The Geothermal Energy Market size was valued at USD 7.62 billion in 2023 and is expected to grow to USD 12.15 billion by 2031 and grow at a CAGR of 5.97% over the forecast period of 2024-2031.
Geothermal energy is a type of renewable source of energy that is derived from the earth's core heat. This energy is harnessed through the use of geothermal power plants, which utilize the natural heat of the earth to generate electricity. Geothermal energy is a clean and sustainable source of energy that has the potential to provide a significant portion of the world's energy needs. Geothermal energy is a promising alternative to traditional fossil fuels, as it is both renewable and environmentally friendly. Unlike fossil fuels, which emit harmful greenhouse gases when burned, geothermal energy produces no emissions and has a minimal impact on the environment. Additionally, geothermal energy is available 24/7, making it a reliable source of energy that can be used to power homes, businesses, and entire communities. Geothermal power plants work by drilling deep into the earth's crust to access the natural heat of the earth. This heat is then used to generate steam, which is used to power turbines and generate electricity. The steam is then condensed back into water and returned to the earth, where it is reheated and used again.
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While geothermal energy has many benefits, there are also some challenges associated with its use. One of the main challenges is the high upfront cost of building geothermal power plants. Additionally, geothermal energy is only available in certain areas of the world, which limits its potential as a global energy source. As technology continues to improve and costs decrease, geothermal energy is likely to become an increasingly important part of the global energy mix. The market for geothermal energy is expected to continue to grow as more countries and companies invest in renewable energy sources. In addition, advancements in technology and exploration techniques are making it easier and more cost-effective to extract geothermal energy.
Drivers
Growing demand for clean energy sources
Increasing government initiatives to reduce greenhouse gas emission
Restrain
Limited availability of suitable geothermal resources
High upfront cost associated with geothermal energy production
The high initial investment required for geothermal energy production serves as a significant obstacle to the growth of the geothermal energy market. This cost includes the drilling and installation of geothermal wells, as well as the construction of power plants and transmission lines. Furthermore, the exploration and assessment of potential geothermal sites can also be a costly and time-consuming process. These expenses can discourage potential investors and limit the development of geothermal energy projects.
Opportunities
Expansion of geothermal energy production into new regions.
Potential for geothermal energy to be used in conjunction with other renewable energy sources
The potential for geothermal energy to be utilized in conjunction with other renewable energy sources presents a promising opportunity for the geothermal energy market. This integration allows for a more diverse and reliable energy portfolio, reducing the dependence on a single source of energy. Furthermore, the combination of geothermal energy with other renewables such as solar and wind power can lead to a more efficient and cost-effective energy system. This is because geothermal energy can provide a stable base load of energy, while solar and wind power can supplement the energy supply during peak demand periods. In addition, the use of geothermal energy can also contribute to the reduction of greenhouse gas emissions, as it is a clean and sustainable energy source. This aligns with the global effort to combat climate change and transition towards a low-carbon economy.
Challenges
Presence of alternative renewable energy sources
Increasing need for regulatory frameworks to support geothermal energy production
The Russian invasion of Ukraine has disrupted the supply chain of geothermal equipment and materials, causing delays and increased costs for companies operating in the region. The political instability has also made it difficult for investors to commit to long-term projects, leading to a slowdown in the development of geothermal energy infrastructure. Furthermore, the conflict has led to a decrease in demand for energy in the region, as many businesses and households have been forced to shut down or reduce their operations. This has resulted in a surplus of energy, which has further impacted the growth of the geothermal energy market. More details are included in the final report.
Impact of Recession:
As economic activity slows down, the demand for energy decreases due to increases in the prices of the energy which further reduced the growth of the geothermal energy market. This has resulted in a decrease in investment in geothermal energy projects, which has slowed down the growth of the industry. Furthermore, the recession has made it more difficult for companies to secure financing for geothermal energy projects. Banks and other financial institutions are more cautious about lending money, and this has made it harder for companies to raise the capital they need to develop new projects. More details are included in the final report.
By Technology
Dry Steam Plants
Flash Steam Plants
Binary Cycle Plants
Direct Systems
Ground Source Heat Pumps
Others
By Temperature
High Temperature
Medium Temperature
Low Temperature
By Application
Residential
Industrial
Commercial
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The Asia-Pacific region dominated the geothermal market generating the highest revenue share in 2022. This growth is attributed to favorable government policies, technological advancements, and a growing demand for renewable energy sources. One of the key drivers of the Asia-Pacific region's success in the geothermal market is the support of government policies. Many countries in the region have implemented policies that incentivize the development of geothermal energy, such as feed-in tariffs and tax credits. These policies have encouraged investment in the sector and have helped to create a favorable business environment for geothermal companies. In addition, the Asia-Pacific region has seen significant technological advancements in the geothermal industry. This has led to increased efficiency and reduced costs, making geothermal energy more competitive with other forms of renewable energy. As a result, more companies are investing in geothermal projects in the region, further driving growth and revenue. Moreover, the growing demand for renewable energy sources has also contributed to the Asia-Pacific region's dominance in the geothermal market. As concerns about climate change continue to mount, many countries are looking to reduce their reliance on fossil fuels and transition to cleaner energy sources. Geothermal energy offers a reliable and sustainable alternative, and this trend drives the growth of the geothermal energy market during the forecast period.
North America is projected to grow with the highest CAGR during the forecast period of 2023-2030. One of the key drivers of growth in North America is the region's abundant geothermal resources. The United States, in particular, has a vast array of geothermal reservoirs that are best for development. These resources are spread out across the country, with hotspots in California, Nevada, and other western states. In addition to its natural resources, North America also has a well-established regulatory framework that supports the development of geothermal energy. Governments at the federal, state, and local levels have implemented policies and incentives that encourage the growth of the industry. This includes tax credits, grants, and loan guarantees that help to offset the high upfront costs of geothermal development. Furthermore, North America is home to a number of innovative companies that are driving the growth of the geothermal energy market. These firms are developing new technologies and techniques that make it easier and more cost-effective to extract energy from geothermal reservoirs. As a result, the industry is becoming more competitive and attractive to investors.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major players are Baker Hughes Company, Ormat Technologies, NIBE Group, Mitsubishi Heavy Industries, SLB, EthosEnergy, Reykjavik Geothermal, Turboden S.p.A., Calpine, Toshiba International Corporation, and other key players will be included in the final report.
In December 2022, Baker Hughes launched the Consortium Exploring Technologies to Transform Abandoned Wells for Geothermal Energy Production. This initiative aims to repurpose abandoned wells for geothermal energy production, providing a sustainable and cost-effective solution for energy production.
In Dec 2022, Mitsubishi Power, a leading power solution brand under Mitsubishi Heavy Industries, Ltd. (MHI), received an order from PT Pertamina Geothermal Energy (PGE), the geothermal energy subsidiary of Indonesia's state-owned oil and natural gas corporation, PT Pertamina. The order was for a 55 MW power generating unit comprising a steam turbine, generator, and related equipment for the Lumut Balai Unit 2 geothermal power plant. This project will contribute to Indonesia's goal of increasing its renewable energy capacity.
In Nov. 2022, Schlumberger (SLB) collaborated with Oman’s Ministry of Energy and Minerals and the Oman Investment Authority to develop a national strategy for the potential of Oman’s geothermal resources.
| Report Attributes | Details |
| Market Size in 2023 | US$ 7.62 Bn |
| Market Size by 2031 | US$ 12.15 Bn |
| CAGR | CAGR of 5.97% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Technology (Dry Steam Plants, Flash Steam Plants, Binary Cycle Plants, Direct Systems, Ground Source Heat Pumps, and Others) • By Temperature (High Temperature, Medium Temperature, and Low Temperature) • By Application (Residential, Industrial, and Commercial) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Baker Hughes Company, Ormat Technologies, NIBE Group, Mitsubishi Heavy Industries, SLB, EthosEnergy, Reykjavik Geothermal, Turboden S.p.A., Calpine, Toshiba International Corporation |
| Key Drivers | • Growing demand for clean energy sources • Increasing government initiatives to reduce greenhouse gas emission |
| Market Opportunities | • Expansion of geothermal energy production into new regions • Potential for geothermal energy to be used in conjunction with other renewable energy sources |
Ans: The expected CAGR of the global Geothermal Energy Market during the forecast period is 5.8%.
Ans: The market size of the Geothermal Energy Market is USD 7.2 billion in 2022.
Ans: The major key players in the Geothermal Energy Market are Baker Hughes Company, Ormat Technologies, NIBE Group, Mitsubishi Heavy Industries, SLB, EthosEnergy, Reykjavik Geothermal, Turboden S.p.A., Calpine, and Toshiba International Corporation.
Ans: Asia Pacific region dominated the Geothermal Energy Market.
Ans: Growing demand for clean energy sources and increasing government initiatives to reduce greenhouse gas emission are the driving factors of the Geothermal Energy Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Ukraine- Russia War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Geothermal Energy Market Segmentation, By Technology
8.1 Dry Steam Plants
8.2 Flash Steam Plants
8.3 Binary Cycle Plants
8.4 Direct Systems
8.5 Ground Source Heat Pumps
8.6 Others
9. Geothermal Energy Market Segmentation, By Temperature
9.1 High Temperature
9.2 Medium Temperature
9.3 Low Temperature
10. Geothermal Energy Market Segmentation, By Application
10.1 Residential
10.2 Industrial
10.3 Commercial
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Geothermal Energy Market by Country
11.2.2North America Geothermal Energy Market by Technology
11.2.3 North America Geothermal Energy Market by Temperature
11.2.4 North America Geothermal Energy Market by Application
11.2.5 USA
11.2.5.1 USA Geothermal Energy Market by Technology
11.2.5.2 USA Geothermal Energy Market by Temperature
11.2.5.3 USA Geothermal Energy Market by Application
11.2.6 Canada
11.2.6.1 Canada Geothermal Energy Market by Technology
11.2.6.2 Canada Geothermal Energy Market by Temperature
11.2.6.3 Canada Geothermal Energy Market by Application
11.2.7 Mexico
11.2.7.1 Mexico Geothermal Energy Market by Technology
11.2.7.2 Mexico Geothermal Energy Market by Temperature
11.2.7.3 Mexico Geothermal Energy Market by Application
11.3 Europe
11.3.1 Europe Geothermal Energy Market by Country
11.3.2 Europe Geothermal Energy Market by Technology
11.3.3 Europe Geothermal Energy Market by Temperature
11.3.4Europe Geothermal Energy Market by Application
11.3.5Germany
11.3.5.1 Germany Geothermal Energy Market by Technology
11.3.5.2 Germany Geothermal Energy Market by Temperature
11.3.5.3 Germany Geothermal Energy Market by Application
11.3.6 UK
11.3.6.1 UK Geothermal Energy Market by Technology
11.3.6.2 UK Geothermal Energy Market by Temperature
11.3.6.3 UK Geothermal Energy Market by Application
11.3.7 France
11.3.7.1 France Geothermal Energy Market by Technology
11.3.7.2 France Geothermal Energy Market by Temperature
11.3.7.3 France Geothermal Energy Market by Application
11.3.8 Italy
11.3.8.1 Italy Geothermal Energy Market by Technology
11.3.8.2 Italy Geothermal Energy Market by Temperature
11.3.8.3 Italy Geothermal Energy Market by Application
11.3.9 Spain
11.3.9.1 Spain Geothermal Energy Market by Technology
11.3.9.2 Spain Geothermal Energy Market by Temperature
11.3.9.3 Spain Geothermal Energy Market by Application
11.3.10 The Netherlands
11.3.10.1 Netherlands Geothermal Energy Market by Technology
11.3.10.2 Netherlands Geothermal Energy Market by Temperature
11.3.10.3 Netherlands Geothermal Energy Market by Application
11.3.11 Rest of Europe
11.3.11.1 Rest of Europe Geothermal Energy Market by Technology
11.3.11.2 Rest of Europe Geothermal Energy Market by Temperature
11.3.11.3 Rest of Europe Geothermal Energy Market by Application
11.4 Asia-Pacific
11.4.1 Asia Pacific Geothermal Energy Market by Country
11.4.2Asia Pacific Geothermal Energy Market by Technology
11.4.3 Asia Pacific Geothermal Energy Market by Temperature
11.4.4 Asia Pacific Geothermal Energy Market by Application
11.4.5 Japan
11.4.5.1 Japan Geothermal Energy Market by Technology
11.4.5. 2Japan Geothermal Energy Market by Temperature
11.4.5. 3Japan Geothermal Energy Market by Application
11.4.6 South Korea
11.4.6.1 South Korea Geothermal Energy Market by Technology
11.4.6.2. South Korea Geothermal Energy Market by Temperature
11.4.6.3. South Korea Geothermal Energy Market by Application
11.4.7China
11.4.7.1 China Geothermal Energy Market by Technology
11.4.7.2. China Geothermal Energy Market by Temperature
11.4.7.3. China Geothermal Energy Market by Application
11.4.8 India
11.4.8.1 India Geothermal Energy Market by Technology
11.4.8.2. India Geothermal Energy Market by Temperature
11.4.8.3 India Geothermal Energy Market by Application
11.4.9Australia
11.4.8.1 Australia Geothermal Energy Market by Technology
11.4.8.2. Australia Geothermal Energy Market by Temperature
11.4.8.3. Australia Geothermal Energy Market by Application
11.4.10Rest of Asia-Pacific
11.4.10.1 APAC Geothermal Energy Market by Technology
11.4.10.2. APAC Geothermal Energy Market by Temperature
11.4.10.3. APAC Geothermal Energy Market by Application
11.5 The Middle East & Africa
11.5.1 The Middle East & Africa Geothermal Energy Market by Country
11.5.2 The Middle East & Africa Geothermal Energy Market by Technology
11.5.3The Middle East & Africa Geothermal Energy Market by Temperature
11.5.4The Middle East & Africa Geothermal Energy Market by Application
11.5.5Israel
11.5.5.1 Israel Geothermal Energy Market by Technology
11.5.5.2 Israel Geothermal Energy Market by Temperature
11.5.5.3 Israel Geothermal Energy Market by Application
11.5.6 UAE
11.5.6.1 UAE Geothermal Energy Market by Technology
11.5.6.2 Israel Geothermal Energy Market by Temperature
11.5.6.3 Israel Geothermal Energy Market by Application
11.5.7South Africa
11.5.7.1 South Africa Geothermal Energy Market by Technology
11.5.7.2 South Africa Geothermal Energy Market by Temperature
11.5.7.3 South Africa Geothermal Energy Market by Application
11.5.8 Rest of Middle East & Africa
11.5.8.1 Rest of Middle East & Asia Geothermal Energy Market by Technology
11.5.8.2 Rest of Middle East & Asia Geothermal Energy Market by Temperature
11.5.8.3 Rest of Middle East & Asia Geothermal Energy Market by Application
11.6 Latin America
11.6.1 Latin America Geothermal Energy Market by Country
11.6.2. Latin America Geothermal Energy Market by Technology
11.6.3 Latin America Geothermal Energy Market by Temperature
11.6.4 Latin America Geothermal Energy Market by Application
11.6.5 Brazil
11.6.5.1 Brazil Geothermal Energy Market by Technology
11.6.5.2 Brazil Geothermal Energy Market by Temperature
11.6.5.3Brazil Geothermal Energy Market by Application
11.6.6 Argentina
11.6.6.1 Argentina Geothermal Energy Market by Technology
11.6.6.2 Argentina Geothermal Energy Market by Temperature
11.6.6.3 Argentina Geothermal Energy Market by Application
11.6.7 Rest of Latin America
11.6.7.1 Rest of Latin America Geothermal Energy Market by Technology
11.6.7.2 Rest of Latin America Geothermal Energy Market by Temperature
11.6.7.3Rest of Latin America Geothermal Energy Market by Application
12 Company Profile
12.1 Baker Hughes Company
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Ormat Technologies
12.2.1 Market Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 NIBE Group
12.3.1 Market Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Mitsubishi Heavy Industries
12.4.1 Market Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 SLB
12.5.1 Market Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 EthosEnergy
12.6.1 Market Overview
12.6.2 Financials
12.6.3 Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Reykjavik Geothermal
12.7.1 Market Overview
12.7.2 Financials
12.7.3 Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Turboden S.p.A.
12.8.1 Market Overview
12.8.2 Financials
12.8.3 Product/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Calpine
12.9.1 Market Overview
12.9.2 Financials
12.9.3 Product/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Toshiba International Corporation
12.10.1 Market Overview
12.10.2 Financials
12.10.3 Product/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. Use Cases and Best Practices
15. Conclusion
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