According to the latest report by IMARC Group, titled “ Geothermal Power Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global geothermal power market size reached US$ 107.8 GWh in 2022. Geothermal power refers to a type of sustainable energy, that harnesses the Earth's inherent heat to generate electricity and meet a significant portion of global energy needs. This innovative power generation method taps into the Earth's subsurface reservoirs of steam and hot water, utilizing geothermal heat to drive turbines that produce clean and renewable electricity. The process involves drilling deep wells into geothermal reservoirs, where the naturally occurring heat is transferred to a working fluid, often steam or water, which then drives turbines to generate power. Geothermal power plants come in various configurations, including dry steam, flash steam, and binary cycle plants, each optimizing the geothermal resource's temperature and pressure characteristics. Geothermal power's eco-friendly profile, reliability, and ability to provide continuous baseload power make it essential for the global transition toward sustainable energy sources.
Global Geothermal Power Market Trends:
The global geothermal power market is experiencing rapid expansion, driven by the escalating focus on carbon footprint reduction and energy security. Besides this, the rising popularity of geothermal power due to its inherent sustainability, as it produces minimal greenhouse gas emissions and reduces dependence on fossil fuels, is contributing to the market’s growth. Moreover, with an increasing number of countries worldwide prioritizing emissions reduction targets and seeking to diversify their energy portfolios, there is surging adoption of geothermal power as a reliable and scalable solution, contributing to their renewable energy goals. In addition to this, the predictability and consistency of geothermal power output offer an attractive advantage, particularly in comparison to other renewable sources such as solar and wind, addressing the challenge of intermittency and ensuring a stable power supply, thereby propelling the market growth. Concurrently, the versatility of geothermal resources is strengthening the market growth, as they can be harnessed for direct applications including space heating, greenhouse cultivation, industrial processes, and even spa and wellness facilities. Furthermore, ongoing technological advancements and innovations in geothermal exploration, drilling, and power plant design are creating a positive outlook for market growth. Looking forward, the market value is projected to reach US$ 176.4 GWh by 2028, expanding at a CAGR of 2.8% during 2023-2028.
- On the basis of the power plant type, the market has been segregated into binary cycle power plants, flash steam plants, and dry steam plants.
- Based on the end user, the market is categorized into industrial, residential, commercial, and others.
- On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has also been examined, with some 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
||US$ Billion, GWh
||Power Plant Type, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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
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