Geothermal Energy Market Overview
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 is a renewable and sustainable source of energy that is derived from the heat generated within the Earth's core. It has been used for thousands of years for heating, bathing, and cooking and is now harnessed for various modern applications, including electricity generation and direct use for heating and cooling in homes and businesses.
Geothermal Energy Market Drivers & Restraints
Drivers:
- Renewable Energy Transition
The renewable energy transition is playing a significant role in the evolution of the geothermal energy market. As countries and regions around the world strive to reduce greenhouse gas emissions, mitigate climate change, and transition away from fossil fuels, geothermal energy is emerging as an important component of the renewable energy mix.
For instance, according to PIB Delhi, in a meeting between the U.S. Department of Energy (DOE) and the Ministry of New and Renewable Energy (MNRE), Government of India held, the new U.S. - India Renewable Energy Technology Action Platform (RETAP) under the Strategic Clean Energy Partnership was launched. The initial focus of RETAP will be on green/clean hydrogen, wind energy, long-term energy storage, as well as the investigation of geothermal energy, ocean/tidal energy, and other developing technologies as mutually agreed upon in the future.
- Stable and Baseload Power
Stable and base load power are important characteristics of geothermal energy that make it a valuable component of the energy mix. Geothermal power plants can operate continuously, 24/7, providing a consistent and reliable source of electricity. This is in contrast to some renewable energy sources like solar and wind, which are intermittent and dependent on weather conditions.
Restrains:
Some geothermal resources are located in ecologically sensitive areas, such as national parks or wildlife habitats. Concerns about the environmental impact of geothermal development in these areas can pose challenges and regulatory hurdles. Geothermal projects are exposed to geological risks, including seismic activity and subsurface reservoir behavior. These risks can affect project feasibility and safety.
Geothermal Energy Market Segmentations & Regional Insights
Geothermal Energy Market is segmented based on Type, Temperature, End-use and Region.
Type Insight
On the basis of Type, Geothermal Energy Market is segmented into Ground Source Heat Pumps, Binary Cycle Plants, Direct Systems, Flash Steam Plants, Dry Steam Plants, and Others.
Temperature Insights
On the basis of Temperature, Geothermal Energy Market is segmented into High Temperature, Medium Temperature, and Low Temperature.
End-use Insights
On the basis of End-use, Geothermal Energy Market is segmented into Industrial, Residential, Commercial, and Others.
Geothermal Energy Market Regional Insights:
On region the Geothermal Energy Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- North America market is estimated to witness a significantly high revenue share over the forecast period due to rising investment and funding. The United States is one of the leading countries in North America and globally when it comes to geothermal energy production and development. The western part of the United States, including states like California, Nevada, Oregon, and Idaho, is rich in geothermal resources. The region hosts numerous geothermal power plants and direct-use applications.
- Asia Pacific market is estimated to witness a fastest revenue share over the forecast period. Indonesia is one of the most significant players in the Asia-Pacific geothermal energy market and ranks among the top countries globally in terms of geothermal capacity. The country has vast geothermal potential, particularly in regions like Java, Sumatra, and Sulawesi. The government has set ambitious targets for geothermal energy development as part of its renewable energy goals.
Attribute |
Details |
Base year for estimation |
2023 |
Forecast period |
2023 – 2034 |
Market representation |
Revenue in USD Billion & CAGR from 2024 to 2034 |
Market Segmentation |
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-use - Industrial, Residential, Commercial, and Others |
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034.
Geothermal Energy Market Competitive Landscape & Key Players
The key players operating 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 Compony Limited, EDF, and General Electric.
Geothermal Energy Market Recent News
The New Launched Product News,
- In September 2022, Department of Energy (DOE) launched New Energy Earthshot to Slash the Cost of Geothermal Power. In order to provide Americans with clean, affordable energy, DOE's Fourth Energy Earthshot aims to reduce the cost of enhanced geothermal systems by 90%. In order to supply American communities with dependable, clean energy and to increase the potential for a thriving domestic geothermal industry, the Enhanced Geothermal Shot DOE aims to unlock the Earth's practically limitless heat resources.
FAQs
The Geothermal Energy Market is segmented into Type, Temperature, End-use and Region.
Geothermal Energy Market is driven by factors like renewable energy transition and stable and baseload power.
The key players operating 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 Compony Limited, EDF, and General Electric.
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%.