Global Geothermal Electricity Market Size, Drivers, Trends, Opportunities And Strategies – Includes Geothermal Electricity Market Growth
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The growing demand for electricity are expected to drive innovation in geothermal electricity manufacturing, thus driving the market during the forecast period.
The global geothermal electricity market is expected to grow from $6.57 billion in 2022 to $7.24 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The global geothermal electricity market size is expected to grow to $10.64 billion in 2027 at a CAGR of 10.1%.
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Global Geothermal Electricity Market Segments Include:
- By Type: Back Pressure, Binary, Double Flash, Dry Steam, Single Flash, Triple Flash
- By End-user: Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Station
- By Application: Residential, Commercial, Industrial, Other Applications
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global geothermal electricity market in 2021.
Major Market Players in the geothermal electricity market include Calpine Corp., Comision Federal de, Energy Development Corp., Electricadad (CFE) Enel SpA, Chevron Corporation, COMISION FEDERAL DE ELECTRICADAD (CFE), ENEL SPA, U.S. Geothermal Inc., KenGen.
The companies in the geothermal electricity market are investing in new technologies to make geothermal energy easily accessible to generate electricity and for other heating purposes. Large amounts of geothermal energy are extracted only from places where it is easy to access very hot water. However, in countries like the UK and France, the availability of such hot water or hot water steam is very low as compared to places with volcanoes, such as Iceland and Indonesia. Following that, companies are investing in new approaches to make geothermal energy easily extractable and available. For instance, Climeon, a Sweden-based company, invented a technology that operates in temperatures between 70 °C and 120 °C and uses the temperature differences between hot and cold water to produce electricity. The method, unlike solar and wind power, is continuously available and is not affected by the weather.
The Geothermal Electricity Global Market Report 2023 provides a geothermal electricity market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The geothermal electricity market forecast analyzes geothermal electricity market size, geothermal electricity market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Geothermal energy refers to the heat produced deep in the Earth’s core. Geothermal energy is a clean, renewable resource that can be harnessed for use as heat and electricity. Geothermal energy is derived by using the earth’s internal heat energy to generate steam through a series of wells and is fed to the power plant to generate electricity.
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