Report : Europe Geothermal Power Generation Market Forecast to 2031 - Regional Analysis - by Plant Type (Direct Dry Steam, Flash Steam, and Binary Cycle) and End User (Residential, Commercial, and Industrial)
At 9.1% CAGR, Europe Geothermal Power Generation Market is Projected to be Worth US$ 3,686.05 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Europe geothermal power generation market was valued at US$ 4,957.09 million in 2023 and is expected to reach US$ 9,972.43 million by 2031, registering a CAGR of 9.1% from 2023 to 2031. Untapped geothermal potential in emerging economies and rise in demand and utilization of geothermal energy are among the critical factors attributed to drive the Europe geothermal power generation market growth.
Heat flows from the Earth's interior that covers twice the global energy demand. To harness this heat, there is a requirement to drill deep underground and convert that heat into a usable form of energy. The main advantage of geothermal energy is that it can provide baseload capacity, which is the minimum amount of electricity that must be available on the grid at any given time. While solar and wind output fluctuates seasonally and throughout the day, geothermal generation can be adjusted in the same way that a fossil fuel power plant can increase or decrease output. In addition, the government initiatives toward exploring the untapped geothermal potential globally. For instance, to help countries unlock the untapped potential of geothermal energy and promote its widespread use, the International Renewable Energy Agency (IRENA) established the Global Geothermal Alliance (GGA) in 2015 as a platform to improve dialogue, collaboration, and coordinated action to increase the share of geothermal power installed as well as heat generation worldwide. Thus, exploring the untapped geothermal potential in emerging economies is expected to create several opportunities for the geothermal power generation market growth during the forecast period.
On the contrary, high investment cost hampers the growth of Europe geothermal power generation market.
Based on plant type, the Europe geothermal power generation market is segmented into direct dry steam, flash steam, and binary cycle. The flash steam segment held 63.0% market share in 2023, amassing US$ 3,122.10 million. It is projected to garner US$ 6,255.65 million by 2031 to register 9.1% CAGR during 2023-2031.
In terms of end user, the Europe geothermal power generation market is categorized into residential, commercial, and industrial. The industrial segment held 46.1% share of Europe geothermal power generation market in 2023, amassing US$ 2,285.25 million. It is anticipated to garner US$ 4,588.98 million by 2031 to expand at 9.1% CAGR during 2023-2031.
Based on country, the Europe geothermal power generation market is categorized into Turkey, Iceland, Italy, Russia, and the Rest of Europe. Our regional analysis states that Turkey captured 50.2% share of Europe geothermal power generation market in 2023. It was assessed at US$ 2,488.20 million in 2023 and is likely to hit US$ 6,358.57 million by 2031, registering a CAGR of 12.4% during 2023-2031.
Key players operating in the Europe geothermal power generation market are Turboden SpA, Toshiba Energy Systems and Solutions Corp, Berkshire Hathaway Inc, NIBE Industrier AB, General Electric Co, Fuji Electric Co Ltd, Carrier Global Corp, and Danfoss AS., among others.
- In August 2021, NIBE Industrier AB has signed an agreement to acquire 50% of the shares in English company Go Geothermal Ltd and the remaining shares within a five-year period. Go Geothermal Ltd will work with CTC brand products in the Swedish Enertech Group and will be part of the NIBE Climate Solutions business area. Consolidation within NIBE will be from 1 September 2021. The purchase price is not specified because the acquired business will only constitute a small part of the NIBE Group.
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