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Rising Global Electricity Demand Propels The Geothermal Electricity Market: Major Factor in the Transformation of the Geothermal Electricity Market in 2025
Geothermal Electricity Market Size
The size of the geothermal electricity market has experienced swift expansion in the recent times. It is expected to rise from $8.29 billion in 2024 to $9.23 billion in 2025, increasing at a compound annual growth rate (CAGR) of 11.3%. The expansion in the past years can be tied to reasons like ample resources, eco-consciousness, governmental benefits, and concerns over energy security.
The market size for geothermal electricity is anticipated to expand exponentially within the coming years, with an estimated valuation of $13.93 billion by 2029, growing at a compound annual growth rate (CAGR) of 10.8%. Factors contributing to this significant growth in the forecast period include climate objectives, energy transition, market liberalization, and global expansion. Key trends anticipated during this forecast period include the development of advanced technologies, escalated implementation of enhanced geothermal systems (egs), integration with other energy sources, geothermal heat pumps, and direct use applications.
What Key Elements Are Boosting Growth in the Geothermal Electricity Market?
The anticipated surge in electricity needs is predicted to push the evolution of the geothermal electricity market in the forecasted span. A burgeoning economy, swiftly increasing populations, and amplified demands for transportation, particularly in emerging nations including China, India, Brazil and a number of African nations, are all contributing to a significant need for electricity. It is forecast that by 2050, the global demand for electricity will reach 38,700 Terawatt-hour (TWH), with electric vehicles expected to be responsible for 9% of this overall demand. A report from Canada's Upstream Oil & Natural Gas Industry reveals that with an anticipated population increase of around two billion in the coming 20 years, it's projected that by 2040, the generation of electricity will rise by 49%. Therefore, this mounting necessity for electricity is seen as a primary driver for the growth of the geothermal electricity market within the forecast period.
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Who Are the Major Industry Players Fueling Geothermal Electricity Market Expansion?
Major companies operating in the geothermal electricity market include Calpine Corporation, Comisión Federal de Electricidad (CFE), Energy Development Corporation, Enel S.p.A., Chevron Corporation, U.S. Geothermal Inc., Kenya Electricity Generating Company PLC (KenGen), Contact Energy Limited, Orkuveita Reykjavikur (Reykjavik Energy), Pertamina Geothermal Energy, CalEnergy Generation, Star Energy Ltd., Northern California Power Agency, Terra-Gen LLC, Ormat Technologies Inc., Aboitiz Power Corporation, Mercury NZ Limited, PT Pertamina Geothermal Energy, Raya Group Limited, Cyrq Energy Inc., Fuji Electric Co. Ltd., Baker Hughes Company, Doosan Škoda Power s.r.o., Sosian Energy Limited
Which Key Developments Are Influencing the Geothermal Electricity Market?
Firms within the geothermal electricity market are channeling resources into pioneering technologies to simplify the extraction and use of geothermal energy for electricity production and various heating applications. The primary sources of geothermal energy are locations where accessing extremely hot water is uncomplicated. Nevertheless, in nations such as the UK and France, the occurrence of such hot water or hot water steam is minimal compared to areas which have volcanoes, like Iceland and Indonesia. Consequently, companies are channeling investments into innovative methods to simplify geothermal energy's extraction and availability. For instance, a technology that exploits the differences in the temperature of hot and cold water to generate electricity was developed by Climeon, a company based in Sweden. The technology, which functions within a temperature range of 70°C to 120°C, unlike solar and wind power, guarantees constant availability unaffected by weather conditions.
How Is the Segmentation of the Geothermal Electricity Market Defined?
The geothermal electricity market covered in this report is segmented -
1) By Type: Back Pressure, Binary, Double Flash, Dry Steam, Single Flash, Triple Flash
2) By Application: Residential, Commercial, Industrial, Other Applications
3) By End-user: Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Station
Subsegments:
1) By Back Pressure: Low-Pressure Back Pressure, High-Pressure Back Pressure
2) By Binary: Organic Rankine Cycle (ORC) Binary, Kalina Cycle Binary
3) By Double Flash: Dual-Pressure Flash, Multi-Pressure Flash
4) By Dry Steam: Superheated Steam, Saturated Steam
5) By Single Flash: Low-Temperature Flash, High-Temperature Flash
6) By Triple Flash: Triple-Stage Flash, Multi-Stage Flash
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What Is the Leading Region in the Geothermal Electricity Market?
Asia-Pacific was the largest region in the geothermal electricity market in 2023. Western Europe was the second-largest region in the geothermal electricity market. The regions covered in the geothermal electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is Covered In The Geothermal Electricity Global Market Report?
- Market Size Analysis: Analyze the Geothermal Electricity Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Geothermal Electricity Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Geothermal Electricity Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Geothermal Electricity Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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