Geothermal Power Generation Market to Reach US$ 40.15 Bn by 2031, TMR Report

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May 04, 2022, 04:30 ET

Key attribute of geothermal power generation as a cost-effective approach for the development of energy leading to substantial investments in installed capacity fuels the growth of the geothermal power generation market
Critical advantages of negligible carbon dioxide emission, less land requirement, and 24-hr operational capacity favor commission of geothermal power generation plants

ALBANY, N.Y., May 4, 2022 /PRNewswire/ -- Analysts at TMR project the geothermal power generation market to expand at a CAGR of 13.38% over the forecast period from 2021 to 2031. Crucial environmental benefits of geothermal power generation plants, in terms of lower greenhouse gas emissions, reduced emission of air pollutants, and minimal use of water are fueling the growth of the geothermal power generation market.

Serving to be a cost-effective alternative for energy utilization, renewable characteristic of geothermal power generation is attracting investments for installed capacity.

Geothermal power generation plants use the binary cycle technology that emits virtually zero carbon dioxide and is thus, considered an attractive option for power generation from environmental compliance perspective.

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Geothermal power plants require much lesser land as compared to power plants from other sources that favors their establishment. High-capacity utilization, which implies increased power generation, and consequently higher revenue are some other factors favoring the commission of geothermal power plants. The 24-hour operational capacity of geothermal power plants is a distinction among other renewable energy power plants.

Geothermal Power Generation Market – Key Findings of Report

Environmental benefits of geothermal energy, cost efficiency, improved scalability, and high-capacity utilization & stability that attract favorable regulatory policies fuel the growth of the geothermal power generation market. The renewable energy attribute of geothermal energy that has the capability to supply base load demand is promising for the growth of the geothermal power generation market.
Technological advancement in geothermal power generation leading to the adoption of novel technologies such as binary cycle, flash steam, and dry steam is stimulating the commission of geothermal power generation plants. The binary cycle technology enables to harness geothermal energy even at low intensity heat places as extreme heat resources are not available in large parts of the world.

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Pacific Rim is one of the most favorable locations to harness geothermal energy. This is due to extremely high underground temperatures of the region for setting-up of geothermal power generation plants.
The flash steam technology segment is estimated to hold the leading share of the geothermal power generation market during the forecast period
Prospects of development of geothermal power generation is leading to increased contribution from various entities to develop geothermal energy. Keen players in the geothermal power generation market are focusing on developing energy-efficient technologies to meet energy needs.
North America is anticipated to be the frontrunner in the geothermal power generation market in the upcoming years. Rising installation of binary cycle power plants in the U.S. favors the growth of the geothermal power generation market in the region.
Presence of a large number of geothermal energy resources in underdeveloped and unexplored regions of Asia Pacific to lead to the rapid expansion of the geothermal power generation market of the region

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Geothermal Power Generation Market – Growth Drivers

Crucial advantages of cost-effectiveness, availability of loans, affordable tariff, and renewable energy factor are propelling the geothermal power generation market
Adoption of a slew of technologies such as binary cycle and dry steam that enables harnessing geothermal energy even at low quality heat regions stimulates the geothermal power generation market

Geothermal Power Generation Market – Key Players

Some of the key players operating in the geothermal power generation plants are;

Ormat Technologies Inc.
Calpine Corporation
Ram Power Corporation
US Geothermal Inc.
CYRQ Energy Inc.
Alterra Power Corporation
Orkuveita Raykjavikur
Northern California Power Agency
Enel Green Power

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