Geothermal Power Generation Market Report 2025 (Global Edition)

Global Geothermal Power Generation Market Report 2025 Market Size Split by Type Outlook: (Dry steam, Flash steam, Binary cycle), by Application Outlook: (Industrial Processing, Civil Heating, Medical,...

Geothermal Power Generation Market Report Description

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Geothermal Power Generation Market Insights Video

Competitive Landscape of the Geothermal Power Generation Market

The competitive context of the geothermal power generation industry offers information broken down by competition. In-depth information is provided about the business's background, finances, earnings, prospective markets, R&D spending, emerging market efforts, international manufacturing locations and infrastructure, manufacturing capabilities, company advantages and disadvantages, introduction of products, goods length and dimension, and sector superiority. The earlier statistics only pertain to the companies' concentration on the geothermal power generation industry.

In August 2024, Calpine is speeding up its PJM electrical generating manufacturing process in response to market signals that show a greater need for dependable power. Several new sites in the PJM region, especially in Ohio and Pennsylvania, are being investigated as part of this endeavor. Additionally, Calpine is looking into possible fleet growth. (Source: https://www.calpine.com/calpine-accelerates-pjm-development-program/) In June 2024, Alterra Power Systems, a leading supplier of petroleum-based propane and diesel generators for earnings and servicing, is happy to reveal a distribution agreement with Mesa Solutions, a company leading the way in innovative energy options. For both businesses, this partnership is a major turning point that usher in a new era of superior energy production and power systems. (Source: https://www.alterrapower.com/news/alterra-power-systems-and-mesa-solutions-forge-a-game-changing-partnership) In September 2024, Enel Green Power North America Inc. ("EGPNA"), its entire division, Enel S.p.A. ("Enel"), concluded a deal with ORMAT Innovations Inc. ("ORMAT") for the exchange of an inventory of environmentally friendly assets in the United States for an aggregate value of 271 million US dollars, or roughly 250 million euros, subject to standard transactional adjustments. The whole geothermal portfolio of EGPNA and several modest solar plants, which have an operational rating of roughly 150 MW, are among the assets sold. (Source: https://www.enelgreenpower.com/media/press/2024/01/enel-finalizes-agreement-to-sell-a-geothermal-and-solar-portfolio-in-the-united-states-to-ormat)

Top Companies Market Share in Geothermal Power Generation Industry: (In no particular order of Rank)

• Ormat Technologies Inc.
• Alterra Power Corporation
• Calpine Corporation
• Ram Power Corporation
• Orkuveita Reykjavikur
• US Geothermal Inc.
• Northern California Power Agency
• CYRQ Energy Inc.
• Enel Green Power
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Geothermal Power Generation Market

Which Region Dominates the Geothermal Power Generation Market in 2024?

According to Cognitive Market Research, North America currently dominates the geothermal power generation market, and the region is expected to have significant growth during the projected period. This is due to the stringent pollution standards for transportation. Additionally, the global market may benefit from a rise in the use of the chemical ammonia, which is an intermediate product for nitrogen.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR) because of the significant generation of geothermal energy. Encouraging government initiatives to raise the proportion of geothermal resources in the broad energy source interaction is another factor driving the region's growth. This favorable climate would likely lead to substantial market growth.

The current report Scope analyzes Geothermal Power Generation Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Geothermal Power Generation

According to Cognitive Market Research, the global geothermal power generation market size was estimated at USD 18542.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 7417.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.1% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the geothermal power generation market with a market size of USD 5852.01 million in 2024 and is projected to grow at a CAGR of 11.9% during the forecast period. The U.S. market's Stringent governmental regulations.
• The Canada geothermal power generation market had a market share of USD 890.04 million in 2024 and is projected to grow at a CAGR of 12.9% during the forecast period. Canada’s rising awareness among electric vehicles.
• The Mexico geothermal power generation market is projected to witness growth at a CAGR of 12.6% during the forecast period, with a market size of USD 674.95 million in 2024.

Europe Geothermal Power Generation

According to Cognitive Market Research, the global geothermal power generation market size was estimated at USD 18542.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 5562.75 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.4% from 2024 to 2031.

• The United Kingdom geothermal power generation market had a market share of USD 934.54 million in 2024 and is projected to grow at a CAGR of 13.2% during the forecast period. In the UK, geothermal power generation sales witness an upswing due to the nation's rising demand for innovative technology.
• The France geothermal power generation market is projected to witness growth at a CAGR of 11.6% during the forecast period, with a market size of USD 511.77 million in 2024.
• According to Cognitive Market Research, the German geothermal power generation market size was valued at USD 1101.42 million in 2024 and is projected to grow at a CAGR of 12.6% during the forecast period. In Germany, geothermal power generation surged due to the presence of major market players.
• The Italy geothermal power generation market is projected to witness growth at a CAGR of 11.8% during the forecast period, with a market size of USD 478.40 million in 2024.
• The Russia geothermal power generation market is projected to witness growth at a CAGR of 11.4% during the forecast period, with a market size of USD 862.23 million in 2024.
• The Spain geothermal power generation market is projected to witness growth at a CAGR of 11.5% during the forecast period with a market size of USD 456.15 million in 2024
• The Luxembourg geothermal power generation market is projected to witness growth at a CAGR of 12.5% during the forecast period, with a market size of USD 172.45 million in 2024.
• The Portugal geothermal power generation market is projected to witness growth at a CAGR of 12.2% during the forecast period, with a market size of USD 116.82 million in 2024.
• The Greece geothermal power generation market is projected to witness growth at a CAGR of 12.7% during the forecast period, with a market size of USD 66.75 million in 2024.
• The Rest of Europe's geothermal power generation market is projected to witness growth at a CAGR of 11.1% during the forecast period, with a market size of USD 862.23 million in 2024.

Asia Pacific Geothermal Power Generation

According to Cognitive Market Research, the global geothermal power generation Market size was estimated at USD 18542.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 4264.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.9% from 2024 to 2031.

• According to Cognitive Market Research, the China geothermal power generation market size was valued at USD 1919.15 million in 2024 and is projected to grow at a CAGR of 15.4% during the forecast period. Geothermal power generation surged in China due to Increased focus of the manufacturers and major market players.
• The Japan geothermal power generation market is projected to witness growth at a CAGR of 14.4% during the forecast period, with a market size of USD 588.54 million in 2024.
• The India geothermal power generation market had a market share of USD 511.77 million in 2024 and is projected to grow at a CAGR of 17.7% during the forecast period. India's increase in worries about environment sustainability.
• The South Korean geothermal power generation market is projected to witness growth at a CAGR of 15.0% during the forecast period, with a market size of USD 426.48 million in 2024.
• The Australian geothermal power generation market is projected to witness growth at a CAGR of 15.6% during the forecast period, with a market size of USD 221.77 million in 2024.
• The South East Asia geothermal power generation market is projected to witness growth at a CAGR of 16.9% during the forecast period, with a market size of USD 294.27 million in 2024.
• The Rest of Asia Pacific geothermal power generation market is projected to witness growth at a CAGR of 15.7% during the forecast period, with a market size of USD 302.80 million in 2024.

South America Geothermal Power Generation

According to Cognitive Market Research, the global geothermal power generation market size was estimated at USD 18542.5 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 927.13 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.3% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil geothermal power generation market size was valued at USD 396.81 million in 2024 and is projected to grow at a CAGR of 4.2% during the forecast period. Geothermal power generation flourished in Brazil due to increasing demand for energy efficient sources.
• Argentina's geothermal power generation market had a market share of USD 155.76 million in 2024 and is projected to grow at a CAGR of 4.5% during the forecast period. Argentina's rising personal disposable income .
• Colombia geothermal power generation market is projected to witness growth at a CAGR of 3.4% during the forecast period, with a market size of USD 82.51 million in 2024.
• Peru geothermal power generation market is projected to witness growth at a CAGR of 3.8% during the forecast period, with a market size of USD 76.02 million in 2024.
• Chile geothermal power generation market is projected to witness growth at a CAGR of 3.9% during the forecast period, with a market size of USD 66.75 million in 2024.
• The Rest of Latin America's geothermal power generation market is projected to witness growth at a CAGR of 2.7% during the forecast period, with a market size of USD 149.27 million in 2024.

Middle East and Africa Geothermal Power Generation

According to Cognitive Market Research, the global geothermal power generation market size was estimated at USD 18542.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 370.85 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.6% from 2024 to 2031..

• The GCC Countries geothermal power generation market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 158.72 million in 2024. Geothermal Power Generation sales flourish due to the presence of major market players.
• The Egypt geothermal power generation market is projected to witness growth at a CAGR of 4.2% during the forecast period, with a market size of USD 38.94 million in 2024.
• The South Africa geothermal power generation market is projected to witness growth at a CAGR of 4.9% during the forecast period, with a market size of USD 58.59 million in 2024. Geothermal power generation sales flourished in South Africa due to increasing demand and regulatory support.
• The Turkey geothermal power generation market is projected to witness growth at a CAGR of 3.4% during the forecast period, with a market size of USD 31.89 million in 2024.
• The Nigeria geothermal power generation market is projected to witness growth at a CAGR of 3.0% during the forecast period, with a market size of USD 38.94 million in 2024.
• The Rest of the MEA geothermal power generation market is projected to witness growth at a CAGR of 2.9% during the forecast period, with a market size of USD 43.76 million in 2024.

Geothermal Power Generation Market Analysis

How are Segments Performing in the Global Geothermal Power Generation Market?

Geothermal Power Generation Market Type Segment Analysis

According to Cognitive Market Research, the binary cycle is likely to dominate the geothermal power generation market over the forecast period because of its finest performance benefits and lowest cost. Isobutene is heated by the liquid that circulates from the geothermal storage tank through a heat exchange device in a binary cycle geothermal energy system.

The flash steam is the fastest-growing segment in the geothermal power generation market. These generators bring steam or boiling water from underground tanks to the exterior. Following its passage through a force-reducing device, this geothermal fluid produces steam by causing a sudden reduction in temperature. After that, this steam is sent to a generator, which powers a generator to produce electricity. Innovations in geothermal technologies and rising energy consumption fuel the market's expansion.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Geothermal Power Generation Industry. Request a Free Sample PDF!

Geothermal Power Generation Market Application Segment Analysis

According to Cognitive Market Research, the civil heating industry segment holds the largest share of the market. This is because of the growing need for environmentally friendly and renewable energy sources around the world. Geothermal generation facilities are an important part of supplying electrical power while lowering carbon dioxide emissions since they offer a steady and dependable supply of energy costs.

In the geothermal power generation market, industrial processing usage has been growing quickly because of its high energy requirements and the requirement for a steady, dependable power source. For businesses like production, extraction, and alimentary processing that need significant energy inputs, geothermal energy provides a sustainable and affordable option. The demand for geothermal power has an increased probability of expanding in regards to geothermal usage in industrial settings as the need for clean energy to lower greenhouse gas emissions keeps growing.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Geothermal Power Generation End-user Outlook: Segment Analysis

Geothermal Power Generation Market End-user Segment Analysis

According to Cognitive Market Research, the commercial segment holds the largest market share because of the increasing popularity of heat pumps for aerating and refreshing indoor spaces when necessary, which creates a regulated atmosphere in establishments such as offices, accommodations, educational institutions, and healthcare facilities. Long-term viability, reduced operating expenses, and energy savings fuel the sector's expansion.

In the geothermal power generation market, the rapidly growing sector is residential. The residential industry mostly uses geothermal power to generate energy, warmth, and refrigeration. Geothermal energy can be employed to generate electricity in the residential industry and is a perfect substitute for fossil fuels. This is because using geothermal power ensures that fewer fossil fuels, carbon dioxide, and gasoline are used and that greenhouse gas emissions are significantly reduced. The market's expansion is also anticipated to be fueled by the growing use of geothermal heat pump technologies in residential heating possibilities.

• Residential
• Commercial
• Industrial

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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