Geothermal Electricity Market Size, Insights, Outlook, Overview By 2024-2033

Overview and Scope

Geothermal energy refers to the heat produced deep in the Earth’s core. Geothermal energy is a clean, renewable resource that can be harnessed for use as heat and electricity. Geothermal energy is derived by using the earth’s internal heat energy to generate steam through a series of wells and is fed to the power plant to generate electricity.

Sizing and Forecast

The geothermal electricity market size has grown rapidly in recent years. It will grow from $7.28 billion in 2023 to $8.07 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%.  The  growth in the historic period can be attributed to resource availability, environmental concerns, government incentives, energy security.

The geothermal electricity market size is expected to see rapid growth in the next few years. It will grow to $12.27 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%.  The growth in the forecast period can be attributed to climate goals, energy transition, market liberalization, global expansion. Major trends in the forecast period include technological advancements, increasing deployment of enhanced geothermal systems (egs), hybridization with other energy sources, geothermal heat pumps, direct use applications.

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Segmentation & Regional Insights

The geothermal electricity market covered in this report is segmented –

1) By Type: Back Pressure, Binary, Double Flash, Dry Steam, Single Flash, Triple Flash

2) By Application: Residential, Commercial, Industrial, Other Applications

3) By End-user: Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Station

Top Major Players:
Calpine Corporation
Comisión Federal de Electricidad (CFE)
Energy Development Corporation
Enel S.p.A.
Chevron Corporation

Asia-Pacific was the largest region in the geothermal electricity market in 2023.

Asia-Pacific was the largest region in the geothermal electricity market in 2023. Western Europe was the second-largest region in the geothermal electricity market. The regions covered in the geothermal electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The growing demand for electricity is expected to drive the geothermal electricity market in the forecast period. The growing economy, rapidly rising populations and increasing demand for transportation, especially in developing countries such as China, India, Brazil and some African countries generates high demand for electricity. The global electricity demand is projected to grow to 38,700 Terawatt-hour (TWH) by 2050, and electric vehicles are expected to account for 9% of the global demand. According to Canada’s Upstream Oil & Natural Gas Industry, with the global population expected to increase by about two billion over the next two decades, it is estimated that by 2040 electricity generation is expected to increase by 49%. Hence, the increasing demand for electricity is expected to drive the growth of the geothermal electricity market in the forecast period.

Key Industry Players

 Major companies operating in the geothermal electricity market include Calpine Corporation, Comisión Federal de Electricidad (CFE), Energy Development Corporation, Enel S.p.A., Chevron Corporation, U.S. Geothermal Inc., Kenya Electricity Generating Company PLC (KenGen), Contact Energy Limited, Orkuveita Reykjavikur (Reykjavik Energy), Pertamina Geothermal Energy, CalEnergy Generation, Star Energy Ltd., Northern California Power Agency, Terra-Gen LLC, Ormat Technologies Inc., Aboitiz Power Corporation, Mercury NZ Limited, PT Pertamina Geothermal Energy, Raya Group Limited, Cyrq Energy Inc., Fuji Electric Co. Ltd., Baker Hughes Company, Doosan Škoda Power s.r.o., Sosian Energy Limited

The geothermal electricity market report table of contents includes:

1. Executive Summary
2. Geothermal Electricity Market Characteristics
3. Geothermal Electricity Market Trends And Strategies
4. Geothermal Electricity Market – Macro Economic Scenario
5. Global Geothermal Electricity Market Size and Growth
…
31. Global Geothermal Electricity Market Competitive Benchmarking
32. Global Geothermal Electricity Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Geothermal Electricity Market
34.Geothermal Electricity Market Future Outlook and Potential Analysis
35. Appendix

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