IMARC Group’s report titled “Geothermal Power Market Report by Power Plant Type (Binary Cycle Power Plants, Flash Steam Plants, Dry Steam Plants), End User (Industrial, Residential, Commercial, and Others), and Region ​2024-2032​”. The global geothermal power market size reached 111.6 GWh in 2023. Looking forward, IMARC Group expects the market to reach 184.0 GWh by 2032, exhibiting a growth rate (CAGR) of 3.1% during 2024-2032.

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Factors Affecting the Growth of the Geothermal Power Industry:

• Demand for Renewable Energy Sources:

The increasing demand for renewable energy sources due to the growing awareness about climate change and the need to reduce greenhouse gas emissions is contributing to the market growth. The geothermal energy offers a sustainable and stable power supply with minimal environmental impact. It provides reliable baseload power, which is not subject to the vagaries of weather, unlike solar or wind energy. The governing agencies are recognizing geothermal power potential in transitioning to a more sustainable energy mix, leading to supportive policies and incentives. This reflects a growing consensus on the need for a diversified, sustainable energy portfolio, positioning geothermal energy as a key player in the global move towards clean energy.

• Policy Support and Environmental Regulations:

The governing agencies, particularly in regions with high geothermal potential, are implementing policies that encourage the development of geothermal resources. These include financial incentives like tax credits, feed-in tariffs, and grants, as well as regulatory support mechanisms, such as streamlined permitting processes. In addition, the increasing stringency of global environmental regulations, particularly those targeting carbon emissions and pollution from fossil fuel power plants, is prompting utilities and energy companies to invest in cleaner, renewable energy sources like geothermal. These regulatory frameworks not only promote the adoption of geothermal energy but also level the playing field against more traditionally dominant forms of energy.

• Integration with Other Renewable Energy Sources:

The integration of geothermal energy with other renewable sources is another factor propelling the market growth. The rising number of geothermal power plants is providing stable baseload power, which complements the intermittent nature of solar and wind energy. This synergy allows for the creation of more reliable and efficient renewable energy systems. Furthermore, the integration of geothermal energy into district heating systems, which may also utilize waste heat from industrial processes or biomass, enhances the overall efficiency and sustainability of local energy systems. This integration capability not only makes geothermal energy more attractive from a system planning perspective but also plays a crucial role in creating comprehensive renewable energy solutions.

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Leading Companies Operating in the Global Geothermal Power Industry:

• ABB Ltd.
• Ansaldo Energia S.p.A.
• Berkshire Hathaway Energy (Berkshire Hathaway Inc.)
• Calpine Corporation
• Enel S.p.A.
• First Gen Corporation
• Fuji Electric Co. Ltd.
• Halliburton Company
• Mitsubishi Corporation
• Ormat Technologies Inc.
• Toshiba Corporation Yokogawa Electric Corporation.

Geothermal Power Market Report Segmentation:

By Power Plant Type:

• Binary Cycle Power Plants
• Flash Steam Plants
• Dry Steam Plants

Binary cycle power plants represent the largest segment due to their energy efficiency and environment-friendly operation.

By End User:

• Industrial
• Residential
• Commercial
• Others

Industrial sector holds the biggest share due to its significant energy requirements for manufacturing and operations.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America dominates the market due to its abundant geothermal resources and substantial investments in geothermal energy infrastructure.

Global Geothermal Power Market Trends:

The rising advancement in deep geothermal drilling and enhanced geothermal systems (EGS) are enabling the exploitation of geothermal energy from deeper and hotter earth layers, substantially increasing the potential for geothermal power generation. These EGS involve creating artificial reservoirs in hot rock formations at depths where conventional drilling was not feasible before. This trend is expanding the geographical footprint of geothermal energy beyond traditional hotspots, opening new regions for sustainable energy production.

Furthermore, the development and deployment of small-scale and modular geothermal systems which are more flexible and less capital-intensive than traditional large-scale geothermal power plants. They can be quickly deployed in various settings, including remote and off-grid locations, and are particularly suited for community-scale projects or as part of hybrid energy systems. This trend towards smaller, modular units is making geothermal energy accessible to a broader range of users and applications, including residential heating and cooling.

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