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Report
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 2024-2032
Market Report I 2024-03-02 I 145 Pages I IMARC Group
The global geothermal power market size reached 111.6 GWh in 2023. Looking forward, IMARC Group expects the market to reach 184.0 GWh by 2032, exhibiting a growth rate (CAGR) of 3.1% during 2024-2032.
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:
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. Additionally, the introduction of horizontal drilling techniques to explore good reservoir formation and produce geothermal power at comparatively lower costs is providing an impetus to the 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 the market toward growth.
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 2024-2032. 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 competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Key Questions Answered in This Report
1. What was the size of the global geothermal power market in 2023?
2. What is the expected growth rate of the global geothermal power market during 2024-2032?
3. What are the key factors driving the global geothermal power market?
4. What has been the impact of COVID-19 on the global geothermal power market?
5. What is the breakup of the global geothermal power market based on the power plant type?
6. What is the breakup of the global geothermal power market based on the end user?
7. What are the key regions in the global geothermal power market?
8. Who are the key players/companies in the global geothermal power market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Geothermal Power Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Power Plant Type
6.1 Binary Cycle Power Plants
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Flash Steam Plants
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Dry Steam Plants
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by End User
7.1 Industrial
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Residential
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Commercial
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Others
7.4.1 Market Trends
7.4.2 Market Forecast
8 Market Breakup by Region
8.1 North America
8.1.1 United States
8.1.1.1 Market Trends
8.1.1.2 Market Forecast
8.1.2 Canada
8.1.2.1 Market Trends
8.1.2.2 Market Forecast
8.2 Asia-Pacific
8.2.1 China
8.2.1.1 Market Trends
8.2.1.2 Market Forecast
8.2.2 Japan
8.2.2.1 Market Trends
8.2.2.2 Market Forecast
8.2.3 India
8.2.3.1 Market Trends
8.2.3.2 Market Forecast
8.2.4 South Korea
8.2.4.1 Market Trends
8.2.4.2 Market Forecast
8.2.5 Australia
8.2.5.1 Market Trends
8.2.5.2 Market Forecast
8.2.6 Indonesia
8.2.6.1 Market Trends
8.2.6.2 Market Forecast
8.2.7 Others
8.2.7.1 Market Trends
8.2.7.2 Market Forecast
8.3 Europe
8.3.1 Germany
8.3.1.1 Market Trends
8.3.1.2 Market Forecast
8.3.2 France
8.3.2.1 Market Trends
8.3.2.2 Market Forecast
8.3.3 United Kingdom
8.3.3.1 Market Trends
8.3.3.2 Market Forecast
8.3.4 Italy
8.3.4.1 Market Trends
8.3.4.2 Market Forecast
8.3.5 Spain
8.3.5.1 Market Trends
8.3.5.2 Market Forecast
8.3.6 Russia
8.3.6.1 Market Trends
8.3.6.2 Market Forecast
8.3.7 Others
8.3.7.1 Market Trends
8.3.7.2 Market Forecast
8.4 Latin America
8.4.1 Brazil
8.4.1.1 Market Trends
8.4.1.2 Market Forecast
8.4.2 Mexico
8.4.2.1 Market Trends
8.4.2.2 Market Forecast
8.4.3 Others
8.4.3.1 Market Trends
8.4.3.2 Market Forecast
8.5 Middle East and Africa
8.5.1 Market Trends
8.5.2 Market Breakup by Country
8.5.3 Market Forecast
9 SWOT Analysis
9.1 Overview
9.2 Strengths
9.3 Weaknesses
9.4 Opportunities
9.5 Threats
10 Value Chain Analysis
11 Porters Five Forces Analysis
11.1 Overview
11.2 Bargaining Power of Buyers
11.3 Bargaining Power of Suppliers
11.4 Degree of Competition
11.5 Threat of New Entrants
11.6 Threat of Substitutes
12 Price Analysis
13 Competitive Landscape
13.1 Market Structure
13.2 Key Players
13.3 Profiles of Key Players
13.3.1 ABB Ltd.
13.3.1.1 Company Overview
13.3.1.2 Product Portfolio
13.3.1.3 Financials
13.3.1.4 SWOT Analysis
13.3.2 Ansaldo Energia S.p.A.
13.3.2.1 Company Overview
13.3.2.2 Product Portfolio
13.3.2.3 SWOT Analysis
13.3.3 Berkshire Hathaway Energy (Berkshire Hathaway Inc.)
13.3.3.1 Company Overview
13.3.3.2 Product Portfolio
13.3.3.3 SWOT Analysis
13.3.4 Calpine Corporation
13.3.4.1 Company Overview
13.3.4.2 Product Portfolio
13.3.4.3 SWOT Analysis
13.3.5 Enel S.p.A.
13.3.5.1 Company Overview
13.3.5.2 Product Portfolio
13.3.5.3 Financials
13.3.5.4 SWOT Analysis
13.3.6 First Gen Corporation
13.3.6.1 Company Overview
13.3.6.2 Product Portfolio
13.3.6.3 Financials
13.3.6.4 SWOT Analysis
13.3.7 Fuji Electric Co. Ltd.
13.3.7.1 Company Overview
13.3.7.2 Product Portfolio
13.3.7.3 Financials
13.3.7.4 SWOT Analysis
13.3.8 Halliburton Company
13.3.8.1 Company Overview
13.3.8.2 Product Portfolio
13.3.8.3 Financials
13.3.8.4 SWOT Analysis
13.3.9 Mitsubishi Corporation
13.3.9.1 Company Overview
13.3.9.2 Product Portfolio
13.3.9.3 Financials
13.3.9.4 SWOT Analysis
13.3.10 Ormat Technologies Inc.
13.3.10.1 Company Overview
13.3.10.2 Product Portfolio
13.3.10.3 Financials
13.3.10.4 SWOT Analysis
13.3.11 Toshiba Corporation
13.3.11.1 Company Overview
13.3.11.2 Product Portfolio
13.3.11.3 Financials
13.3.11.4 SWOT Analysis
13.3.12 Yokogawa Electric Corporation
13.3.12.1 Company Overview
13.3.12.2 Product Portfolio
13.3.12.3 Financials
13.3.12.4 SWOT Analysis
Figure 1: Global: Geothermal Power Market: Major Drivers and Challenges
Figure 2: Global: Geothermal Power Market: Volume Trends (in GWh), 2018-2023
Figure 3: Global: Geothermal Power Market Forecast: Volume Trends (in GWh), 2024-2032
Figure 4: Global: Geothermal Power Market: Value Trends (in Billion US$), 2018-2023
Figure 5: Global: Geothermal Power Market Forecast: Value Trends (in Billion US$), 2024-2032
Figure 6: Global: Geothermal Power Market: Breakup by Power Plant Type (in %), 2023
Figure 7: Global: Geothermal Power Market: Breakup by End User (in %), 2023
Figure 8: Global: Geothermal Power Market: Breakup by Region (in %), 2023
Figure 9: Global: Geothermal Power (Binary Cycle Power Plants) Market: Sales Value (in Million US$), 2018 & 2023
Figure 10: Global: Geothermal Power (Binary Cycle Power Plants) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 11: Global: Geothermal Power (Flash Steam Plants) Market: Sales Value (in Million US$), 2018 & 2023
Figure 12: Global: Geothermal Power (Flash Steam Plants) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 13: Global: Geothermal Power (Dry Steam Plants) Market: Sales Value (in Million US$), 2018 & 2023
Figure 14: Global: Geothermal Power (Dry Steam Plants) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 15: Global: Geothermal Power (Industrial) Market: Sales Value (in Million US$), 2018 & 2023
Figure 16: Global: Geothermal Power (Industrial) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 17: Global: Geothermal Power (Residential) Market: Sales Value (in Million US$), 2018 & 2023
Figure 18: Global: Geothermal Power (Residential) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 19: Global: Geothermal Power (Commercial) Market: Sales Value (in Million US$), 2018 & 2023
Figure 20: Global: Geothermal Power (Commercial) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 21: Global: Geothermal Power (Other End Users) Market: Sales Value (in Million US$), 2018 & 2023
Figure 22: Global: Geothermal Power (Other End Users) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 23: North America: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 24: North America: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 25: United States: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 26: United States: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 27: Canada: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 28: Canada: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 29: Asia-Pacific: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 30: Asia-Pacific: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 31: China: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 32: China: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 33: Japan: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 34: Japan: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 35: India: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 36: India: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 37: South Korea: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 38: South Korea: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 39: Australia: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 40: Australia: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 41: Indonesia: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 42: Indonesia: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 43: Others: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 44: Others: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 45: Europe: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 46: Europe: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 47: Germany: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 48: Germany: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 49: France: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 50: France: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 51: United Kingdom: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 52: United Kingdom: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 53: Italy: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 54: Italy: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 55: Spain: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 56: Spain: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 57: Russia: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 58: Russia: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 59: Others: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 60: Others: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 61: Latin America: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 62: Latin America: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 63: Brazil: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 64: Brazil: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 65: Mexico: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 66: Mexico: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 67: Others: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 68: Others: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 69: Middle East and Africa: Geothermal Power Market: Sales Value (in Million US$), 2018 & 2023
Figure 70: Middle East and Africa: Geothermal Power Market: Breakup by Country (in %), 2023
Figure 71: Middle East and Africa: Geothermal Power Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 72: Global: Geothermal Power Industry: SWOT Analysis
Figure 73: Global: Geothermal Power Industry: Value Chain Analysis
Figure 74: Global: Geothermal Power Industry: Porter's Five Forces Analysis
Table 1: Global: Geothermal Power Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Geothermal Power Market Forecast: Breakup by Power Plant Type (in Million US$), 2024-2032
Table 3: Global: Geothermal Power Market Forecast: Breakup by End User (in Million US$), 2024-2032
Table 4: Global: Geothermal Power Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 5: Global: Geothermal Power Market: Competitive Structure
Table 6: Global: Geothermal Power Market: Key Players
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