Report : Asia Pacific 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 5.9% CAGR, Asia Pacific Geothermal Power Generation Market is Projected to be Worth US$ 9,676.58 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific geothermal power generation market was valued at US$ 6,112.76 million in 2023 and is expected to reach US$ 9,676.58 million by 2031, registering a CAGR of 5.9% from 2023 to 2031. Surge in investment and government support toward geothermal power generation and growing role of geothermal power in future energy transition are among the critical factors attributed to drive the Asia Pacific geothermal power generation market growth.
Wind farms and photovoltaic projects successfully complement investments in geothermal projects. This is owing to the challenges associated with utilizing wind and solar energies for power generation; for example, wind turbines are ineffective on calm days and the output of solar panels is reduced at night and on cloudy days. Natural geothermal energy is available for commercial use 24 hours a day, regardless of weather conditions. The development of the geothermal energy sector requires huge capital investments that fail to be completely financed from public funds only. This development also requires the active participation of the private sector. Investments in geothermal energy projects help diversify the global energy mix, protect power grids from the instability of conventional renewable sources (wind and solar energy), and reduce energy costs. According to the ESFC Investment Group, over the last decade, the turnover of geothermal industry has exceeded US$ 4 billion per year, and the global fleet of geothermal power plants surpassed more than 500 plants of various sizes. The increased interest of investors in this area is due to the unlimited resources hidden in the depths of the planet.
On the contrary, high investment cost hampers the growth of Asia Pacific geothermal power generation market.
Based on plant type, the Asia Pacific geothermal power generation market is segmented into direct dry steam, flash steam, and binary cycle. The flash steam segment held 77.5% market share in 2023, amassing US$ 4,736.37 million. It is projected to garner US$ 7,489.91 million by 2031 to register 5.9% CAGR during 2023-2031.
In terms of end user, the Asia Pacific geothermal power generation market is categorized into residential, commercial, and industrial. The industrial segment held 45.0% share of Asia Pacific geothermal power generation market in 2023, amassing US$ 2,751.82 million. It is anticipated to garner US$ 4,353.45 million by 2031 to expand at 5.9% CAGR during 2023-2031.
Based on country, the Asia Pacific geothermal power generation market is categorized into Japan, Indonesia, Philippines, New Zealand, and the Rest of Asia Pacific. Our regional analysis states that Indonesia captured 42.8% share of Asia Pacific geothermal power generation market in 2023. It was assessed at US$ 2,616.06 million in 2023 and is likely to hit US$ 4,195.56 million by 2031, registering a CAGR of 6.1% during 2023-2031.
Key players operating in the Asia Pacific 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 February 2021, Fuji Electric Co., Ltd. (TSE:6504) ("FE"), headquartered in Tokyo, Japan, led by President Michihiro Kitazawa, is pleased to announce that it has been awarded a contract from Sumitomo Corporation ("Sumitomo") for a complete geothermal power facility, the Tauhara Geothermal Power Station ("Tauhara") in New Zealand. Sumitomo will act as the main EPC contractor of the project owned by Contact Energy ("Contact"), a major private-sector electricity generation utility in New Zealand. Sumitomo is headquartered in Chiyoda-ku, Tokyo and led by President and CEO, Masayuki Hyodo.
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