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The global geothermal power market size reached 103.87 GWh in 2021. Looking forward, IMARC Group expects the market to reach 125.91 GWh by 2027, exhibiting a growth rate (CAGR) of 3.10% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Geothermal power is a form of renewable energy produced from heat stored within the continental earth’s crust. It originates from the radioactive decay of materials and uses hydrothermal resources that combine heat and water. It is widely used in various geothermal establishments for electricity generation, heating and cooling buildings, gold mining, and milk pasteurizing. Geothermal power is a sustainable and non-traditional source that assists in reducing air pollution, eliminating the combustion of fossil fuels, and ensuring silent energy production processes, low maintenance, high power output, and economic development. As a result, geothermal energy is a readily available, safe, and long-lasting power source that produces electricity with minimal environmental impact.
The global geothermal power market is primarily being driven by the increasing demand for electricity. Geothermal power offers an eco-friendly, reliable, high-capacity, and cost-effective solution to the rising electricity demand across the globe. In line with this, the significant need to reduce air pollution due to rising environmental concerns, global warming, and the increasing instances of respiratory disease is favoring the market growth. Furthermore, the increasing adoption of geothermal power over other renewable sources, such as wind energy, hydropower, and bioenergy, can be attributed to the various advantages of the solution, including minimum land usage, zero liquid pollution, and high availability. Additionally, the introduction of horizontal drilling techniques to explore good reservoir formation and produce geothermal power at comparatively lower costs is providing an impetus to the market growth. Apart from this, the rising popularity of binary cycle technology in geothermal power plants due to its efficiency, reservoir sustainability, high-reliability operation, environmental friendliness, and enhanced performance is positively influencing the market growth. Moreover, the integration of artificial intelligence (AI) in geothermal power systems to empower the platform with intelligent behavior, learning, and informed decision-making capabilities is creating a positive outlook for market growth. Besides this, extensive research and development (R&D) activities to optimize production processes and explore new reservoirs and the implementation of various government initiatives to generate electricity from renewable sources are anticipated to drive the market toward growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global geothermal power market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on power plant type and end user.
Breakup by Power Plant Type:
Breakup by End User:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., Ansaldo Energia S.p.A., Berkshire Hathaway Energy (Berkshire Hathaway Inc.), Calpine Corporation, Enel S.p.A., First Gen Corporation, Fuji Electric Co. Ltd., Halliburton Company, Mitsubishi Corporation, Ormat Technologies Inc., Toshiba Corporation and Yokogawa Electric Corporation.
|Base Year of the Analysis||2021|
|Units||US$ Billion, GWh|
|Segment Coverage||Power Plant Type, End User, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||ABB Ltd., Ansaldo Energia S.p.A., Berkshire Hathaway Energy (Berkshire Hathaway Inc.), Calpine Corporation, Enel S.p.A., First Gen Corporation, Fuji Electric Co. Ltd., Halliburton Company, Mitsubishi Corporation, Ormat Technologies Inc., Toshiba Corporation and Yokogawa Electric Corporation.|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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