The geothermal power generation market is anticipated to grow significantly, reaching a value of US$ 27,149.2 million by 2031, up from US$ 15,453.3 million in 2023. This growth represents a compound annual growth rate (CAGR) of 7.3% from 2022 to 2030.

Geothermal energy stands out as a vital renewable resource for electricity production. Geothermal power plants harness heat located several kilometers beneath the Earth's surface to generate electricity. In certain regions, this heat manifests naturally as steam or hot water. Various countries have developed techniques to utilize geothermal energy, including flash steam, binary cycle, and direct dry steam methods. The availability of different geothermal power types varies globally. For instance, Iceland benefits from numerous accessible hot springs, enabling its population to utilize geothermal energy as a dependable, safe, and cost-effective power source. Conversely, in nations like the United States, the process of geothermal energy extraction involves expensive drilling operations.

Among the various types of geothermal power plants, flash steam facilities are the most prevalent, commanding the largest share of the geothermal power generation market in 2023. Iceland, a volcanically active island, meets nearly all its electricity requirements through a network of flash steam geothermal plants. The steam and surplus warm water generated from these plants are also used to melt snow on sidewalks and parking lots during the harsh Arctic winters. The global geothermal power generation market is driven by several factors, including the increasing demand for clean energy, heightened awareness regarding geothermal energy extraction, and investments aimed at unlocking geothermal potential worldwide. However, challenges such as the high costs associated with drilling and exploration, along with the geographical limitation of geothermal resources to tectonically active regions prone to seismic activity, pose significant barriers to market growth.

Despite these challenges, technological advancements are pivotal in influencing future trends within the geothermal power generation sector. A notable innovation is the development of Enhanced Geothermal Systems (EGS). This technology involves creating engineered reservoirs in hot rock formations deep underground by injecting water into fractures to facilitate heat exchange. EGS has the potential to broaden the geographical scope of geothermal projects, allowing access to previously untapped resources. By addressing some of the constraints linked to traditional hydrothermal systems, EGS paves the way for increased capacity and broader adoption of geothermal energy.

In addition to EGS, advancements in binary cycle systems present another significant technological opportunity. Binary cycle technology enables the use of lower-temperature geothermal resources that were once deemed uneconomical. These systems operate by utilizing a secondary fluid with a lower boiling point than water to drive a turbine, thereby extracting energy from geothermal reservoirs with temperatures as low as 100?C. This innovation expands the range of feasible geothermal sites, allowing for energy extraction from a more diverse array of geographical locations. The ongoing enhancement and implementation of such technologies bolster the economic feasibility of geothermal power, rendering it a more appealing option within the global energy framework.

The analysis of the global geothermal power generation market is categorized based on plant type, end user, and geographical region. In terms of plant type, the market is divided into direct dry steam, flash steam, and binary cycle systems. Regarding end users, the market is segmented into residential, commercial, and industrial categories. Geographically, the global geothermal power generation market is divided into four primary regions: North America, Europe, Asia Pacific (APAC), and the Rest of the World.

Key players in the geothermal power generation market include Northern California Power Agency, Turboden SpA, Toshiba Energy Systems & Solutions Corp, Berkshire Hathaway Inc, NIBE Industrier AB, General Electric Co., Fuji Electric Co Ltd, Kenya Electricity Generating Co Ltd, Carrier Global Corp., and Danfoss AS, among others.

The overall size of the geothermal power generation market has been determined through a combination of primary and secondary research methods. Extensive secondary research has been conducted using both internal and external sources to gather qualitative and quantitative data related to the geothermal power generation market share. This research process also aids in providing an overview and forecast of the geothermal power generation market across all segments. Additionally, numerous primary interviews have been carried out with industry stakeholders to validate the data and obtain analytical insights. This includes discussions with industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the geothermal power generation sector.