Geothermal Power Market - Trends Forecast Till 2028

Geothermal Power Market – Trends Forecast Till 2028

The global geothermal power market is projected to reach a CAGR of 6.2% from 2021 to 2028.

Geothermal power is a stable and independent power generation system, which uses warm vitality of the earth's magma to produce power. Geothermal power plants utilize the steam that is produced from hot water found around a mile or more below the earth's surface to rotate turbines that start a generator, which further produces electricity.

Volatile fossil fuel prices, limited presence of fossil fuels, rise in greenhouse gas emission, high capacity of geothermal power, cost-effectiveness of geothermal energy, reduction in pollution by geothermal power plants, and increase in demand for energy are some of the factors that have supported long-term expansion for Geothermal Power Market.

North America is one of the leading markets for geothermal energy across the globe, with the United States leading the regional and global market in terms of installed capacity.

Geothermal Power Market is segmented into power station type, end use and region.

On the basis of Power Station Type

• Dry Steam Power Stations
• Flash Steam Power Stations
• Binary Cycle Power Stations

On the basis of End-User Industry

• Residential
• Commercial
• Industrial

On the basis of Region

• Asia Pacific
• North America
• Europe
• South America
• Middle East & Africa

Insights are provided for each region and major countries within the regions

Key Players

• Enel Green Power S.p.A.
• Ormat Technologies Inc.
• Kenya Pertamina Geothermal Energy
• Electricity Generating Company PLC
• Calpine Corporation
• Aboitiz Power Corporation
• Energy Development Corporation
• Fuji Electric Co. Ltd.
• Toshiba Energy Systems & Solutions Corporation
• Mitsubishi Gas Chemical Company Inc.

Recent Developments

• Oil and Natural Gas Corporation (ONGC) is likely to carry out the first Geothermal Field Development Project in Ladakh, India. A Memorandum of Understanding (MoU) has been signed by the ONGC Energy Centre (OEC) with Ladakh and the Ladakh Autonomous Hill Development Council, Leh, on 6th February 2021.
• In April 2020, early civil works for the construction of a combined geothermal heat and power plant in Kirchanschöring, Germany had started. The excavators started digging large trenches preparing for water pipes, sewage, electricity, and internet.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
• Gain authentic and granular data access for Geothermal Power Market so as to understand the trends and the factors involved behind changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope