The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Geothermal Electricity Global Market Report 2024, the geothermal electricity market is expected to show significant growth in the forecast period.

The geothermal electricity market has experienced rapid growth in recent years, with the market size set to increase from $7.28 billion in 2023 to $8.07 billion in 2024, showcasing a commendable compound annual growth rate (CAGR) of 10.8%. The historical growth can be attributed to the availability of geothermal resources, environmental concerns, government incentives, and the pursuit of energy security.

Future Outlook

Anticipating a continued upward trajectory, the geothermal electricity market is projected to witness rapid growth in the coming years, reaching an estimated $12.27 billion in 2028, reflecting a CAGR of 11.0%. Key drivers in the forecast period include climate goals, energy transition, market liberalization, and global expansion.

Rising Global Electricity Demand

1. Growing Electricity Demand

The surge in global electricity demand is expected to propel the geothermal electricity market forward in the forecast period. Factors such as a growing economy, rising populations, and increased transportation demands, especially in developing countries like China, India, Brazil, and certain African nations, contribute to a high demand for electricity.

2. Projected Electricity Demand

• Global Projection: The global electricity demand is projected to reach 38,700 Terawatt-hour (TWH) by 2050.
• Electric Vehicles Impact: Electric vehicles are anticipated to account for 9% of the global demand, highlighting the transformative impact of evolving transportation trends on electricity needs.
• Population Growth: With the global population expected to increase by approximately two billion over the next two decades, electricity generation is estimated to increase by 49% by 2040.

Key Players in the Market

Major companies operating in the geothermal electricity market play a crucial role in driving its growth. Notable entities include Calpine Corporation, Comisión Federal de Electricidad (CFE), Energy Development Corporation, Enel S.p.A., Chevron Corporation, and others.

Innovative Technologies Leading the Way

1. Technology for Accessibility

Companies within the geothermal electricity market are actively investing in innovative technologies to enhance the accessibility and adoption of geothermal energy for electricity generation and heating purposes.

2. Climeon’s Breakthrough

• Temperature Range: Climeon, a Sweden-based company, developed a technology that operates in temperatures between 70 °C and 120 °C.
• Electricity Production: This technology leverages temperature differences between hot and cold water to produce electricity, offering a continuous and weather-independent energy source.

Market Segmentation

The geothermal electricity market is segmented based on various criteria:

1. By Type

• Back Pressure
• Binary
• Double Flash
• Dry Steam
• Single Flash
• Triple Flash

2. By Application

• Residential
• Commercial
• Industrial
• Other Applications

3. By End-user

• Dry Steam Power Stations
• Flash Steam Power Stations
• Binary Cycle Power Stations

Regional Dominance

In 2023, Asia-Pacific emerged as the largest region in the geothermal electricity market, highlighting the region’s significant contribution to the global expansion of geothermal energy.

View More On The Geothermal Electricity Market Report 2024 – https://www.thebusinessresearchcompany.com/report/geothermal-electricity-global-market-report

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The Geothermal Electricity Global Market Report 2024  provides an in-depth analysis on the geothermal electricity market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the geothermal electricity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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