Friday, 21 June 2024

Geothermal Power Generation Market is expected to reach US$ 25,733.8 million by 2030

Published: Wednesday, 21 Feb 2024 by The Insight Partners Share on :

Rising Demand for Renewable Power Generation

According to our latest market study on " Geothermal Power Generation Market Forecast to 2030 – Global Analysis – by Plant Type and End User," the market is expected to grow from US$ 14,146.0 million in 2022 to US$ 25,733.8 million by 2030; it is expected register a CAGR of 7.8% from 2022 to 2030.

Geothermal energy—a clean and reliable source of heat and power—plays a crucial role in the transition to sustainability and clean energy alongside other renewable energy sources. Geothermal power plants convert the Earth's internal heat into electricity by tapping into high-temperature reservoirs through wells. The electricity generated is then integrated into the grid to supply homes, industries, and businesses. Geothermal power generation plays a pivotal role in the ongoing global energy transition, contributing significantly to a more sustainable and low-carbon future. As nations strive to reduce dependence on fossil fuels and mitigate the impacts of climate change, geothermal energy emerges as a reliable and environmentally friendly solution.

Geothermal Power Generation Market Share — by Region, 2022

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Source: The Insight Partners Analysis

The global use of renewable energy has increased significantly over the last decade, driven by the growing awareness regarding climate change and the urgency of reducing emissions. Reducing greenhouse gas emissions by decreasing the utilization of fossil fuels is expected to drive the global geothermal power generation market growth during the forecast period. Geothermal power is a baseload energy source, providing a consistent and continuous supply of electricity. Its inherent reliability addresses the intermittency challenges associated with certain renewable sources such as solar and wind, ensuring grid stability. Additionally, the development of enhanced geothermal systems (EGS) technology expands the reach of geothermal resources, making them applicable in regions previously considered unsuitable. The low-carbon emissions associated with geothermal power generation contribute to global efforts to combat climate change. By harnessing the Earth's natural heat, geothermal plants release minimal greenhouse gases, providing a cleaner alternative to conventional fossil fuel-based electricity generation. Governments worldwide recognize the importance of geothermal energy in their transition strategies, implementing supportive policies and incentives to accelerate its development. Overall, geothermal power stands as a versatile and sustainable component of the energy mix, offering environmental benefits and aiding the broader shift toward a more resilient and eco-friendly global energy landscape. Thus, these factors are contributing to the growing geothermal power generation market size.

The geothermal power generation market size will continue to surge due to the rising demand for electricity for heating and cooling purposes. Geothermal resources are widely available in areas of volcanic activity and sedimentary basins. These attributes are expected to make geothermal energy a cost-effective and weather-independent source of renewable energy. The recent accelerated deployment of variable energy from wind and solar photovoltaics (solar PV) and geothermal energy can help stabilize power grids.

The scope of the global geothermal power generation market report entails North America, Europe, Asia Pacific, and the Rest of the World. The geothermal power generation market analysis in Asia Pacific is further divided into Japan, Indonesia, New Zealand, Philippines, and the Rest of Asia Pacific. New government policies and tax incentives for renewable energy sources, including geothermal energy, were introduced in China, Indonesia, and Japan. Indonesia wants to reach 3.3 GW of installed geothermal energy capacity by 2030. The Indonesian presidential decree for Accelerating the Development of Renewable Energy for Electricity Supply was issued in 2022 to accelerate investment and developments in geothermal energy generation. IRENA coordinates the Global Geothermal Alliance, a platform to improve dialogue, collaboration, and coordinated action between stakeholders to accelerate the deployment of geothermal energy. According to the IRENA, geothermal power generation capacity installed in Asia Pacific accounted for more than 37.5% of the total geothermal power generation market share globally. The region generated most of the geothermal power generation from countries such as Indonesia, New Zealand, and the Philippines, which, in turn, is anticipated to introduce new geothermal power generation market trends in the coming years. 

New regulations predict less reliance on coal, set a tariff cap for renewable energy sources, and offer government support for geothermal energy-specific incentives. In addition, a rise in investment and focus on untapped geothermal energy potential across the globe is projected to drive the geothermal power generation market growth from 2022 to 2030. For example, international collaborations will advance its deployment, including sharing global best practices and insights to benefit the geothermal sector. Furthermore, several trends have emerged in recent years that are likely to lead to widespread expansion of geothermal development and use. For example, due to their widespread distribution, the development and use of geothermal resources at low to medium temperatures have increased. Key drivers for the development of low-to-medium temperature resources are the advancement of technologies to utilize resources such as binary cycle geothermal technologies for power generation and the growing need for a sustainable and secure energy supply for heating and cooling purposes.

Calpine Corporation, Comision Federal de Electricidad, Reykjavik Energy, Pertamina Geothermal Energy, CalEnergy Generation, Northern California Power Agency, Enel Green Power, Ormat Technologies Inc, Toshiba Energy Systems and Solutions Corporation, and US Geothermal Inc are among the key players profiled in the geothermal power generation market report.

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