Geothermal power generation is a new type of power generation technology that utilizes underground hot water and steam as power sources. It has the characteristics of long utilization time throughout the year, safety and reliability, environmental protection, pollution-free, and sustainability. Its basic principle is similar to thermal power generation, which is also based on the principle of energy conversion, first converting geothermal energy into mechanical energy, and then converting mechanical energy into electrical energy.  

The Market Segment of Flash Steam System Occupies a Dominant Position  

The system that converts the thermal energy carried by geothermal fluids into electrical energy can be divided into flash steam power generation system, dry steam power generation system, and binary cycle power generation system. 

The flash power generation system is a system that first sends the geothermal fluid from the geothermal well to the flash evaporator for flash evaporation, and then introduces the generated steam into the expander for power generation. This type of system is mostly used in situations where the content of non-condensable gas in geothermal steam is high, or in situations where it is comprehensively utilized in industrial and agricultural production and people\'s lives; Dry steam power generation system is a system that directly introduces geothermal dry steam from geothermal wells into an expander for power generation.; The binary cycle power generation system consists of a geothermal fluid cycle and a low boiling point working fluid power generation cycle. It uses geothermal fluid to heat the low-boiling working fluid in a heat exchanger, evaporate it into steam, and then introduce it into an expander for power generation.

According to our research data, the global geothermal power generation industry market size is expected to reach $12448 million in 2023, among which the flash power generation system segment market dominates, with an estimated market size of $7837 million and an expected market share of 62.96%.

 

Source: www.globalmarketmonitor.com

The Asia-Pacific Region is the Largest Revenue Market

The study shows that the Asia-Pacific region is the largest revenue market for the global geothermal power generation industry, with a market size expected to reach $5540 million in 2023 and a market share estimated at 44.51%. Among all the countries, Japan is the main growth point of the geothermal power generation market in the Asia-Pacific region. As a volcanic island country, Japan has 23.47 million kilowatts of geothermal resources, making it the third largest geothermal resource country in the world. Since the nuclear power plant accident caused by the East Japan earthquake, Japan has significantly increased its imports of overseas fuel resources in order to ensure domestic power supply. With the rise of international energy prices, power companies have had to raise electricity prices. In order to alleviate the electricity burden on enterprises and residents, Japan has introduced the Renewable Energy Act, which encourages independent power generation while accelerating the development and utilization of renewable energy such as geothermal power generation. In the future, countries with abundant geothermal resources such as Japan and Indonesia will continue to contribute to the development of the geothermal power generation industry in the Asia-Pacific region, and the market share is expected to continue to rise.

Global Geothermal Power Generation Market Size and Share Forecast by Region in 2023