Geothermal Power Generation Market to exceed US$ 27,149.2 million by 2031

    Published on 23-May-2024
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    Report : Geothermal Power Generation Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Plant Type (Direct Dry Steam, Flash Steam, and Binary Cycle), End User (Residential, Commercial, and Industrial), and Geography

    According to our latest study on "Geothermal Power Generation Market Forecast to 2031 -Global Analysis - by Plant Type, and End User," the market is expected to grow from US$ 15,453.3 million in 2023 to US$ 27,149.2 million by 2031; it is anticipated to record a CAGR of 7.3% from 2023 to 2031.

    The geothermal power generation market growth is linked to the geological conditions favorable for tapping into the Earth's internal heat. The Earth's geology influences geothermal power's global distribution, and regions with high volcanic activity, tectonic plate boundaries, or hotspots are more likely to have significant geothermal resources. While some regions have been at the forefront of geothermal development, ongoing advancements in technology, such as enhanced geothermal systems (EGS), are expanding the reach of geothermal power, making it an increasingly viable option for clean and sustainable energy worldwide.

    Key Findings of Market Study:

    Based on plant type, the geothermal power generation market analysis is segmented into direct dry steam, flash steam, and binary cycle. The flash steam segment accounted for more than 64.6% of revenue in the market in 2023 and is expected to be the key segment during the forecast period. Flash steam power plants are a relatively common method used to convert geothermal energy into electricity when production wells produce a mixture of steam and liquid in one geothermal system. Compared to a single flash, the double flash steam power plant generates more electricity from geothermal fluid under the same conditions.

    The energy transition in net-zero carbon emissions is a complex process that includes fossil fuels phasing out over time and being replaced by renewable and sustainable energy sources in combination with other measures, such as energy efficiency. Fossil fuel power generation plants are major emitters of greenhouse gases and are being shut down for environmental reasons. An average of 62 GW in 2020 and 2021 fossil fuels have been shut down yearly. Thus, the rise in decommissioning of fossil fuel-based power plants is expected to drive the geothermal power generation market trends in the coming years.

    Asia Pacific dominated the geothermal power generation market during the forecast period. This is owing to the presence of major powerhouse in the region including Indonesia, New Zealand, Philippines, and others in the region. In addition, the rise in investment towards renewable power generation in the region is anticipated to fuel the market growth from 2023 to 2031. In 2023, Asia Pacific held the largest geothermal power generation market share of ~39.6% in the geothermal power generation market worldwide and is expected to record a CAGR of 5.9% from 2023 to 2031. This is owing to the presence of geothermal power-generating countries, including Indonesia, the Philippines, New Zealand, and Japan. The demand for power in Asia Pacific continues to increase owing to rapid industrialization across the region, which has further led to increased generation of sustainable electricity. Moreover, increasing government initiatives and funding toward the construction of geothermal power plants in the region is projected to fuel the geothermal power generation market growth in the coming years.

    New Zealand has harnessed its geothermal potential for electricity generation and heating applications. Opportunities include expanding capacity, optimizing existing plants, and integrating geothermal power into the country's diverse renewable energy mix. The development of innovative technologies, such as binary cycle systems, can enhance efficiency and make geothermal power more competitive. In addition, East African countries such as Kenya and Ethiopia are harnessing their geothermal potential. Kenya has invested significantly in geothermal power development, contributing to its energy mix. The East African Rift system offers favorable conditions for tapping into geothermal reservoirs.

    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 are among the key players covered in the geothermal power generation market report. The geothermal power generation market report includes growth prospects owing to the current geothermal power generation market trends and their foreseeable impact during the forecast period.

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