Geothermal Power market Insights

Europe's geothermal power market is witnessing significant development, buoyed by the region's commitment to reducing greenhouse gas emissions and achieving energy independence. Countries like Iceland, Italy, and Germany are leading the way with innovative geothermal projects. The European Union's supportive regulatory framework and investments in research and development are driving the market forward, making geothermal energy an increasingly viable option for sustainable electricity generation.

According to MRFR analysis, Geothermal Power market is expected to register a CAGR of ~ 5.26% from 2023 to 2030 and hold a value of over USD  6.17 billion by 2030 Geothermal power refers to the generation of electricity by utilizing the Earth's heat from beneath its surface.

It is a renewable energy source that has gained increasing attention due to its potential as a sustainable and low-carbon alternative to conventional energy sources. Here are some key points about the Geothermal Power market: The Geothermal Power market has been experiencing steady growth over the past decade. The market has been driven by increasing concerns about climate change, the need for clean and renewable energy sources, and government support through favorable policies and incentives.

Key Players

• Enel Spa (Roma)
• General Electric (US)
• Supreme Energy (Indonesia)
• Ansaldo Energia (Italy)
• Macquarie Group Limited (Australia)
• Sumitomo Corporation (Japan)
• Green Mountain Energy Company (US)
• Turboden S.p.A. (Italy)
• Reykjavik Geothermal (Iceland)
• Atlas Copco AB (Sweden)
• KenGen (Kenya)
• Halliburton (US)
• Calpine (US)
• Fuji Electric Co Ltd (Japan), among others

Geothermal Power Market Regional Analysis

The United States is the leading producer of geothermal power in North America, with a significant number of operational geothermal power plants mainly located in California, Nevada, and Hawaii. Canada also has some geothermal projects under development, particularly in British Columbia and Alberta.

Mexico is a prominent player in the region, with several geothermal power plants in operation, mainly located in the Baja California Peninsula. Other countries with geothermal potential include Chile, Costa Rica, El Salvador, Guatemala, and Nicaragua.

Iceland is a global leader in geothermal power generation, utilizing its abundant geothermal resources for electricity and heating.  Other European countries with geothermal power plants include Italy, Turkey, Germany, Hungary, and the Netherlands. The European Geothermal Energy Council (EGEC) has been actively promoting the development of geothermal energy across the continent.

Geothermal Power Market Segmentation

Geothermal Power market has been segmented into Power Plant Type, Power Output, End-Use

 Type : Flash Steam Plants , Dry Steam Plants , Binary Cycle Power Plants ,

By Power : Up to 5 MW , Above 5 MW

By End-Use : Residential , Commercial , Industrial

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