IMARC Group’s report titled “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 2025-2033”. The global geothermal power market size reached 115.3 GWh in 2024. Looking forward, IMARC Group expects the market to reach 149.4 GWh by 2033, exhibiting a growth rate (CAGR) of 2.88% during 2025-2033.
Factors Affecting the Growth of the Geothermal Power Industry:
- Demand for Renewable Energy Sources:
The requirement of renewable energy sources, caused by enhanced public awareness of climate change and the need to cut greenhouse gases has boosted the market. The geothermal energy is therefore environmental friendly and provides stable energy for power needs. It offers consistent base load power that cannot be compared to solar or wind power whose sources varies depending with the weather. The governing agencies are accepting the geothermal power prospects in the shift towards a cleaner energy approach to spur policy measures and rewards. This can be explained by developing trends in the energy sector that global community tends to diversify the energy sector and introduce geothermal energy as one of the major types of clean energy.
- Policy Support and Environmental Regulations:
The regulation bodies across the countries are putting in place policies which will support geothermal developments most especially in countries that have a high geothermal resource. These include, royalties, tax credits, feed-in tariffs, grants, and others; regulatory support mechanisms, including fast-tracking of approvals regarding permits, and others. Further, as customers intensify the decarbonization of global electricity generation and commit to the Paris Agreement which seeks to constrain carbon emissions and pollution from fossil fuel power plants, utilities and energy companies seek to diversify into cleaner, renewable energy such as the geothermal resource. These are regulatory frameworks of geothermal energy not only encourage its use but also put the nascent form of energy on a par against more conventionally dominant energy forms.
- Integration with Other Renewable Energy Sources:
Combining geothermal energy with other renewables is boosting market growth. More geothermal plants are now providing steady power. This power complements the variable output from solar and wind sources. Such synergy leads to more reliable and efficient energy systems. Additionally, using geothermal energy in district heating, alongside industrial waste heat or biomass, boosts efficiency and sustainability. This makes geothermal energy more appealing for planning and is key to developing full renewable solutions.
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Leading Companies Operating in the Global Geothermal Power Industry:
- 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 Yokogawa Electric Corporation.
Geothermal Power Market Report Segmentation:
By Power Plant Type:
- Binary Cycle Power Plants
- Flash Steam Plants
- Dry Steam Plants
Binary cycle power plants represent the largest segment due to their energy efficiency and environment-friendly operation.
By End User:
- Industrial
- Residential
- Commercial
- Others
Industrial sector holds the biggest share due to its significant energy requirements for manufacturing and operations.
Regional Insights:
- 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
North America dominates the market due to its abundant geothermal resources and substantial investments in geothermal energy infrastructure.
Global Geothermal Power Market Trends:
The rising advancement in deep geothermal drilling and enhanced geothermal systems (EGS) are enabling the exploitation of geothermal energy from deeper and hotter earth layers, substantially increasing the potential for geothermal power generation. These EGS involve creating artificial reservoirs in hot rock formations at depths where conventional drilling was not feasible before. This trend is expanding the geographical footprint of geothermal energy beyond traditional hotspots, opening new regions for sustainable energy production.
Furthermore, the development and deployment of small-scale and modular geothermal systems which are more flexible and less capital-intensive than traditional large-scale geothermal power plants. They can be quickly deployed in various settings, including remote and off-grid locations, and are particularly suited for community-scale projects or as part of hybrid energy systems. This trend towards smaller, modular units is making geothermal energy accessible to a broader range of users and applications, including residential heating and cooling.
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