Geothermal energy originates from the natural heat produced by the decay of radioactive isotopes in the Earth's mantle and core. This heat gradually moves towards the Earth's surface, creating geothermal resources.

Global efforts to reduce greenhouse gas emissions and combat climate change have led to increased interest in renewable energy sources like geothermal. Governments and businesses were exploring cleaner energy options to meet sustainability goals and boost the Geothermal Energy Market growth.

The report “Geothermal Energy Market, By Type (Ground Source Heat Pumps, Binary Cycle Plants, Direct Systems, Flash Steam Plants, Dry Steam Plants, and Others), By Temperature (High Temperature, Medium Temperature, and Low Temperature), By End-user (Industrial, Residential, Commercial, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”

 Key Highlights:

• In January 2023, ONGC aims to map the geothermal energy sources of India in search of clean energy. In Ladakh, ONGC started digging in an effort to find geothermal energy. However, the business now intends to carry out surveys across the nation. The most promising geothermal fields in India, Puga and Chumathang in eastern Ladakh, have the capacity to produce roughly 50 MW of electricity. After drilling and testing reservoirs, ONGC is anticipated to establish a 1 MW pilot power plant.

Analyst View:

It was anticipated that further exploration and evaluation of the geothermal resources in different areas would reveal additional, untapped reservoirs, increasing the potential for the production of geothermal energy. Geothermal power generation technologies were predicted to become more efficient and affordable as a result of ongoing research and development. It was becoming simpler to extract geothermal resources thanks to improved drilling methods and equipment. 

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Geothermal Energy Market, By Type (Ground Source Heat Pumps, Binary Cycle Plants, Direct Systems, Flash Steam Plants, Dry Steam Plants, and Others), By Temperature (High Temperature, Medium Temperature, and Low Temperature), By End-user (Industrial, Residential, Commercial, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”

Key Market Insights from the report:

Geothermal Energy Market accounted for US$ 7.8 billion in 2024 and is estimated to be US$ 14.1 billion by 2034 and is anticipated to register a CAGR of 6.1%.. Geothermal Energy Market is segmented based on Type, Temperature, End-use and Region.

• Based on Type, Geothermal Energy Market is segmented into Ground Source Heat Pumps, Binary Cycle Plants, Direct Systems, Flash Steam Plants, Dry Steam Plants, and Others.
• Based on Temperature, Geothermal Energy Market is segmented into High Temperature, Medium Temperature, and Low Temperature.
• Based on End-use, Geothermal Energy Market is segmented into Industrial, Residential, Commercial, and Others.
• By Region, the Geothermal Energy Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Geothermal Energy Market:

The prominent players operating in the Geothermal Energy Market includes, TOSHIBA CORPORATION, Yokogawa Electric Corporation, ABB, Korea Electric Power Corporation, Siemens AG, ENEL SPA, Mitsubishi Hitachi Power Systems Inc., THE TATA POWER COMPANY LIMITED, EDF, and GENERAL ELECTRIC.

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