- Binary cycle power plant
- Dry Steam Plant
- Flash Steam Plants
Geothermal Energy Market size was valued at USD 6,950.0 million in 2023 and is poised to grow at a 7% CAGR over the forecasting years 2024 - 2030. The Geothermal Energy Market is projected to reach USD 10,897 million by 2030. Government regulations related to climate change, which are harsher in developed and developing countries, are significant market factors boosting market growth. Factors such as increased electricity security issues because of clean and environmentally friendly resources. Furthermore, growing demand for heating and cooling systems, such as ground source heat pumps and district heating, is expected to propel the geothermal energy industry.
Geothermal Energy Market Key Developments:
- In May 2023, Subterra Renewables, a prominent Canadian geothermal developer and engineering business, won TerraScale Inc.'s Request for Proposal (RFP) for the Green Snow Project. The Green Snow Project is a large-scale geothermal energy endeavor located in northern Japan. TerraScale, Climate Transition Development Corporation, and Global Family have formed a revolutionary alliance.
- In February 2023, Toyota Tsusho Corporation gave Fuji Electric Co., Ltd. a contract to supply geothermal energy for the Menengai geothermal power station in Kenya, as part of an EPC contract with QPEA GT Menengai Limited.
Geothermal Energy Market Summary
Study Period
2024-2030
Base Year
2023
CAGR
7%
Largest Market
North America
Fastest Growing Market
N/A
Geothermal Energy Market Dynamics
Stringent regulations imposed by different governments are projected to promote the expansion of the geothermal energy industry. Fossil fuel constraint and rising greenhouse gas emissions are contributing to market growth. The market is expected to grow because to the extreme volatility of fossil fuel prices because geothermal energy's low cost and high capacity are predicted to drive market growth throughout the forecast period. All these things combine to make this energy source necessary. The industry is developing due to increased demand for clean and ecologically friendly sources. However, the attractive market for alternative clean energy sources such as solar and wind is expected to slow market growth during the projection period. Nonetheless, government measures such as financial incentives and tax refunds to encourage sustainable energy generation are expected to create various potential prospects for the geothermal energy market during the forecast period.
North-America Got Significant Share of
Geothermal Energy Market Regional Analysis
Based on regions, the Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. North America is one of the world's top markets for geothermal energy, with the United States leading both regionally and globally in terms of installed capacity. Most geothermal power plants in the United States are in the Western States and the Island state of Hawaii, where geothermal energy resources are readily accessible. California generates the most electricity from geothermal energy, and Northern California's Geysers dry steam reservoir is the world's largest dry steam field.
According to IRENA, the total geothermal installed capacity in 2023 was roughly 3,900 MW, up from 3,712 MW in 2022. Countries such as the United States, Canada, and Mexico are developing their geothermal energy capacities. Therefore, it is anticipated that North America will lead the geothermal energy market throughout the forecast period based on the facts mentioned earlier.
Latin America
Europe
Asia Pacific
Middle East
North America
Geothermal Energy Market Segmentation
By Type
By Power Output
- Up to 5MW
- Above 5MW
By End User
- Residential
- Industrial
- Commercial
- Others
Frequently Asked Questions
The Geothermal Energy Market was valued at USD 6,950 million in 2023 and is projected to reach USD 10,897.0 million by 2030, growing at a CAGR around 6%.
Growing government funding and ongoing technological advancements in the renewable energy space are driving for marking expansion.
The growth of the geothermal power market is being driven by an increase in regional investment in renewable energy projects. Furthermore, considerable increases in energy demand due to fast industrialization and population growth in countries like as China and India are expected to drive market expansion.
North America is estimated to Fastest growing with the highest CAGR over the forecast period.
Key Features of the Reports
- The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and key strategies.
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments, and start-up details that are actively working in the market.
- The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenarios.
| 1.Executive Summary |
| 2.Global Geothermal Energy Market Introduction |
| 2.1.Global Geothermal Energy Market - Taxonomy |
| 2.2.Global Geothermal Energy Market - Definitions |
| 2.2.1.Type |
| 2.2.2.Power Output |
| 2.2.3.End User |
| 2.2.4.Region |
| 3.Global Geothermal Energy Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Geothermal Energy Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Geothermal Energy Market By Type , 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Binary cycle power plant |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Dry Steam Plant |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Flash Steam Plants |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 6.Global Geothermal Energy Market By Power Output, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Up to 5MW |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Above 5MW |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 7.Global Geothermal Energy Market By End User, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. Residential |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Industrial |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Commercial |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Others |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 8.Global Geothermal Energy Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia Pacific (APAC) |
| 8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Middle East and Africa (MEA) |
| 8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Latin America |
| 8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 9.North America Geothermal Energy Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Binary cycle power plant |
| 9.1.2.Dry Steam Plant |
| 9.1.3.Flash Steam Plants |
| 9.2. Power Output Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Up to 5MW |
| 9.2.2.Above 5MW |
| 9.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Residential |
| 9.3.2.Industrial |
| 9.3.3.Commercial |
| 9.3.4.Others |
| 9.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.4.1.United States of America (USA) |
| 9.4.2.Canada |
| 10.Europe Geothermal Energy Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Binary cycle power plant |
| 10.1.2.Dry Steam Plant |
| 10.1.3.Flash Steam Plants |
| 10.2. Power Output Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Up to 5MW |
| 10.2.2.Above 5MW |
| 10.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.Residential |
| 10.3.2.Industrial |
| 10.3.3.Commercial |
| 10.3.4.Others |
| 10.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.Germany |
| 10.4.2.France |
| 10.4.3.Italy |
| 10.4.4.United Kingdom (UK) |
| 10.4.5.Spain |
| 11.Asia Pacific (APAC) Geothermal Energy Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Binary cycle power plant |
| 11.1.2.Dry Steam Plant |
| 11.1.3.Flash Steam Plants |
| 11.2. Power Output Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Up to 5MW |
| 11.2.2.Above 5MW |
| 11.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.Residential |
| 11.3.2.Industrial |
| 11.3.3.Commercial |
| 11.3.4.Others |
| 11.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.China |
| 11.4.2.India |
| 11.4.3.Australia and New Zealand (ANZ) |
| 11.4.4.Japan |
| 11.4.5.Rest of APAC |
| 12.Middle East and Africa (MEA) Geothermal Energy Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Binary cycle power plant |
| 12.1.2.Dry Steam Plant |
| 12.1.3.Flash Steam Plants |
| 12.2. Power Output Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Up to 5MW |
| 12.2.2.Above 5MW |
| 12.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Residential |
| 12.3.2.Industrial |
| 12.3.3.Commercial |
| 12.3.4.Others |
| 12.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.GCC Countries |
| 12.4.2.South Africa |
| 12.4.3.Rest of MEA |
| 13.Latin America Geothermal Energy Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 13.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.Binary cycle power plant |
| 13.1.2.Dry Steam Plant |
| 13.1.3.Flash Steam Plants |
| 13.2. Power Output Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.Up to 5MW |
| 13.2.2.Above 5MW |
| 13.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.Residential |
| 13.3.2.Industrial |
| 13.3.3.Commercial |
| 13.3.4.Others |
| 13.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.Brazil |
| 13.4.2.Mexico |
| 13.4.3.Rest of LA |
| 14. Competition Landscape |
| 14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 14.2.1.Ormat Technologies, Inc. |
| 14.2.2.Mitsubishi Power, Ltd |
| 14.2.3.Engie SA |
| 14.2.4.Tetra Tech, Inc. |
| 14.2.5.Toshiba International Corporation |
| 14.2.6.Enel Green Power S.p.A. |
| 14.2.7.EthosEnergy Group |
| 14.2.8.Chevron Corp. |
| 14.2.9.Berkshire Hathaway Inc. |
| 15. Research Methodology |
| 16. Appendix and Abbreviations |
- Ormat Technologies, Inc.
- Mitsubishi Power, Ltd
- Engie SA
- Tetra Tech, Inc.
- Toshiba International Corporation
- Enel Green Power S.p.A.
- Toshiba International Corp.
- EthosEnergy Group
- Chevron Corp.
- Berkshire Hathaway Inc.