Global Geothermal Power Generation Market Size was $12.61 Billion in 2023

Global Geothermal Power Generation Market Overview

According to Global Market Monitor, the global geothermal power generation market size was $12.61 billion in 2023 with a CAGR of 7.25% from 2023 to 2028.

In geothermal power generation, magma reservoirs heat groundwater into high-temperature and high-pressure steam, which is used to drive turbines to generate electricity. Geothermal power generation generates electricity by effectively using geothermal energy stored relatively close to the surface of the earth. As a renewable clean energy, it does not emit any environmental pollutants, such as carbon dioxide, which has attracted people's attention.

Asia Pacific is the largest revenue market with a market share of 41.39% in 2023. Economic development, increased downstream demand, and technological innovation advances in these areas will boost the market of the global geothermal power generation market. The global geothermal power market companies are mainly from the United States, and the industry concentration is moderate. The top three companies are Energy Development, Comision Federal de Electricidad, and Star Energy Ltd.

Market Segment

By type, geothermal power generation can be divided into back pressure, binary, double flash, dry steam, and single flash. The single flash segment held the largest market share in 2023. Dry steam and double flash rank second and third place with slow growth rates, so it’s hard for them to get more market share. By application, it includes dry steam power stations, flash steam power stations, and binary cycle, the flash steam power stations occupy the largest market share.

The growth of the global geothermal power market is driven by the downstream demand market. With the development of the global economy and the increasing population, the growing market demand plays a positive role in the expansion of the global geothermal power market. At the same time, the new regions are likely to become more competitive. This could be a factor hindering the growth of the market.

By Type	Back Pressure
	Binary
	Double Flash
	Dry Steam
	Single Flash
	The single flash segment held the largest market share in 2023.
By Application	Dry steam power stations
	Flash steam power stations
	Binary cycle
	The flash steam power stations occupy the largest market share.