Press Releases

Geothermal Electric Power Generation Market to Reach $9.8 Billion

October 18, 2018

WELLESLEY, Mass., October 18, 2018–The global geothermal electric power generation market is expanding due to its long-term cost advantages and low carbon emissions, according to the BCC Research report Geothermal Electric Power Generation Market: Global Markets to 2023. The market is also driven by investments in renewable power generation, technological advances in the industry, and economic growth.

Major players in the market include Enel SpA, PT Pertamina Geothermal Energy, Comision Federal de Electricadad (CFE), Energy Development Corporation, and Calpine Corporation.

The geothermal electric power generation market reached a value of nearly $7.1 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 6.6% to nearly $9.8 billion by 2023.

Research Highlights

  • The flash steam segment accounted for the largest share of the geothermal electric power generation market in 2018 at $4.4 billion.
  • North America was the largest region in the geothermal electric power generation market, accounting for 37.7% of the global market.
  • The USA was the largest country in terms of value in the geothermal electric power generation market. The USA and Germany are forecast to have the fastest growth, growing at a CAGR of 12.5% and 11.6%, respectively.

“According to a global survey conducted in 2017, 85% of respondents were in favor of using geothermal energy for generating electricity in their country,” the report states. “Additionally, 88% of respondents in favor were also willing to support a pilot project in their country.”

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Geothermal Electric Power Generation: Global Markets to 2023( EGY161A )
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