Geothermal Power Market

Geothermal energy is a renewable resource that offers clean, reliable, and cost-effective power. This is because, unlike fossil fuels, it does not pollute the air or create greenhouse gasses that contribute to global warming. It can be produced in a variety of ways, depending on the type of geothermal system available. The most common are steam- and hot water-based power plants, often located near hot springs, volcanic activity, or tectonic plate boundaries. At these sites, energy is extracted from underground by pumping superheated water or steam to the surface. The steam flows through a turbine, drives a generator, and produces electricity. Water that is not used for electricity is returned to the underground reservoirs.

Market Dynamics:

The global geothermal power market is thriving with the advent of new technology and growing demand for renewable energy sources. Due to the rapid industrialization and urbanization in developing countries, there is a major need for electricity. Thus, the global geothermal power market is projected to grow at a high rate in the forecast period. Moreover, key players in the global geothermal power market are focusing on developing their production facilities to tap the potential of geothermal resources. Furthermore, increasing government policies to encourage the use of geothermal energy are another factor boosting growth of the market. These policies offer a variety of financial incentives to support the development and deployment of the power generation from geothermal resources.

On the other hand, high cost associated with the establishing power plant is expected to hamper the market growth.

Key features of the study:

• This report provides in-depth analysis of the global geothermal power market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global geothermal power market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include ABB, EDF, Enel SPA (Enel), General Electric (GE), The Tata Power Company Limited, Mitsubishi Hitachi Power Systems Inc., Toshiba Corporation, Korea Electric Power Corporation, Siemens AG, and Yokogawa Electric Corporation
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global geothermal power market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global geothermal power market

Detailed Segmentation:

• Global Geothermal Power Market, By Power Station Type
  • Dry Steam Power Stations
  • Flash Steam Power Stations
  • Binary Cycle Power Stations
• Global Geothermal Power Market, By End Use
  • Residential
  • Commercial
  • Industrial
  • Others
• Global Geothermal Power Market, By Region
  • North America
  • Europe
  • Asia Pacific
  • LAMEA
• Company Profiles
  • ABB
  • EDF
  • Enel SPA (Enel)
  • General Electric (GE)
  • The Tata Power Company Limited
  • Mitsubishi Hitachi Power Systems Inc.
  • Toshiba Corporation
  • Korea Electric Power Corporation
  • Siemens AG
  • Yokogawa Electric Corporation