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The size of the geothermal power market was estimated at 4.17 billion USD in 2022. During the forecast period (2023–30), the geothermal power sector is anticipated to expand from USD 4.34 billion in 2023 to USD 6.17 billion, registering a compound annual growth rate (CAGR) of 6.26%. The primary market factors accelerating market expansion are government regulations linked to climate change that are tighter in developed and developing countries.
The governments of numerous nations have implemented a number of strict regulations that are anticipated to propel the market for geothermal energy forward. Additional factors influencing the market's growth are the shortage of fossil fuels and rising greenhouse gas emissions. The extreme volatility of fossil fuel prices is expected to cause the industry to grow. Geothermal energy has a low cost and a high output, hence the market is anticipated to grow during the forecast period. All of these things together make this energy source necessary. The growing desire for environmentally friendly and clean sources is causing the industry to grow. Different nations' governments provide financial incentives and tax exemptions to promote the usage of renewable energy.
This is creating opportunities for the geothermal energy sector to grow. Geothermal power generation has many advantages over other renewable energy sources like wind, biofuel, or hydropower. Geothermal energy production also provides the advantages of low land use, zero liquid pollution, low atmospheric pollution, and high availability. In recent years, there has been an increase in the building of geothermal power plant facilities due to an increasing demand. A large number of clubs, universities, and organisations are raising money to aid in the advancement of geothermal energy.
Additionally, a factor in the increased demand for geothermal energy is the global increase in the need for power. As a result, several countries have switched to clean, renewable energy sources, with geothermal being one among them. An International electricity Agency (IEA) assessment on geothermal power published in November 2021 predicts that the output of electricity from renewable geothermal sources will rise on average by 2% year. As a result, the global geothermal power market CAGR has increased in the years ahead due to the rising demand for geothermal energy generation.
Additionally, according to the International Renewable Energy Agency (IRENA), 83,477 GWh of power were produced in 2016 and 94,949 GWh will be produced in 2020. Thus, these trends indicate that there is a rising need for power globally, which will support the market for geothermal energy throughout the projection period.
Report Coverage
Global Geothermal Power research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Geothermal Power report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Geothermal Power competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Geothermal Power market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Geothermal Power market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Geothermal Power market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Enel Spa (Roma), General Electric (US), Ansaldo Energia (Italy), Supreme Energy (Indonesia), Macquarie Group Limited (Australia), Sumitomo Corporation (Japan), and others
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Geothermal Power market based on the below-mentioned segments:
Global Geothermal Power Market, By Type
Flash Steam Plants
Dry Steam Plants
Binary Cycle Power Plants
Global Geothermal Power market, By Output
Up to 5 MW
Above 5 MW
Global Geothermal Power Market, By End User
Residential
Commercial
Industrial
Global Geothermal Power market, Regional Analysis
The governments of numerous nations have implemented a number of strict regulations that are anticipated to propel the market for geothermal energy forward. Additional factors influencing the market's growth are the shortage of fossil fuels and rising greenhouse gas emissions. The extreme volatility of fossil fuel prices is expected to cause the industry to grow. Geothermal energy has a low cost and a high output, hence the market is anticipated to grow during the forecast period. All of these things together make this energy source necessary. The growing desire for environmentally friendly and clean sources is causing the industry to grow. Different nations' governments provide financial incentives and tax exemptions to promote the usage of renewable energy.
This is creating opportunities for the geothermal energy sector to grow. Geothermal power generation has many advantages over other renewable energy sources like wind, biofuel, or hydropower. Geothermal energy production also provides the advantages of low land use, zero liquid pollution, low atmospheric pollution, and high availability. In recent years, there has been an increase in the building of geothermal power plant facilities due to an increasing demand. A large number of clubs, universities, and organisations are raising money to aid in the advancement of geothermal energy.
Additionally, a factor in the increased demand for geothermal energy is the global increase in the need for power. As a result, several countries have switched to clean, renewable energy sources, with geothermal being one among them. An International electricity Agency (IEA) assessment on geothermal power published in November 2021 predicts that the output of electricity from renewable geothermal sources will rise on average by 2% year. As a result, the global geothermal power market CAGR has increased in the years ahead due to the rising demand for geothermal energy generation.
Additionally, according to the International Renewable Energy Agency (IRENA), 83,477 GWh of power were produced in 2016 and 94,949 GWh will be produced in 2020. Thus, these trends indicate that there is a rising need for power globally, which will support the market for geothermal energy throughout the projection period.
Report Coverage
Global Geothermal Power research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Geothermal Power report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Geothermal Power competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Geothermal Power market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Enel Spa (Roma), General Electric (US), Ansaldo Energia (Italy), Supreme Energy (Indonesia), Macquarie Group Limited (Australia), Sumitomo Corporation (Japan), and others |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Geothermal Power Market from 2021 to 2030.
- Market Forecast for Geothermal Power Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Geothermal Power competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Geothermal Power
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Geothermal Power market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Geothermal Power market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Enel Spa (Roma), General Electric (US), Ansaldo Energia (Italy), Supreme Energy (Indonesia), Macquarie Group Limited (Australia), Sumitomo Corporation (Japan), and others
Primary Target Market
- Market Players of Geothermal Power
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Geothermal Power market based on the below-mentioned segments:
Global Geothermal Power Market, By Type
Flash Steam Plants
Dry Steam Plants
Binary Cycle Power Plants
Global Geothermal Power market, By Output
Up to 5 MW
Above 5 MW
Global Geothermal Power Market, By End User
Residential
Commercial
Industrial
Global Geothermal Power market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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