Market Size of Geothermal Energy Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 15.68 gigawatt |
| Market Volume (2029) | 17.91 gigawatt |
| CAGR (2024 - 2029) | 2.69 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Geothermal Energy Market Analysis
The Geothermal Energy Market size in terms of installed base is expected to grow from 15.68 gigawatt in 2024 to 17.91 gigawatt by 2029, at a CAGR of 2.69% during the forecast period (2024-2029).
- Over the medium term, factors such as increasing electricity security concerns due to clean and eco-friendly resources and increasing demand for heating and cooling systems, including ground source heat pumps and district heating, are driving the growth of the geothermal energy market.
- On the other hand, the lucrative market for alternative clean energy sources like solar and wind is likely to hinder the market growth during the forecast period.
- Nevertheless, government-undertaken initiatives such as financial benefits and tax refunds to promote sustainable energy production are estimated to generate numerous growth opportunities for the geothermal energy market during the forecast period.
- North America is expected to be the largest market during the forecast period, with most of the demand coming from countries like the United States, Canada and Mexico, etc.
Geothermal Energy Industry Segmentation
Geothermal energy refers to the heat derived from the Earth's sub-surface. It is harnessed by tapping into geothermal reservoirs in regions with high volcanic activity. This renewable energy source can be used for various applications, including electricity generation, direct heating, and industrial processes. Geothermal energy is considered sustainable and environmentally friendly, as it produces minimal greenhouse gas emissions compared to fossil fuels.
The geothermal energy market is segmented by plant type and geography. The market is segmented by plant type into dry steam plants, flash steam plants, and binary cycle power plants. The report also covers the market size and forecasts for the geothermal energy market across each region. The market sizing and forecasts for each segment were made based on installed capacity.
| Plant Type | |
| Dry Steam Plants | |
| Flash Steam Plants | |
| Binary Cycle Power Plants |
| Geography (Regional Market Analysis {Market Size and Demand Forecast till 2029 (for regions only)}) | |||||||||||
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Geothermal Energy Market Size Summary
The geothermal energy market is poised for growth over the forecast period, driven by increasing concerns over electricity security and the demand for eco-friendly energy sources. The market is experiencing a surge in interest due to the rising need for heating and cooling systems, such as ground source heat pumps and district heating. However, the growth of the geothermal energy market faces challenges from the competitive landscape of alternative clean energy sources like solar and wind. Despite these challenges, government initiatives offering financial incentives and tax benefits to promote sustainable energy production are expected to create significant opportunities for market expansion. North America is anticipated to be the largest market, with substantial demand originating from countries like the United States and Mexico.
The development of binary cycle power plants, which utilize lower temperature geothermal reservoirs, is expected to contribute significantly to market growth. Recent announcements of new installations, such as those by Turboden SpA and AP Renewable Inc. in the Philippines, highlight the ongoing expansion in this sector. North America, particularly the United States, leads the global market in installed capacity, with California being a key player due to its extensive geothermal resources. The region's market growth is further supported by new projects and government initiatives, such as Mexico's exploratory project for geothermal well drilling services. The market remains semi-fragmented, with major players like Mitsubishi Power Ltd, Ormat Technologies Inc., and Engie SA actively participating in various projects worldwide.
Geothermal Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Geothermal Energy Installed Capacity and Forecast, till 2029
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Increasing Electricity Security Concerns Due to Clean and Eco-Friendly Resources
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1.5.1.2 Increasing Demand for Heating and Cooling Systems, Including Ground Source Heat Pumps
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1.5.2 Restraints
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1.5.2.1 Lucrative Market Opportunities for Alternative Clean Energy Sources Like Solar and Wind
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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1.8 Investment Analysis
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2. MARKET SEGMENTATION
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2.1 Plant Type
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2.1.1 Dry Steam Plants
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2.1.2 Flash Steam Plants
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2.1.3 Binary Cycle Power Plants
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2.2 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2029 (for regions only)})
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Rest of North America
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 France
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2.2.2.3 United Kingdom
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2.2.2.4 Spain
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2.2.2.5 NORDIC
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2.2.2.6 Turkey
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2.2.2.7 Russia
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2.2.2.8 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 India
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2.2.3.3 Japan
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2.2.3.4 South Korea
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2.2.3.5 Malaysia
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2.2.3.6 Thailand
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2.2.3.7 Indonesia
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2.2.3.8 Vietnam
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2.2.3.9 Rest of Asia-Pacific
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Colombia
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2.2.4.4 Rest of South America
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2.2.5 Middle-East and Africa
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2.2.5.1 Saudi Arabia
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2.2.5.2 United Arab Emirates
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2.2.5.3 South Africa
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2.2.5.4 Nigeria
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2.2.5.5 Qatar
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2.2.5.6 Egypt
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2.2.5.7 Rest of Middle-East and Africa
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Geothermal Energy Market Size FAQs
How big is the Geothermal Energy Market?
The Geothermal Energy Market size is expected to reach 15.68 gigawatt in 2024 and grow at a CAGR of 2.69% to reach 17.91 gigawatt by 2029.
What is the current Geothermal Energy Market size?
In 2024, the Geothermal Energy Market size is expected to reach 15.68 gigawatt.
