pangestu, successfully acquired a 33.33% share in Start Energy. The majority of Start Energy's geothermal assets, totaling 875 MW in Indonesia, are now under Green Era's ownership. This acquisition was driven by Start Energy's desire to achieve clean, sustainable, and profitable growth, leveraging the track record of success of its geothermal assets.
- In April 2022, Peninsula Clean Energy and Ormat Technologies entered into a 15-year Power Purchase Agreement (PPA). As part of this agreement, the city of Los Banos and San Mateo County will receive over 3,500 gigawatt-hours of electricity through the community choice aggregator. The Community Choice Aggregation (CCA) has committed to purchasing 26 MW of energy from Ormat's Heber 2 facility, starting from January 1st, 2023, for the entire contract duration.
Geothermal Power Key Market Trends
- Growing Demand for Binary Cycle Power Plant: In binary cycle power plants, the geothermal water or steam beneath the Earth's surface is not directly used to drive the turbines. Instead, a heat exchanger is employed, where the geothermal water is pumped and heats a separate liquid called isobutene. Isobutene has a lower boiling point than water, so it transforms into steam when heated.
This steam generated from isobutene is then utilized to power the turbines, which, in turn, drive the generator to produce electricity. The geothermal water from the Earth is not wasted but recycled back into the ground via the injection well. Similarly, the isobutene liquid is also recycled through the turbine and back into the heat exchanger, where it can be reheated and reused in the cycle again. This process ensures efficient use of geothermal resources and reduces waste in binary cycle power plants.
- Increasing Global Capacity: The geothermal power market has been experiencing steady growth in capacity worldwide. Governments and utilities are recognizing the potential of geothermal energy as a reliable and sustainable source, leading to investments in new geothermal projects and capacity expansion.
Geothermal Power Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Application team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Geothermal Power Market analysis, the market is poised for significant growth in the coming years, primarily due to growing government support and favorable policies promoting renewable energy sources. According to the International Energy Agency (IEA), geothermal power's share in global electricity generation could rise to 3.5% by 2050, a significant increase from the current less than 1%. Technological advancements in geothermal power generation and exploration, such as enhanced geothermal systems (EGS) and microseismic monitoring, are anticipated to further boost market expansion. Despite the promising outlook, the global market faces challenges. One key obstacle is the substantial upfront costs associated with constructing geothermal power plants, which can deter new market entrants. Additionally, the availability and accessibility of suitable geothermal resources might be limited, making exploration and development a costly and time-consuming process. Nevertheless, given the growing demand for clean energy and ongoing advancements in geothermal power technology, the future appears bright for the global market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.9 billion |
| Market size value in 2031 | USD 11.8 billion |
| Growth Rate | 6.0% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Geothermal Power Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Geothermal Power Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Geothermal Power Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Geothermal Power Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Geothermal Power Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Geothermal Power Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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