Europe Geothermal Power Generation Market 2023- Overview, Opportunities And Challenges Forecast To 2031

The Europe geothermal power generation market was valued at US$ 4,957.09 million in 2023 and is expected to reach US$ 9,972.43 million by 2031; it is estimated to register a CAGR of 9.1% from 2023 to 2031.

Wind farms and photovoltaic projects successfully complement investments in geothermal projects. This is owing to the challenges associated with utilizing wind and solar energies for power generation; for example, wind turbines are ineffective on calm days and the output of solar panels is reduced at night and on cloudy days. Natural geothermal energy is available for commercial use 24 hours a day, regardless of weather conditions. The development of the geothermal energy sector requires huge capital investments that fail to be completely financed from public funds only. This development also requires the active participation of the private sector.

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Investments in geothermal energy projects help diversify the global energy mix, protect power grids from the instability of conventional renewable sources (wind and solar energy), and reduce energy costs. According to the ESFC Investment Group, over the last decade, the turnover of geothermal industry has exceeded US$ 4 billion per year, and the global fleet of geothermal power plants surpassed more than 500 plants of various sizes. The increased interest of investors in this area is due to the unlimited resources hidden in the depths of the planet.

MARKET INTRODUCTION

The Europe geothermal power generation market is segmented into Turkey, Iceland, Italy, Russia, and the Rest of Europe. Europe accounted for the second largest market share in the geothermal power generation market worldwide owing to the presence of geothermal energy-producing countries, including Turkey, Italy, and Iceland. In addition, a rise in awareness about renewable power generation and associated investments in the region, owing to the targets set by governments of European countries to reduce carbon emissions, is expected to boost the market growth in the coming years. Moreover, ongoing geopolitical wars in the region, such as Russia-Ukraine and Israel-Hamas, have disrupted the supply chain of oil and gas products between Europe and other regions across the globe. This has further increased investment toward renewable power-generating technologies, which is likely to fuel market growth from 2023 to 2031.

List of Companies Profiled in the Europe Geothermal Power Generation market Report are:

• Turboden SpA
• Toshiba Energy Systems and Solutions Corp
• Berkshire Hathaway Inc
• NIBE Industrier AB
• General Electric Co
• Fuji Electric Co Ltd
• Carrier Global Corp
• Danfoss AS

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Key Segmentation:

The Europe geothermal power generation market is categorized into plant type, end user, and country.
Based on plant type, the Europe geothermal power generation market is segmented into direct dry steam, flash steam, and binary cycle. The flash steam segment held the largest market share in 2023.
In terms of end user, the Europe geothermal power generation market is categorized into residential, commercial, and industrial. The industrial segment held the largest market share in 2023.
By country, the Europe geothermal power generation market is segmented into Turkey, Iceland, Italy, Russia, and the Rest of Europe. Turkey dominated the Europe geothermal power generation market share in 2023.

Table of Contents

Based on material, the Europe Geothermal Power Generation market is segmented into FRP/composites, metal/alloys, and others. The metal/alloys segment held the largest share of the Active network management Market in 2023.
Based on size, the Europe Geothermal Power Generation market is segmented into 75-120 feet, 121-250 feet, and Above 250 feet. The 121-250 feet segment held the largest share of the Europe Geothermal Power Generation market in 2023.
Based on country, the Europe Geothermal Power Generation market segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe. The Rest of Europe dominated the share of the Active network management Market in 2023.

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