North America 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)
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)
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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.
TABLE OF CONTENTS
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. North America Geothermal Power Generation Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Equipment or Component Suppliers
4.3.2 Geothermal Power Plant Operators/Product Manufacturers
4.3.3 End User
5. North America Geothermal Power Generation Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rise in Demand and Utilization of Geothermal Energy
5.1.2 Surge in Investment and Government Support toward Geothermal Power Generation
5.2 Market Restraints
5.2.1 High Investment Cost
5.3 Market Opportunities
5.3.1 Untapped Geothermal Potential in Emerging Economies
5.4 Future Trends
5.4.1 Growing Role of Geothermal Power in Future Energy Transition
5.5 Impact of Drivers and Restraints:
6. Geothermal Power Generation Market - North America Analysis
6.1 North America Geothermal Power Generation Market Overview
6.2 Geothermal Power Generation Market Revenue, 2021-2031 (US$ Million)
6.3 Geothermal Power Generation Market Forecast Analysis
7. North America Geothermal Power Generation Market Analysis - by Plant Type
7.1 Direct Dry Steam
7.1.1 Overview
7.1.2 Direct Dry Steam: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million)
7.2 Flash Steam
7.2.1 Overview
7.2.2 Flash Steam: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million)
7.3 Binary Cycle
7.3.1 Overview
7.3.2 Binary Cycle: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million)
8. North America Geothermal Power Generation Market Analysis - by End User
8.1 Residential
8.1.1 Overview
8.1.2 Residential: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million)
8.2 Commercial
8.2.1 Overview
8.2.2 Commercial: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million)
8.3 Industrial
8.3.1 Overview
8.3.2 Industrial: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million)
9. North America Geothermal Power Generation Market - Country Analysis
9.1 North America
9.1.1 North America: Geothermal Power Generation Market Breakdown, by Key Country, 2023 and 2031 (%)
9.1.1.1 North America: Geothermal Power Generation Market - Revenue and Forecast Analysis - by Country
9.1.1.2 United States: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million)
9.1.1.2.1 United States: Geothermal Power Generation Market Breakdown, by Plant Type
9.1.1.2.2 United States: Geothermal Power Generation Market Breakdown, by End User
9.1.1.3 Mexico: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million)
9.1.1.3.1 Mexico: Geothermal Power Generation Market Breakdown, by Plant Type
9.1.1.3.2 Mexico: Geothermal Power Generation Market Breakdown, by End User
10. Competitive Landscape
10.1 Heat Map Analysis by Key Players
10.2 Company Positioning and Concentration
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
12. Company Profiles
12.1 Northern California Power Agency
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Turboden SpA
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Toshiba Energy Systems & Solutions Corp
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Berkshire Hathaway Inc
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 NIBE Industrier AB
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 General Electric Co
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Fuji Electric Co Ltd
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Carrier Global Corp
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Danfoss AS
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
13. Appendix
13.1 About The Insight Partners
List of Tables
Table 1. North America Geothermal Power Generation Market Segmentation
Table 2. Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million)
Table 3. Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million) - by Plant Type
Table 4. Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million) - by End User
Table 5. North America: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million) - by Country
Table 6. United States: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million) - by Plant Type
Table 7. United States: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million) - by End User
Table 8. Mexico: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million) - by Plant Type
Table 9. Mexico: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million) - by End User
List of Figures
Figure 1. North America Geothermal Power Generation Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. Ecosystem Analysis
Figure 4. North America Geothermal Power Generation Market - Key Market Dynamics
Figure 5. Impact Analysis of Drivers and Restraints
Figure 6. Geothermal Power Generation Market Revenue, 2021-2031 (US$ Million)
Figure 7. Geothermal Power Generation Market Share (%) - by Plant Type (2023 and 2031)
Figure 8. Direct Dry Steam: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million)
Figure 9. Flash Steam: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million)
Figure 10. Binary Cycle: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million)
Figure 11. Geothermal Power Generation Market Share (%) - by End User (2023 and 2031)
Figure 12. Residential: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million)
Figure 13. Commercial: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million)
Figure 14. Industrial: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million)
Figure 15. North America Geothermal Power Generation Market, by Key Countries - Revenue, (2023 US$ Million)
Figure 16. North America: Geothermal Power Generation Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 17. United States: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million)
Figure 18. Mexico: Geothermal Power Generation Market - Revenue and Forecast to 2031 (US$ Million)
Figure 19. Heat Map Analysis by Key Players
Figure 20. Company Positioning and Concentration
- 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
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America geothermal power generation market.
- Highlights key business priorities to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the North America geothermal power generation market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the North America geothermal power generation market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.