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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
Report Format: PDF+Excel | Report ID: SR112024A6212
Year End
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Market Overview:
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. At present, North America holds the largest market share, driven by abundant geothermal resources and favorable government initiatives.
|
Report Attribute
|
Key Statistics
|
|---|---|
|
Base Year
|
2024
|
|
Forecast Years
|
2025-2033
|
|
Historical Years
|
2019-2024
|
|
Market Size in 2024
|
115.3 GWh |
|
Market Forecast in 2033
|
149.4 GWh |
| Market Growth Rate 2025-2033 | 2.88% |
Geothermal power is a form of renewable energy produced from heat stored within the continental earth’s crust. It originates from the radioactive decay of materials and uses hydrothermal resources that combine heat and water. It is widely used in various geothermal establishments for electricity generation, heating and cooling buildings, gold mining, and milk pasteurizing. Geothermal power is a sustainable and non-traditional source that assists in reducing air pollution, eliminating the combustion of fossil fuels, and ensuring silent energy production processes, low maintenance, high power output, and economic development. As a result, geothermal energy is a readily available, safe, and long-lasting power source that produces electricity with minimal environmental impact.
Geothermal Power Market Trends:
Increasing Demand for Renewable Sources of Electricity
The global geothermal power market is primarily being driven by the increasing demand for electricity. Geothermal power offers an eco-friendly, reliable, high-capacity, and cost-effective solution to the rising electricity demand across the globe. In line with this, the significant need to reduce air pollution due to rising environmental concerns, global warming, and the increasing instances of respiratory disease is favoring the market growth. Furthermore, the increasing adoption of geothermal power over other renewable sources, such as wind energy, hydropower, and bioenergy, can be attributed to the various advantages of the solution, including minimum land usage, zero liquid pollution, and high availability.
Technological Advancements
The introduction of horizontal drilling techniques to explore favorable reservoir formation and produce geothermal power at comparatively lower costs is providing an impetus to market growth. Apart from this, the rising popularity of binary cycle technology in geothermal power plants due to its efficiency, reservoir sustainability, high-reliability operation, environmental friendliness, and enhanced performance is positively influencing the market growth. Moreover, the integration of artificial intelligence (AI) in geothermal power systems to empower the platform with intelligent behavior, learning, and informed decision-making capabilities is creating a positive outlook for market growth. Besides this, extensive research and development (R&D) activities to optimize production processes and explore new reservoirs and the implementation of various government initiatives to generate electricity from renewable sources are anticipated to drive market growth.
Integration of Geothermal Energy with Other Renewable Sources
A revolutionary trend in the market is the integration of geothermal energy with other renewable energy sources. This approach can help to create more resilient and efficient energy systems. Geothermal power plants can be combined with solar, wind, or biomass power generation to create hybrid energy systems. These systems can provide a more stable and reliable supply of electricity, as different renewable sources can complement each other. Furthermore, geothermal energy can be used to store excess energy from other renewable sources, such as solar or wind power. This can help to balance supply and demand and reduce reliance on fossil fuels for peak load coverage.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global geothermal power market report, along with forecasts at the global, regional and country level from 2025-2033. Our report has categorized the market based on power plant type and end user.
Breakup by Power Plant Type:
- Binary Cycle Power Plants
- Flash Steam Plants
- Dry Steam Plants
Breakup by End User:
- Industrial
- Residential
- Commercial
- Others
Breakup by Region:
- 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
Competitive Landscape:
The companies in the market are adopting various strategic initiatives including new product launches and business alliances to gain a significant geothermal power market share. The report has also provided a comprehensive analysis of the competitive landscape in the global geothermal power market. Detailed profiles of all major companies have also been provided. Some of the companies covered include:
- 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
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Geothermal Power Market Recent Developments:
- September 2024:X-Caliber Rural Capital announced that its partner XRL-ALC, LLC has closed a US$ 100 Million loan for supporting the Phase 1 development of the world’s largest next-gen geothermal project in Beaver County, Utah. The Fervo Energy’s Cape Station project’s Phase 1 is planned to generate over 90 MW capacity of renewable energy and will be completed by June 2026.
- August 2024: Sage Geosystems along with Meta announced a strategic business alliance to expand the deployment of next-gen geothermal power in the United States.
- May 2024: Eavor Technologies entered into a strategic partnership with the University of Colorado Boulder to explore the feasibility of geothermal energy on the campus and determine potential savings on electric expenditure.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2024 |
| Historical Period | 2019-2024 |
| Forecast Period | 2025-2033 |
| Units | Billion USD, GWh |
| Segment Coverage | Power Plant Type, End User, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | 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 and Yokogawa Electric Corporation |
| Customization Scope | 10% Free Customization |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global geothermal power market reached a volume of 115.3 GWh in 2024.
We expect the global geothermal power market to exhibit a CAGR of 2.88% during 2025-2033.
The increasing popularity of geothermal power over other renewable sources, including wind energy, hydropower, bioenergy, etc., owing to its numerous advantages, such as minimum land usage, zero liquid pollution, high availability, etc., is primarily driving the global geothermal power market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of various end-use industries for geothermal power.
Based on the power plant type, the global geothermal power market has been segregated into binary cycle power plants, flash steam plants, and dry steam plants. Among these, binary cycle power plants currently exhibit a clear dominance in the market.
Based on the end user, the global geothermal power market can be bifurcated into industrial, residential, commercial, and others. Currently, the industrial sector accounts for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global geothermal power market include 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, and Yokogawa Electric Corporation.
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