Geothermal Power Infrastructure Market Size (2024 - 2029)

The geothermal power infrastructure market is experiencing growth driven by the increasing demand for energy and efforts to reduce greenhouse gas emissions. The market's expansion is somewhat constrained by the location of medium-to-high-temperature resources, which are typically found in volcanically active regions, making the market site-sensitive. Flash plants are the predominant type of geothermal power plants, and advancements in technology, such as enhanced geothermal systems, are anticipated to unlock previously inaccessible resources. The cost of geothermal technologies is projected to decrease, offering further growth opportunities. The Middle East & Africa region plays a significant role in the market, with notable capacity increases in countries like Turkey.

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Market Size of Geothermal Power Infrastructure Industry

geothermal power infrastructure market share
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 2.50 %
Fastest Growing Market Middle-East and Africa
Largest Market North America
Market Concentration Low

Major Players

geothermal power infrastructure market major players

*Disclaimer: Major Players sorted in no particular order

Geothermal Power Infrastructure Market Analysis

The geothermal power infrastructure market is projected to register a CAGR of about 2.5% during the forecast period. In 2018, the global geothermal installed capacity was valued at 13.27 gigawatt (GW), representing around 4% growth over the previous year. The geothermal power infrastructure market is primarily driven by the rising demand for energy, primarily for electricity generation and increasing initiatives to reduce greenhouse gas emissions. However, for electricity generation, medium-to-high-temperature resources are required, which are usually located in volcanically active regions. This intensifies the intensity of the geothermal market site sensitive. This, in turn, is expected to restrain the growth of the market studied.

  • Flash plants are the most used geothermal power plants across the world, and they are similar to the dry steam plant. In plants, the flashing process is used to obtain steam. Furthermore, flash plants are segregated into three categories, primarily based on power generation.
  • The technical potential of geothermal resources for electricity generation is expected to exceed 200 GW. Emerging technologies, like enhanced geothermal systems, are expected to access the resources, which are inaccessible with the existing technologies. Moreover, the cost of geothermal technologies is expected to continue to drop till 2050. This is expected to provide various growth opportunities to the market studied.
  • The Middle East & Africa region is one of the significant regions in the geothermal power infrastructure market. In 2018, Turkey increased its installed capacity by nearly 21%, and the total installed capacity was valued at 1.3 GW.

Geothermal Power Infrastructure Industry Segmentation

The geothermal power infrastructure market report includes:

Type
Flash Plants
Binary Plants
Direct Dry Steam Plants
Geography
North America
Europe
Asia-Pacific
South America
Middle East & Africa
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Geothermal Power Infrastructure Market Size Summary

The geothermal power infrastructure market is experiencing a steady growth trajectory, driven by the increasing demand for energy and the push towards reducing greenhouse gas emissions. This market is characterized by its reliance on medium-to-high-temperature resources, typically found in volcanically active regions, which adds a layer of site sensitivity to its expansion. Flash plants dominate the global landscape of geothermal power generation, utilizing a flashing process to obtain steam for electricity generation. These plants are categorized based on their power generation capabilities, with single, double, and triple flash plants catering to varying energy demands. The technical potential for geothermal electricity generation is substantial, with emerging technologies like enhanced geothermal systems poised to unlock previously inaccessible resources. The cost of geothermal technologies is anticipated to continue its downward trend, offering promising growth opportunities for the market.

The Middle East and Africa region, particularly Turkey, plays a significant role in the geothermal power infrastructure market. Turkey has made notable strides in expanding its geothermal capacity, with plans to further increase its installed capacity significantly. The country's geothermal power plants predominantly utilize binary-cycle technology, contributing to the region's prominence in the market. The fragmented nature of the geothermal power infrastructure market is evident with key players such as Mannvit HF, Tetra Tech Inc., Mitsubishi Hitachi Power Systems, Turboden SpA, Terra-Gen Power LLC, and Reykjavik Geothermal Ltd. actively participating in the sector. The continuous reduction in cost per kilowatt for flash plants is expected to drive further installations, supporting the market's growth during the forecast period.

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Geothermal Power Infrastructure Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Market Size and Demand Forecast in USD billion, till 2025

    2. 1.2 Key Projects Information

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Flash Plants

      2. 2.1.2 Binary Plants

      3. 2.1.3 Direct Dry Steam Plants

    2. 2.2 Geography

      1. 2.2.1 North America

      2. 2.2.2 Europe

      3. 2.2.3 Asia-Pacific

      4. 2.2.4 South America

      5. 2.2.5 Middle East & Africa

Geothermal Power Infrastructure Market Size FAQs

The Geothermal Power Infrastructure Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)

Tetra Tech Inc., Mitsubishi Hitachi Power Systems , Turboden S.p.A , Mannvit HF and Terra-Gen Power LLC are the major companies operating in the Geothermal Power Infrastructure Market.

Geothermal Power Infrastructure Report Snapshots

Geothermal Power Infrastructure Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)