According to the latest report by IMARC Group, titled “Geothermal Power Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global geothermal power market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global geothermal power market size reached 107.8 GWh in 2022. Looking forward, IMARC Group expects the market to reach a value of 176.4 GWh by 2028, exhibiting a growth rate (CAGR) of 2.8% during 2023-2028.
what is geothermal power?
Geothermal power is renewable energy harvested from the heat stored within the earth’s crust with thermal power. It originates from the radioactive decay of materials contained in fluids, hot molten rock, and magma and uses hydrothermal resources combined with water and heat. It is a low-maintenance, safe, reliable, environment-friendly, sustainable, and non-traditional power source that helps reduce air pollution, ensure silent energy production processes, provide high power output and economic development, and eliminate the combustion of fossil fuels. As a result, geothermal power is widely adopted in the industrial, commercial, and residential sectors.
What are the key factors driving in the geothermal power market?
The market is primarily driven by the rising demand for electricity due to the growing population and expanding industrial and commercial sectors. Geothermal power provides a reliable, cost-effective, ecological, high-capacity solution for electricity generation, gold mining, milk pasteurizing, and cooling buildings. In addition, the incorporation of horizontal drilling techniques to explore good reservoir formation and harvest geothermal power at low costs is contributing to market growth.
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Moreover, the integration of artificial intelligence (AI) in geothermal power systems to empower the platform with intelligent learning, behavior, and informed decision-making capabilities represents another major growth-inducing factor. Besides this, the growing prevalence of respiratory diseases, global warming, and rising environmental concerns have escalated the adoption of geothermal power, thus providing a positive thrust to market growth. Furthermore, the implementation of several government initiatives to generate electricity from renewable sources and extensive research and development (R&D) activities conducted by key players are also creating a favorable market outlook.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
|Geothermal Power Market Report Scope|
|Market size value in 2022||107.8 GWh|
|Market forecast in 2028||176.4 GWh|
|Growth Rate||CAGR of 2.8% from 2023 to 2028|
|Base year for estimation||2022|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||type, material type and application|
|Regional scope||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Key companies profiled||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.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization purview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
The report has been segmented the market into following categories:
Breakup by Power Plant Type:
- Binary Cycle Power Plants
- Flash Steam Plants
- Dry Steam Plants
Breakup by End User:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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