Geothermal Power Infrastructure Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 2.50 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Geothermal Power Infrastructure Market Analysis
The geothermal power infrastructure market is projected to register a CAGR of about 2.5% during the forecast period. In 2018, the global geothermal installed capacity was valued at 13.27 gigawatt (GW), representing around 4% growth over the previous year. The geothermal power infrastructure market is primarily driven by the rising demand for energy, primarily for electricity generation and increasing initiatives to reduce greenhouse gas emissions. However, for electricity generation, medium-to-high-temperature resources are required, which are usually located in volcanically active regions. This intensifies the intensity of the geothermal market site sensitive. This, in turn, is expected to restrain the growth of the market studied.
- Flash plants are the most used geothermal power plants across the world, and they are similar to the dry steam plant. In plants, the flashing process is used to obtain steam. Furthermore, flash plants are segregated into three categories, primarily based on power generation.
- The technical potential of geothermal resources for electricity generation is expected to exceed 200 GW. Emerging technologies, like enhanced geothermal systems, are expected to access the resources, which are inaccessible with the existing technologies. Moreover, the cost of geothermal technologies is expected to continue to drop till 2050. This is expected to provide various growth opportunities to the market studied.
- The Middle East & Africa region is one of the significant regions in the geothermal power infrastructure market. In 2018, Turkey increased its installed capacity by nearly 21%, and the total installed capacity was valued at 1.3 GW.
Geothermal Power Infrastructure Market Trends
This section covers the major market trends shaping the Geothermal Power Infrastructure Market according to our research experts:
Flash Plants are projected to Dominate the Market
- Flash plants are the geothermal power generation plants that obtain steam with the help of pressure variation. The liquid inside earth crust, with high pressure and temperature, are pumped out to a tank on the surface held at much lower pressure, generating steam to rotate the steam turbine, which, in turn, generates electricity.
- Flash plants vary in size, depending upon the flashing process. Single flash, double flash, and triple flash plants are used, primarily depending upon the power required. Usually, a single flash has a capacity of 0.2-80 MW, double flash has a capacity of 2-110 MW, and triple flash has a capacity of 60-150 MW capacity.
- Flash plants are the most widely used geothermal plant across the world, with a comparatively lower cost associated with per kilowatt generation of electricity, as compared to the binary plant. Moreover, the continuous reduction of cost per kilowatt is expected to drive the growth of the flash plant installation market during the forecast period.
The Middle Eastern Region is expected to Dominate the Geothermal Power Infrastructure Market
- In 2018, Middle Eastern region emerged as a significant player in the geothermal installation market. In 2018, the region added several projects with 219 GW of installed capacity.
- Turkey is one of the prominent countries in the region, and it ranked fourth, in terms of cumulative geothermal power capacity, in 2018. During the past six years, between 2013 and 2018, the country built up more than 1GW of capacity.
- Kizildere III plant, with 65.5 MW, is the largest single-unit that was completed in 2018. Other projects that were completed during 2018 include the 19.4 MW Baklaci, the 13.8 MW Buharkent, the 25 MW 3S Kale, and the 32 MW Pamukören Unit 4.
- Furthermore, Turkey is planning to expand its geothermal capacity to 2 gigawatts by 2020, from 1.2 GW in 2018. According to the Turkish Geothermal Power Plant Investors Association (JESDER), the country has the opportunity to build up additional geothermal capacity of 200 to 250 megawatts per year, with annual investments of about USD 1 billion. Thus, additional capacity addition in the Turkish geothermal market is expected to drive the expansion of the geothermal power and infrastructure market during the forecast period.
- Majority of the Turkish geothermal power plants use the binary-cycle technology.
Geothermal Power Infrastructure Industry Overview
The geothermal power infrastructure market is fragmented. Some of the key players in the market include Mannvit HF, Tetra Tech Inc., Mitsubishi Hitachi Power Systems, Turboden SpA, Terra-Gen Power LLC, and Reykjavik Geothermal Ltd.
Geothermal Power Infrastructure Market Leaders
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Tetra Tech Inc.
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Mitsubishi Hitachi Power Systems
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Turboden S.p.A
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Mannvit HF
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Terra-Gen Power LLC
*Disclaimer: Major Players sorted in no particular order
Geothermal Power Infrastructure Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Market Definition
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1.3 Study Assumptions
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2. EXECUTIVE SUMMARY
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3. RESEARCH METHODOLOGY
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4. MARKET OVERVIEW
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4.1 Market Size and Demand Forecast in USD billion, till 2025
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4.2 Key Projects Information
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4.3 Recent Trends and Developments
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4.4 Government Policies and Regulations
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4.5 Market Dynamics
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4.5.1 Drivers
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4.5.2 Restraints
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4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
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4.7.1 Bargaining Power of Suppliers
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4.7.2 Bargaining Power of Consumers
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4.7.3 Threat of New Entrants
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4.7.4 Threat of Substitute Products and Services
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4.7.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Type
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5.1.1 Flash Plants
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5.1.2 Binary Plants
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5.1.3 Direct Dry Steam Plants
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5.2 Geography
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5.2.1 North America
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5.2.2 Europe
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5.2.3 Asia-Pacific
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5.2.4 South America
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5.2.5 Middle East & Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
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6.3.1 Mannvit HF
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6.3.2 Mitsubishi Hitachi Power Systems
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6.3.3 Turboden SpA
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6.3.4 Terra-Gen Power LLC
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6.3.5 Tetra Tech Inc.
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6.3.6 Reykjavik Geothermal Ltd
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6.3.7 ElectraTherm Inc.
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6.3.8 Calpine Corporation
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6.3.9 Fuji Electric Co.
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6.3.10 Toshiba Energy Systems & Solutions Corporation
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Geothermal Power Infrastructure Industry Segmentation
The geothermal power infrastructure market report includes:
| Type | |
| Flash Plants | |
| Binary Plants | |
| Direct Dry Steam Plants |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East & Africa |
Geothermal Power Infrastructure Market Research FAQs
What is the current Geothermal Power Infrastructure Market size?
The Geothermal Power Infrastructure Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)
Who are the key players in Geothermal Power Infrastructure Market?
Tetra Tech Inc., Mitsubishi Hitachi Power Systems , Turboden S.p.A , Mannvit HF and Terra-Gen Power LLC are the major companies operating in the Geothermal Power Infrastructure Market.
Which is the fastest growing region in Geothermal Power Infrastructure Market?
Middle-East and Africa is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Geothermal Power Infrastructure Market?
In 2024, the North America accounts for the largest market share in Geothermal Power Infrastructure Market.
What years does this Geothermal Power Infrastructure Market cover?
The report covers the Geothermal Power Infrastructure Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Geothermal Power Infrastructure Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Geothermal Power Infrastructure Industry Report
Statistics for the 2024 Geothermal Power Infrastructure market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Geothermal Power Infrastructure analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
