[183 Pages Report] The Geothermal Power Generation Market size was estimated at USD 6.94 billion in 2023 and expected to reach USD 7.34 billion in 2024, at a CAGR 6.34% to reach USD 10.67 billion by 2030.
Geothermal energy is green, recyclable, low-carbon, and renewable energy characterized by large reserves, wide distribution, clean, environmental protection, stability, and reliability. This form of energy uses heat below the ground and can be used for various purposes, including generating electricity, heating, and cooling. The growing need for eco-friendly and renewable power resources and the rise in geothermal power generation projects are accelerating geothermal power generation worldwide although the high capital investment may limit power generation through geothermal energy. Moreover, technological advancements in geothermal power generation plants and government initiatives for expanding geothermal energy generation projects are anticipated to create remunerative opportunities for deploying geothermal power across the commercial and industrial sectors.
Regional Insights
Most of the geothermal power plants in the United States are in the western states and the island state of Hawaii, where geothermal energy resources are close to the Earth’s surface. California generates the most electricity from geothermal energy as energy is produced from steam pumped from deep reservoirs in the ground and flows directly to a turbine, which drives a generator and creates electricity. According to the United States Energy Information Administration (EIA), in August 2020, geothermal power technology was shifted from steam to binary cycle. In 2020, the United States had 93 binary-cycle generators averaging 8 MW capacity each and 79 steam generators averaging 23 MW each. In Asia-Pacific, the highest capacity of installed geothermal plants and availability of high-temperature resources witnessed significant growth opportunities for geothermal power plants in the region. In Europe, the adoption of renewable geothermal power is increasing as several countries have established geothermal power plant projects, whereas they are in progress in a few countries.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Geothermal Power Generation Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Geothermal Power Generation Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Geothermal Power Generation Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Aboitiz Power Corporation, Altarock Energy Inc., Ansaldo Energia, Atlas Copco AB, Berkshire Hathaway Energy, Calpine Corporation, CeraPhi Energy, Chevron Corp., Climatemaster, Inc., Climeon, Comisi?n Federal de Electricidad, Contact Energy, Eavor Technologies Inc., ElectraTherm, Inc., Enel Green Power S.p.A., Engie SA, Exergy International, Fervo Energy, First Gen Corporation, Fuji Electric Co. Ltd., GEG Power, General Electric SE, Geothermal Engineering Ltd., Green Mountain Energy Company, Halliburton, Holtec International, HS Orka HF, Innergex Renewable Energy, JFE Engineering Corporation, Macquarie Group Limited, Marton Geotechnical Services, Inc., Mitsubishi Corporation, Northern California Power Agency, Ormat Technologies Inc., Panax Geothermal, Pertamina Geothermal Energy, Pure Energy Holdings Corporation, Quaise Energy, Reykjavik Geothermal, Siemens AG, Sumitomo Corporation, Supreme Energy, TAS Energy Inc. by Comfort Systems USA, Tata Power Company Limited, Terra-Gen Power LLC, Tetra Tech, Inc., Thermax Ltd., Toshiba International Corporation, Turboden S.P.A., and Yokogawa Electric Corporation.
Market Segmentation & Coverage
This research report categorizes the Geothermal Power Generation Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Type
- Binary Cycle
- Dry Steam
- Flash Steam
- Use
- Direct-use Applications
- Electric Power Generation
- Geothermal Heat Pumps
- Application
- Commercial
- Industrial
- Residential
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Geothermal Power Generation Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Geothermal Power Generation Market?
- What are the technology trends and regulatory frameworks in the Geothermal Power Generation Market?
- What is the market share of the leading vendors in the Geothermal Power Generation Market?
- Which modes and strategic moves are suitable for entering the Geothermal Power Generation Market?
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