At 3.6% CAGR, North America 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 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, registering a CAGR of 3.6% from 2023 to 2031. Growing role of geothermal power in future energy transition and surge in investment and government support toward geothermal power generation are among the critical factors attributed to drive the North America geothermal power generation market growth.

Geothermal power generation leads to low carbon emissions, making it a valuable tool to control climate change, as it can provide consistent, emission-free electricity. Lowering carbon emissions is especially important as the world seeks to reduce its reliance on fossil fuels and transition to cleaner energy sources. Geothermal power's ability to provide baseload power ensures grid stability when renewable sources such as wind and solar are intermittent, contributing to a more reliable energy supply. Moreover, geothermal power enhances energy security by reducing dependence on fossil fuel imports, which can be geopolitically unstable. Its long-term energy supply potential energy security offers sustainability in meeting global energy demands. Public perception, regulatory support, and technological innovations will determine the extent to which geothermal power is integrated into the future energy mix. Hence, geothermal energy is generating interest among power producers because it provides clean heat and zero-emission electricity and can even be used for combined heat and power to transition to clean energy. Moreover, the development and use of geothermal energy is expected to grow in the future. For example, due to the widespread distribution of geothermal fields, the development and use of geothermal fields at low to medium temperatures have increased. The development of low to medium-temperature resources is driven by the advancement of technologies to exploit these geothermal resources, such as the binary cycle power generation technologies, as well as the growing need for a sustainable and secure energy supply for heating and cooling. Thus, the growing role of geothermal power in future energy transition is anticipated to fuel the geothermal power generation market in the coming years.

On the contrary, high investment cost hampers the growth of North America geothermal power generation market.

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 43.1% market share in 2023, amassing US$ 1,194.27 million. It is projected to garner US$ 1,604.95 million by 2031 to register 3.8% CAGR during 2023-2031.

In terms of end user, the North America geothermal power generation market is categorized into residential, commercial, and industrial. The industrial segment held 43.9% share of North America geothermal power generation market in 2023, amassing US$ 1,218.75 million. It is anticipated to garner US$ 1,643.49 million by 2031 to expand at 3.8% CAGR during 2023-2031.

Based on country, the North America geothermal power generation market is categorized into the US and Mexico. Our regional analysis states that the US captured 78.0% share of North America geothermal power generation market in 2023. It was assessed at US$ 2,163.47 million in 2023 and is likely to hit US$ 2,797.34 million by 2031, registering a CAGR of 3.3% during 2023-2031.

Key players operating in the North America geothermal power generation market are 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., among others.

- In January 2023, The Northern California Power Agency recently signed a set of long-term power purchase agreements to supply renewable geothermal energy and capacity to Silicon Valley Power, the public power utility serving the City of Santa Clara, and potentially other NCPA members. Under the agreements signed with the Geysers Power Company LLC, an indirect subsidiary of Calpine, NCPA will purchase and receive renewable energy produced from multiple Calpine geothermal plants in California's Sonoma and Lake Counties from 2025 to 2036.

- In April 2024, Turboden, a global leader in Organic Rankine Cycle (ORC) systems, proudly announces a groundbreaking collaboration with Fervo Energy, a pioneer in enhanced geothermal systems (EGS). Together, they are poised to revolutionize 24/7 carbon-free energy production and spearhead the future of geothermal energy innovation. Fervo Energy's Cape Station project represents a significant milestone, marking the company's largest commercial endeavor in the geothermal energy sector. Situated in southwest Utah, Cape Station is positioned to redefine geothermal energy production with an anticipated total project capacity of approximately 400 MW. This endeavor symbolizes a transformative leap towards carbon-free energy solutions.



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