The growing popularity of renewable geothermal power generation is expected to grow at a progressive rate in the near future.
Wilmington, Delaware, United States, Nov. 10, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. –The global geothermal power generation market is projected to flourish at a CAGR of 13.38% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 40.15 billion is anticipated for the market in 2031. As of 2023, the demand for is expected to close at US$ 14.7 billion.
An increase in the adoption of technology such as binary cycle, flash steam, dry steam, etc. is expected to boost the market. The rise in demand for binary cycle power plants across the globe is projected to contribute to the rapid expansion of the market.
Geothermal power generation plants emit very less carbon dioxide as compared to conventional power systems driven by coal. Geothermal plants have much lesser land requirements as compared to other power plants, thus driving their demand. Geothermal plants have the capacity to operate 24 hours a day. All these factors are expected to boost the demand for geothermal power plants.
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Growing awareness and concern about climate change and environmental issues have generated public support for renewable energy sources, driving the geothermal power generation market growth.
Competitive Landscape
The global landscape is highly competitive, with several prominent companies. Key players are adopting innovative strategies to strengthen their market position. Market players are focusing on mergers & acquisitions to grab promising opportunities in the near future. Technological advancement in geothermal power generation is expected to accelerate the growth opportunities in the upcoming years.
- Ormat Technologies Inc.
- Alterra Power Corporation
- Calpine Corporation
- Ram Power Corporation
- Orkuveita Reykjavikur
- US Geothermal Inc.
- Northern California Power Agency
- CYRQ Energy Inc.
- Enel Green Power
Ongoing research and development efforts have led to improvements in geothermal energy technology. Enhanced drilling techniques, heat exchangers, and power plant designs have increased the efficiency and feasibility of geothermal power generation.
Cost-competitive tariffs, enhanced scalability, and environmental benefits, including GHG emissions, are some of the primary factors estimated to drive the global geothermal power generation market over the next few years. In addition, favorable policies and high-capacity utilization and stability are projected to accelerate the market growth in the next few years
Key Takeaways from the Market Study
- As of 2022, the geothermal power generation market was valued at US$ 12.9 billion
- Based on technology, the flash steam segment is estimated to lead the global market and account for a massive share throughout the forecast period.
Geothermal Power Generation Market: Key Trends and Opportunistic Frontiers
- The rise in number of mergers & acquisitions and strategic alliances is estimated to offer promising opportunities in the near future.
- Governments and organizations worldwide are seeking cleaner alternatives to reduce carbon footprints and combat climate change, making geothermal an attractive option
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Geothermal Power Generation Market – Regional Analysis
- Asia Pacific is expected to account for a significant share of the global geothermal power generation market during the forecast period. Some of the major factors responsible for the market growth are highest installation capacity, availability of high temperature resources, etc.
- North America is also expected to witness lucrative opportunities due to rising demand for binary cycle power plants in this region. A large number of geothermal energy resources are present in the underdeveloped and unexplored regions of Asia Pacific. This factor is attributable to the rapid expansion of the market. The North America geothermal power generation market is driven by increase in implementation of the binary cycle power plants technology in the United States. Geothermal power contributes to achieving the United Nations Sustainable Development Goals (SDGs), particularly those related to affordable and clean energy, climate action, and sustainable communities.
Key Developments in the Geothermal Power Generation Market
- Ormat has continued its focus on the development and operation of geothermal power plants globally. The company has been involved in projects that utilize both ORC (Organic Rankine Cycle) and flash technologies Ormat has shown a commitment to innovation in geothermal energy solutions.
- Enel Green Power has been actively expanding its renewable energy portfolio, with a focus on geothermal, solar, and wind power. The company has partnered and collaborated to enhance its geothermal project development capabilities.
Geothermal Power Generation Market – Key Segments
Technology
- Dry Steam
- Flash Steam
- Binary Cycle
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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