Global Geothermal Power Market Statistics: 184.0 GWh by 2032
Summary:
- The global geothermal power market size reached 111.6 GWh in 2023.
- The market is expected to reach 184.0 GWh by 2032, exhibiting a growth rate (CAGR) of 3.1% during 2024-2032.
- North America leads the market, accounting for the largest geothermal power market share.
- Binary cycle power plants account for the majority of the market share in the power plant type segment as they have a lower environmental impact and release no emissions during the energy production process.
- Industrial holds the largest share in the geothermal power industry.
- The rising demand for renewable energy is a primary driver of the geothermal power market.
- Technological advancements in drilling technologies are reshaping the geothermal power market.
Industry Trends and Drivers:
- Renewable energy demand:
The growing concerns about climate change and environmental degradation are leading to a significant shift towards cleaner and more sustainable energy sources. Geothermal power is inherently renewable and emits minimal greenhouse gases during electricity generation, making it an attractive choice for those seeking eco-friendly energy solutions. Many countries and regions have set ambitious targets to reduce carbon emissions and transition to low-carbon energy systems. Geothermal power is considered a low-carbon energy source, aligning with these emission reduction goals.
- Low carbon emissions:
Geothermal power is considered one of the cleanest and most sustainable forms of energy generation. It produces extremely low levels of carbon dioxide (CO2) and other harmful emissions compared to fossil fuel-based power plants. As global concerns about climate change and air pollution are increasing, there is a rise in the demand for geothermal energy as an environment responsible option. Businesses are increasingly adopting sustainability as a core part of their corporate strategies. Geothermal power allows companies to reduce their carbon footprint and achieve sustainability goals, enhancing their reputation and attracting environment conscious consumers and investors.
- Technological advancements:
Innovations in drilling technology are enabling the exploration and exploitation of deeper geothermal reservoirs. This is significantly expanding the geographic scope of viable geothermal projects, unlocking previously untapped resources. Advanced reservoir management techniques, including real-time monitoring and modeling, are making it possible to optimize the extraction of heat from geothermal reservoirs. This is increasing the overall efficiency and productivity of geothermal power plants.
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Geothermal Power Market Report Segmentation:
Breakup By Power Plant Type:
- Binary Cycle Power Plants
- Flash Steam Plants
- Dry Steam Plants
Binary cycle power plants represent the largest segment as they are highly efficient and can generate electricity from lower-temperature geothermal resources.
Breakup By End User:
- Industrial
- Residential
- Commercial
- Others
Industrial holds the biggest market share due to the requirement of a consistent and reliable power supply in industries.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys the leading position in the geothermal power market on account of its abundant geothermal resources.
Top Geothermal Power Market Leaders:
The geothermal power market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
- 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
- Yokogawa Electric Corporation.
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