IMARC Group’s report titled “Geothermal Power Market Report by Power Plant Type (Binary Cycle Power Plants, Flash Steam Plants, Dry Steam Plants), End User (Industrial, Residential, Commercial, and Others), and Region 2025-2033”. The global geothermal power market size reached 115.3 GWh in 2024. Looking forward, IMARC Group expects the market to reach 149.4 GWh by 2033, exhibiting a growth rate (CAGR) of 2.88% during 2025-2033.
Factors Affecting the Growth of the Geothermal Power Industry:
- Demand for Renewable Energy Sources:
Awareness of climate change and the need to reduce greenhouse gases have spurred the market for renewable energy. Geothermal energy stands out as eco-friendly and stable. It provides consistent power, unlike solar or wind energy, which depend on weather. Governments are now recognizing geothermal energy's potential. They are moving towards cleaner energy by introducing policies and rewards. This trend shows a global shift. The aim is to diversify energy sources and make geothermal energy a key player in clean energy.
- Policy Support and Environmental Regulations:
Countries are creating policies to boost geothermal energy, especially where it's abundant. These policies include royalties, tax credits, feed-in tariffs, grants, and fast-tracked permits. As customers push for cleaner electricity and adhere to the Paris Agreement, utilities and energy companies are shifting towards renewable sources like geothermal energy. These regulations not only promote geothermal energy but also make it competitive with traditional energy sources.
- Integration with Other Renewable Energy Sources:
Combining geothermal energy with other renewables is boosting market growth. More geothermal plants now provide steady power. This power complements the variable output from solar and wind sources. Such synergy leads to more reliable and efficient energy systems. Additionally, using geothermal energy in district heating, alongside industrial waste heat or biomass, boosts efficiency and sustainability. This makes geothermal energy more appealing for planning and is key to developing full renewable solutions.
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Leading Companies Operating in the Global Geothermal Power Industry:
- 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.
Geothermal Power Market Report Segmentation:
By Power Plant Type:
- Binary Cycle Power Plants
- Flash Steam Plants
- Dry Steam Plants
Binary cycle power plants represent the largest segment due to their energy efficiency and environment-friendly operation.
By End User:
- Industrial
- Residential
- Commercial
- Others
Industrial sector holds the biggest share due to its significant energy requirements for manufacturing and operations.
Regional Insights:
- 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 dominates the market due to its abundant geothermal resources and substantial investments in geothermal energy infrastructure.
Global Geothermal Power Market Trends:
Advancements in deep geothermal drilling and enhanced geothermal systems (EGS) are tapping into geothermal energy from deeper earth layers. This significantly boosts geothermal power generation potential. EGS create artificial reservoirs in hot rocks, previously unreachable by traditional drilling. This expands geothermal energy access beyond typical hotspots, paving the way for new sustainable energy sites.
Meanwhile, the rise of small, modular geothermal systems offers more flexibility and lower costs than large plants. These systems can be quickly set up, even in remote areas. They are ideal for community projects or hybrid energy setups. This shift towards smaller units broadens geothermal energy access, making it suitable for residential heating and cooling.
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