Geothermal Power Market: Current Analysis and Forecast (2021-2027)


Emphasis on Power Station Type (Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Stations); End-User (into Residential, Commercial, Industrial, Others); Region and Country







Report ID:


  Get a Sample
Report Description
Table of content
Research Methodology

Report Description

Geothermal Power Market
Geothermal Power Market

Geothermal Power Market was valued at US$ 4.5 billion in 2020 and is expected to grow at a CAGR of 5% over the forecast period (2021-2027). Geothermal energy is a type of renewable energy which is generated within the earth and can be used directly for heating or transformed into electricity. An advantage of geothermal energy over some other renewable energy sources is that it is available year-long (whereas solar and wind energy present higher variability and intermittence) and can be found around the globe. However, for electricity generation, medium- to high-temperature resources, which are usually close to volcanically active regions, are needed.


Three types of geothermal power station exist to process the energy source – dry steam power stations, flash steam power stations and binary cycle power stations. Geothermal power has considerable potential for growth. The amount of heat within 10,000 meters of the earth’s surface is estimated to contain 50 000 times more energy than all oil and gas resources worldwide. For instance, as per IRENA, the installed capacity of geothermal energy has gradually increased worldwide over the last decade, reaching 14 gigawatts in 2020.

The Global Geothermal Power Market is experiencing significant growth due to implementation of stringent government regulations related to climate change in developing and developed economies, volatile fossil fuel prices, limited presence of fossil fuels, rise in greenhouse gas emission, high capacity of geothermal power, cost-effectiveness of geothermal energy, reduction in pollution by geothermal power plants, and increase in demand for energy are driving the growth of the global geothermal power market globally.

Enel Green Power S.p.A., Aboitiz Power Corporation, Calpine Corporation, Alterra Power Corp, ABB Ltd. etc. are some of the prominent players operating in the Global Geothermal Power Market. Several M&As along with partnerships have been undertaken by these players to facilitate countries with more innovative Geothermal Power applications.

Insights Presented in the Report

“Amongst power station type, Binary Cycle Power Stations segment holds the major share.”

Based on power station type, the market is segmented into Dry Steam Power Stations, Flash Steam Power Stations, and Binary Cycle Power Stations. The Binary Cycle Power Stations segment grabbed XX% market share of the Global Geothermal Power Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 as they can be operated at low-temperature reservoirs (200°F to 330°F) & has little or no emissions of greenhouse gases and particulate matter.

“Amongst End User type, Industrial segment dominated the market in 2020.”

Based on End User type, the market is segmented into Residential, Commercial, Industrial, & Others. In 2020, the Industrial segment dominated the Geothermal Power Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) due to the increasing industrialization & its uses for many applications in different industries globally.

“North America represents as the largest market in the Global Geothermal Power Market.”

For a better understanding of the market adoption of Geothermal Power, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 due to the presence of a large number of geothermal reserves and growing technological advancement for the generation of geothermal power in the region. However, Asia Pacific is set to be fastest growing market due to factors such as electrification of low-income & rural communities along with vast untapped reserves of geothermal power in the region.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional & country-level analysis of the industry


Customization Options:

The Global Geothermal Power Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

1.1.Market Definitions
1.2.Objective of the Study
1.4.Stake Holders
1.5.Currency Used in Report
1.6.Scope of the Global Geothermal Power Market Study
2.1.Research Methodology for the Global Geothermal Power Market
 2.1.1.Main Objective of the Global Geothermal Power Market
7.1.Dry Steam Power Stations
7.2.Flash Steam Power Stations
7.3.Binary Cycle Power Stations
9.1.North America Geothermal Power Market 
 9.1.1.United States
 9.1.3.Rest of North America
9.2.Europe Geothermal Power Market 
 9.2.3.United Kingdom
 9.2.6.Rest of Europe
9.3.Asia Pacific Geothermal Power Market
 9.3.5.Rest of Asia Pacific
9.4.Rest of World Geothermal Power Market 
10.1.Market Drivers
10.2.Market Challenges
10.3.Impact Analysis
14.1.Demand Side Analysis
14.2.Supply Side Analysis
 14.2.1.Top Product Launches
 14.2.2.Top Business Partnerships
 14.2.3.Top Business Expansions, Investments and Divestitures
 14.2.4.Top Merger and Acquisitions
16.1.Porter’s Five Forces Analysis
 16.1.1.Bargaining power of Supplier
 16.1.2.Bargaining power of Buyer
 16.1.3.Industry Rivalry
 16.1.4.Availability of Substitute
 16.1.5.Threat of new Entrants
16.2.Competitive Landscape
 16.2.1.Company Shares, By Revenue


17.1.Enel Green Power S.p.A. 
17.2.Aboitiz Power Corporation
17.3.Calpine Corporation
17.4.Alterra Power Corp
17.5.ABB Ltd.
17.6.Ormat Technologies Inc
17.7.Berkshire Hathaway Energy
17.8.Yokogawa Electric Corporation
17.9.EDF Group
17.10.Fuji Electric Co Ltd


Research Methodology

Research Methodology for Global Geothermal Power Market Analysis (2020-2027)

Analyzing the historical market, estimation of the current market, and forecasting the future of the Global Geothermal Power were the three major steps undertaken to create and analyze the adoption of Geothermal Power across various segments in North America, Europe, Asia Pacific, & Rest of the world. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Geothermal Power sector. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Geothermal Power through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Geothermal Power Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are as power station type, and end user. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Geothermal Power in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Geothermal Power. Further, we conducted factor analysis using dependent and independent variables like rise in energy demand and the need for power generation technologies like Geothermal power. Historical trends and their year-on-year impact on the market size and share in the recent past was analyzed. Demand and supply side scenario was also thoroughly studied.



Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Geothermal Power Market, and market shares of the segments. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of Geothermal Power across the major markets
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Geothermal Power Market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Global Geothermal Power Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of power station type, and end user verticals.

The main objective of the Geothermal Power Market Study

The current & future market trends of Geothermal Power were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determine the overall attractiveness of the market at a global & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Geothermal Power in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of power station type, and end user verticals
  • Defined analysis of the regulatory framework for the Global Geothermal Power industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the Geothermal Power for the major regions & countries
  • Major regions studied in the report include North America, Europe, Asia Pacific, and Rest of World
  • Company profiles of the Geothermal Power Market players and the growth strategies adopted by them to sustain in the fast-growing market

Deep dive regional & country level analysis of the industry