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

The geothermal power generation market has experienced rapid growth, rising from $9.83 billion in 2023 to $11.17 billion in 2024, with a CAGR of 13.7%. This surge is attributed to government incentives, technological advancements, environmental concerns, energy demand, and renewable energy investments. Looking ahead, rapid growth is anticipated, with the market projected to expand to $17.54 billion by 2028, with a CAGR of 11.9%. Driven by enhanced geothermal systems technology, global project expansion, decarbonization efforts, increasing energy demand, and supportive policies, major trends in the forecast period include hybrid energy systems integration, innovative financing models, digital technology adoption, and capacity expansion.

The geothermal power generation market is set to soar, fueled by the surging demand for renewable energy solutions worldwide. With renewable energy, including geothermal power generation, contributing to sustainable development and environmental protection, its adoption is propelled by cost-effectiveness and environmental benefits. The International Energy Agency projects a substantial growth of 2,400 gigawatts in global renewable power capacity over the 2022–2027 period, with the geothermal power generation market anticipated to witness significant growth by 2028, underscoring the global shift towards cleaner and more resilient energy systems.

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What Are The Key Trends That Influence Geothermal Power Generation Market Share Analysis?
Major companies in the geothermal power generation market are forming strategic partnerships to enhance their market position. These partnerships involve joint efforts to plan, develop, and operate geothermal power plants. For example, Google partnered with Fervo in November 2023 to develop a unique geothermal power project in Nevada. This project aims to provide carbon-free energy for Google’s operations using advanced drilling techniques and fiber-optic monitoring for efficient energy production.

Which Market Players Are Driving Growth In The Geothermal Power Generation Market?
Major companies operating in the market areChevron Corp., Enel Green Power S.p.A., Mitsubishi Corporation, Siemens AG, General Electric SE, Sumitomo Corporation, ABB Ltd., Berkshire Hathaway Energy, Toshiba Corporation, Atlas Copco AB, Calpine Corporation, Fuji Electric Co. Ltd., Tata Power Company Limited, Aboitiz Power Corporation, First Gen Corporation, Ansaldo Energia S.P.A., Ormat Technologies Inc., Innergex Renewable Energy Inc., Climatemaster Inc., Green Mountain Energy Company, Exergy Inc., GEG Power Equipments Private Limited, ElectraTherm Inc., Fervo Energy Co., Climeon AB

How Is The Global Geothermal Power Generation Market Segmented?
The geothermal power generation market covered in this report is segmented –
1) By Type: Binary Cycle, Dry Steam, Flash Steam
2) By Application: Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Stations
3) By End Users: Commercial, Residential, Industrial, Other End Users

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The Geothermal Power Generation Global Market Report 2024 provides an overview of the geothermal power generationmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The geothermal power generation market forecast analyzes geothermal power generation market size, geothermal power generation market share, leading competitor and their market positions.

The Table Of Content For The Geothermal Power Generation Market Include
1. Geothermal Power Generation Market Executive Summary
2. Geothermal Power Generation Market Segments
3. Geothermal Power Generation Market Size And Template Market Growth Rate
4.  Key Geothermal Power Generation Market Trends
5. Major Geothermal Power Generation Market Drivers
……
25. Key Mergers And Acquisitions In The Geothermal Power Generation Market
26. Top Geothermal Power Generation Companies
27. Geothermal Power Generation Market Opportunities And Strategies
28. Geothermal Power Generation Market, Conclusions And Recommendations
29. Appendix

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