The geothermal power generation market size is projected to reach US$ 27,149.2 million by 2031 from US$ 15,453.3 million in 2023. The market is expected to register a CAGR of 7.3% during 2023–2031. Growing role of geothermal power in future energy transition is likely to remain key trend in the market. Geothermal power generation is a clean, sustainable, and environmentally friendly method that taps into the Earth’s internal heat to produce electricity. This process involves harnessing the natural steam or hot water reservoirs found beneath the Earth’s surface. Flash steam power plants accounted for 64.6% of the total geothermal power generation market share globally.
Further, the rising demand for electricity from end users, such as residential, commercial, and industrial sectors, is anticipated to fuel the market growth during the forecast period. Industrial users accounted for 45.4% of the total geothermal power generation in the world, owing to the rise in demand for electricity for various industrial applications such as manufacturing, chemical, petrochemical, processing, and others. Asia Pacific accounted for the largest geothermal power generation market share, i.e., about 40.4%, in 2022.
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Top Key Major Players:-
- Northern California Power Agency
- Turboden SpA
- Toshiba Energy Systems & Solutions Corp
- Berkshire Hathaway Inc
- NIBE Industrier AB
- General Electric Co.
- Fuji Electric Co Ltd
- Kenya Electricity Generating Co Ltd
- Carrier Global Corp.
- Danfoss AS