The geothermal power market share is expected to increase by 48935.01 GW from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 8.2%.
This market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by type (flash, dry steam, and binary) and geography (APAC, North America, the Middle East and Africa, Europe, and South America). The market report also offers information on several market vendors, including Aboitiz Power Corp., Calpine Corp., Cyrq Energy, DEEP Earth Energy Production Corp., Enel Spa, Energy Development Corp., EnergySource LLC, First Gen, Geotherm Inc., Geothermal Engineering Ltd., HS ORKA, Innergex Renewable Energy Inc., Kenya Electricity Generating Co. Ltd., Kyushu Electric Power Co. Inc., NTPC Ltd., Ormat Technologies Inc., PT Pertamina Geothermal Energy, Reykjavik Geothermal, and Star Energy Geothermal among others.
What will the Geothermal Power Market Size be During the Forecast Period?

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Geothermal Power Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a negative impact on the market growth during and post-COVID-19 era. The rising investments and government initiatives are notably driving the market growth, although factors such as high initial capital investments in establishing geothermal power plants may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the geothermal power industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Market Driver
Rising investments and government initiatives is one of the major drivers impacting the market growth. Geothermal energy is a clean alternative to fossil fuels. Growing awareness about the need to reduce the emissions of greenhouse gases warrants the increasing use of geothermal energy sources as a substitute for fossil fuels like oil and coal. Nearly all countries globally introduced policies and targets to support renewable energy, including funds that support and encourage the harnessing of geothermal resources. Several investors and government-affiliated organizations have contributed to the development of geothermal resources across the world. Turkey is committed to creating more effective, renewable energy to assure cleaner growth and less reliance on imports as a result of an expanding economy that calls for more energy. Therefore, with the growing government initiatives and rising investment activities in the development of geothermal resources, the global market is expected to grow significantly during the forecast period.
Key Market Trend
Rising geothermal capacity is one of the major trends influencing market growth. The demand for geothermal energy is expected to grow globally during the forecast period in many countries that have an abundance of geothermal resources as well as due to the rising demand for renewable energy resources. Several private and public players, in association with major investment banks, such as the Japan International Cooperation Agency and the Inter-American Development Bank, are partnering with countries such as the Philippines, Kenya, Indonesia, and Chile to explore the untapped geothermal energy resources, with the aim of diversifying their national energy mix besides meeting the Paris Climate Agreement goal of lowering global CO2 emissions significantly in the coming decades. With the rise in geothermal capacity, global geothermal power generation is expected to increase by 15-25 GW by the end of 2023. Therefore, owing to the wide scope for expanding the existing geothermal power capacities across the world, the global market is expected to grow significantly during the forecast period.
Key Market Challenge
High initial capital investments in establishing geothermal power plants are one of the major challenges impeding market growth. The initial capital investments that are needed to set up a geothermal power plant are quite high. These initial capital costs include the cost of exploring and drilling a well and constructing a pipeline, followed by designing and constructing the power plant. In the US, the initial cost of developing a geothermal field and constructing a power plant is around $2,000-$3,000 per installed kW, while the operating and maintenance costs are $0.01-$0.05 per kW-hour (kWh). The efficiency and reliability of a geothermal power plant depend to a large extent on the geothermal gradient and the depth of the well that is drilled. The cost of a geothermal well is proportional to its depth, as the difficulties faced in drilling and uncertainties in the properties of subsurface reservoirs increase with the depth of the well. Therefore, the high upfront cost associated with geothermal power plants is one of the major disadvantages, which could hamper the growth of the global market during the forecast period.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Parent Market Analysis
Technavio categorizes the global geothermal power market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
Who are the Major Geothermal Power Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- Aboitiz Power Corp.
- Calpine Corp.
- Cyrq Energy
- DEEP Earth Energy Production Corp.
- Enel Spa
- Energy Development Corp.
- EnergySource LLC
- First Gen
- Geotherm Inc.
- Geothermal Engineering Ltd.
- HS ORKA
- Innergex Renewable Energy Inc.
- Kenya Electricity Generating Co. Ltd.
- Kyushu Electric Power Co. Inc.
- NTPC Ltd.
- Ormat Technologies Inc.
- PT Pertamina Geothermal Energy
- Reykjavik Geothermal
- Star Energy Geothermal
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
- Aboitiz Power Corp. - Aboitiz Power Corp. is a privately held company headquartered in The Philippines. It is a regional company generating $288.44 million in revenues and has around 3,870 employees. Its revenue from the global market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company.
- Aboitiz Power Corp. - The company offers geothermal power which is generated from the heat derived within the sub-surface of the earth and harnessed to generate clean electricity.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Geothermal Power Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Which are the Key Regions for Geothermal Power Market?

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42% of the market’s growth will originate from APAC during the forecast period. Indonesia and New Zealand are the key markets for geothermal power in APAC. Market growth in this region will be faster than that of the market in other regions..
Factors such as an expansion of geothermal capacity, rapid industrialization, and growing demand for electricity will facilitate the market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2021, the initiation of the COVID-19 vaccination drives improved the economic condition of the countries in the region such as the US, Canada, and Mexico. However, with the lifting of lockdown norms in 2021, geothermal power installations increased in the region, primarily across the power utility sector. Delayed projects were restarted as industrial operations reopened.
What are the Revenue-generating Type Segments in the Geothermal Power Market?

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Market growth by the flash segment will be faster than the growth of the market by the dry steam and binary segments. Flash power plants are the most common type of geothermal power plant. The lower cost of installation and increasing demand for low-priced electricity are a few of the significant factors boosting the market growth by the flash segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.
Geothermal Power Market Scope
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Report Coverage
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Details
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Page number
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120
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Base year
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2021
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Forecast period
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2022-2026
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Growth momentum & CAGR
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Accelerate at a CAGR of 8.2%
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Market growth 2022-2026
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48935.01 GW
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Market structure
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Fragmented
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YoY growth (%)
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7.75
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Regional analysis
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APAC, North America, Middle East and Africa, Europe, and South America
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Performing market contribution
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APAC at 42%
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Key consumer countries
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US, Mexico, Turkey, Indonesia, The Philippines, and New Zealand
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Competitive landscape
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Leading companies, Competitive strategies, Consumer engagement scope
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Key companies profiled
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Aboitiz Power Corp., Calpine Corp., Cyrq Energy, DEEP Earth Energy Production Corp., Enel Spa, Energy Development Corp., EnergySource LLC, First Gen, Geotherm Inc., Geothermal Engineering Ltd., HS ORKA, Innergex Renewable Energy Inc., Kenya Electricity Generating Co. Ltd., Kyushu Electric Power Co. Inc., NTPC Ltd., Ormat Technologies Inc., PT Pertamina Geothermal Energy, Reykjavik Geothermal, and Star Energy Geothermal
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Market dynamics
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Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
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Customization purview
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If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
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What are the Key Data Covered in this Geothermal Power Market Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive market growth during the next five years
- Precise estimation of the market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behaviour
- The growth of the geothermal power industry across APAC, North America, Middle East and Africa, Europe, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of market vendors
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