North America Geothermal Power Generation Market

Historic Data: 2021-2022   |   Base Year: 2023   |   Forecast Period: 2024-2031

Analysis - by Plant Type (Direct Dry Steam, Flash Steam, and Binary Cycle) and End User (Residential, Commercial, and Industrial)

No. of Pages: 82    |    Report Code: BMIRE00031015    |    Category: Energy and Power

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North America Geothermal Power Generation Market
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The North America geothermal power generation market was valued at US$ 2,773.75 million in 2023 and is expected to reach US$ 3,686.05 million by 2031; it is estimated to register a CAGR of 3.6% from 2023 to 2031.

Rise in Demand and Utilization of Geothermal Energy Fuels North America Geothermal Power Generation Market



The global rise in energy demand, driven by population growth and industrialization, necessitates energy production. Geothermal power can provide a significant portion of the electricity needed to support this demand, contributing to a reliable energy supply. In addition, energy security is a fundamental factor driving the global expansion of geothermal power capacity. Nations seek diverse and reliable energy sources to reduce their dependence on fossil fuels, ensuring a stable energy supply for economic growth and national security. Geothermal power provides steady and consistent energy, less susceptible to price fluctuations and supply disruptions compared to fossil fuels. Since 2000, the geothermal energy industry has grown at an average rate of approximately 3.5% per year to reach an installed capacity of 16 gigawatts of electricity in 2021. There was a slight growth of ~5% between 2015 and 2021, but this still only impacted 0.5% of the world's installed renewable energy capacity. Meanwhile, geothermal energy's heating and cooling applications grew faster, by about 9% between 2015 and 2020, reaching 107 gigawatts of thermal heat in 2020, representing ~3% of the world's installed renewable heating and cooling capacity. Hence, a rise in the demand and utilization of geothermal energy across the globe is expected to drive the geothermal power generation market growth in the coming years.

North America Geothermal Power Generation Market Overview



The North America geothermal power generation market is divided into the US and Mexico. North America has a total geothermal power installation capacity of 3,628.6 MW and generated ~20.5 TWh of total geothermal electricity in 2022. The US held the largest market share of approximately 78% in 2022 and is also expected to maintain its dominance during the forecast period. This is owing to the highest installation capacity of geothermal power plants in the US and increasing government initiatives or support toward sustainable power production in the last 10 years. In addition, the companies are engaged in strategic alliances, partnerships, and collaborations to develop geothermal power plants or technologies, which are anticipated to create opportunities for players operating in the market in the coming years. For instance, in November 2023, Fervo Energy, along with Google, initiated the construction of a 3.5 MW enhanced geothermal system (EGS) geothermal plant in Nevada. This new plant will provide power to data centers in Las Vegas and other states. Such key initiatives are projected to boost the geothermal power generation market growth in the coming years.

North America Geothermal Power Generation Market Revenue and Forecast to 2031 (US$ Million)


North America Geothermal Power Generation Market Revenue and Forecast to 2031 (US$ Million)
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North America Geothermal Power Generation Strategic Insights

Strategic insights for the North America Geothermal Power Generation provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

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North America Geothermal Power Generation Report Scope

Report Attribute Details
Market size in 2023 US$ 2,773.75 Million
Market Size by 2031 US$ 3,686.05 Million
Global CAGR (2023 - 2031) 3.6%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Plant Type
  • Direct Dry Steam
  • Flash Steam
  • Binary Cycle
By End User
  • Residential
  • Commercial
  • Industrial
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Market leaders and key company profiles
  • Northern California Power Agency
  • Turboden SpA
  • Toshiba Energy Systems and Solutions Corp
  • Berkshire Hathaway Inc
  • NIBE Industrier AB
  • General Electric Co
  • Fuji Electric Co Ltd
  • Carrier Global Corp
  • Danfoss AS
    		•
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    North America Geothermal Power Generation Regional Insights

    The geographic scope of the North America Geothermal Power Generation refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

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    North America Geothermal Power Generation Market Segmentation



    The North America geothermal power generation market is categorized into plant type, end user, and country.

    Based on plant type, the North America geothermal power generation market is segmented into direct dry steam, flash steam, and binary cycle. The flash steam segment held the largest market share in 2023.

    In terms of end user, the North America geothermal power generation market is categorized into residential, commercial, and industrial. The industrial segment held the largest market share in 2023.

    By country, the North America geothermal power generation market is segmented into the US and Mexico. The US dominated the North America geothermal power generation market share in 2023.

    Northern California Power Agency, 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. are some of the leading companies operating in the North America geothermal power generation market.

    Identical Market Reports with other Region/Countries

    The List of Companies - North America Geothermal Power Generation Market

    1. Northern California Power Agency
    2. Turboden SpA
    3. Toshiba Energy Systems and Solutions Corp
    4. Berkshire Hathaway Inc
    5. NIBE Industrier AB
    6. General Electric Co
    7. Fuji Electric Co Ltd
    8. Carrier Global Corp
    9. Danfoss AS
    Frequently Asked Questions
    How big is the North America Geothermal Power Generation Market?

    The North America Geothermal Power Generation Market is valued at US$ 2,773.75 Million in 2023, it is projected to reach US$ 3,686.05 Million by 2031.

    What is the CAGR for North America Geothermal Power Generation Market by (2023 - 2031)?

    As per our report North America Geothermal Power Generation Market, the market size is valued at US$ 2,773.75 Million in 2023, projecting it to reach US$ 3,686.05 Million by 2031. This translates to a CAGR of approximately 3.6% during the forecast period.

    What segments are covered in this report?

    The North America Geothermal Power Generation Market report typically cover these key segments-

    • Plant Type (Direct Dry Steam, Flash Steam, Binary Cycle)
    • End User (Residential, Commercial, Industrial)

    What is the historic period, base year, and forecast period taken for North America Geothermal Power Generation Market?

    The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Geothermal Power Generation Market report:

  • Historic Period : 2021-2022
  • Base Year : 2023
  • Forecast Period : 2024-2031
    • Who are the major players in North America Geothermal Power Generation Market?

    The North America Geothermal Power Generation Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:

  • Northern California Power Agency
  • Turboden SpA
  • Toshiba Energy Systems and Solutions Corp
  • Berkshire Hathaway Inc
  • NIBE Industrier AB
  • General Electric Co
  • Fuji Electric Co Ltd
  • Carrier Global Corp
  • Danfoss AS
    • Who should buy this report?

    The North America Geothermal Power Generation Market report is valuable for diverse stakeholders, including:

    • Investors: Provides insights for investment decisions pertaining to market growth, companies, or industry insights. Helps assess market attractiveness and potential returns.
    • Industry Players: Offers competitive intelligence, market sizing, and trend analysis to inform strategic planning, product development, and sales strategies.
    • Suppliers and Manufacturers: Helps understand market demand for components, materials, and services related to concerned industry.
    • Researchers and Consultants: Provides data and analysis for academic research, consulting projects, and market studies.
    • Financial Institutions: Helps assess risks and opportunities associated with financing or investing in the concerned market.

    Essentially, anyone involved in or considering involvement in the North America Geothermal Power Generation Market value chain can benefit from the information contained in a comprehensive market report.

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