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

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).

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. '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'

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.

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.

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.