Geothermal Energy Market

Industry Overview

The Global Geothermal Energy Market is anticipated to grow from USD 8.4 billion in 2023 to USD 10.6 billion in 2030 at a CAGR of 6.3% during the forecast period from 2025 to 2030.

System of creating clean power by extracting heat energy from the ground is known as geothermal power generation. Uses of this energy such as cooling, heating and electricity are expected to propel the market growth. Technological advancements in this type of energy and increasing need for clean energy resources globally is raising the growth of the market.

The market is segregated by technology such as flash, ground source heat pumps, direct systems, binary cycle plants and dry steam plants segments, where binary cycle plants dominates the market and by temperature such as low temperature (upto 900C), medium temperature (900C - 1500C) and high temperature (above 1500C), among which low temperature shall grow as these geothermal energy resources are used for recreation and heating applications. It is also divided on the applications into power generation, residential heating and cooling and commercial heating and cooling where power generation division shall grow more than the others.

Market Segmentation

Insight by Technology

Based on technology, the Geothermal Energy Market is segmented into flash, ground source heat pumps, direct systems, binary cycle plants and dry steam plants. The binary cycle segment shall dominate the market due to its various benefits and low costs. The flash steam segment too is anticipated to grow at the fastest CAGR during the forecast period due to the efficient nature of harnessing natural steam produced in underground reservoirs which convert it directly into electrical power. 

Insight by Power

The Geothermal Energy Market is bifurcated into upto 5MW and above 5 MW. The above 5 MW segment accounted for the largest revenue share during the forecast period owing to the increasing demand for large scale power plants which are capable of generating high amount of electricity for commercial and industrial applications.

Insight by Temperature

The Geothermal Energy Market is classified into Low Temperature (upto 900C), Medium Temperature (900C - 1500C) and High Temperature (Above 1500C) on the basis of temperature. Low temperature segment accounts for the majority of the market share as these geothermal energy resources are used for recreation and heating applications.

Insight by Application

The market segmentation based on application includes power generation, residential heating and cooling and commercial heating and cooling. Among these segments, commercial heating and cooling segment leads the market as this energy is used for commercial applications like space and water heating.

Global Geothermal Energy Market Report Coverage

Industry Dynamics

Growth Drivers

The major growth driver of the geothermal energy market is growing demand for renewable sources of energy. The growing demand for geothermal energy is driven by several other factors also. To reduce the dependency on energy generated from fossil fuels of many green government initiatives are expected to drive the market. Now-a-days, businesses have been adopting it as it emits 99% less carbon dioxide that shall propel the market growth. Geothermal energy is one of the reliable sources of energy which is eco-friendly and cost-effective. Today the increasing demand for uninterrupted power supply for commercial, residential and industrial sectors also play important role in the growth of the market. Geothermal energy have many applications in several economic sectors that have potential to decrease the use of fossil fuels and the greenhouse gas emissions that caters for the global objective to reduce carbon emissions. Geothermal energy is emerging as a promising solution to moderate growing energy demand and reduction in greenhouse gas emissions in coming years as countries across the globe flourish to reduce dependence on fossil fuels.

Restraints

The main restraint of the geothermal energy market is the potential emissions from the greenhouse gas below earth's surface can rise to the surface. The construction of large geothermal power plants can trigger an earthquake. High cost of electricity is also the another restraint of this market.

Geographic Overview

• North America
• Europe
• Asia Pacific (APAC)
• Latin America
• Middle East and Africa

Asia Pacific is anticipated to dominate the geothermal energy market share due to high potential demand for energy in Asian countries. The growth of this market is propelled because of the requirement for high volumes of the energy for the generation of electricity.

Competitive Insights

The major players are actively investing in research and development, partnerships and acquisitions. Companies are striving to enhance their technological capabilities, offer innovative solutions to meet evolving customer demands and expand market reach.

Ormat supplies renewable and alternative geothermal energy technology. The company has built over 190 power plants and installed over 3,200 MW. It owns and operates 933 MW of geothermal and recovered energy based power plants.

Mitsubishi Power was the first in the world to apply a combined system that consists of a two phase flow transportation system and a double flash cycle, which has been widely applied in geothermal power generation. Our geothermal power generation systems have been introduced in many different countries around the world and continue to be in high demand.

Key Players Covered in the Report

Some of the key players in this market are Ormat Technologies, Calpine, Mitsubishi Corporation, Enel Green Power, Ethos Energy, GEG Power, ElectraTherm, Toshiba International Corporation, First Gen Corporation, Berkshire Hathaway Energy, Turboden, Reykjavik Geothermal.

Recent developments by Key Players

Ormat Technologies, Inc., a key player in renewable energy, has inked a 30-year Power Purchase Agreement (PPA) with Electricité de France (EDF) for a new 10MW geothermal power plant on Guadeloupe Island, where we hold a 63.75% equity stake. This will complement Ormat’s existing 15MW Bouillante geothermal power plant, with the new project expected to go operational by the end of 2025, boasting a sea water-cooled binary system utilizing Ormat Energy Converters (OEC) for maximum efficiency. The transaction is a testimony to Ormat’s dedication to advancing clean energy solutions and pioneering sustainable practices for a greener future.

Mitsubishi Heavy Industries has invested in Fervo Energy. The company shall make reservoirs of hot rock which exist beneath the earth’s surface into economically viable carbon free sources of energy that can be used as heat sources for industrial and power generation.

Segments Covered in the Report

• By Technology
  • Flash
  • Ground Source Heat Pumps
  • Direct systems
  • Binary cycle plants
  • Dry Steam Plants Heavy Duty
• By Power
  • Upto 5 MW
  • Above 5 MW
• By Temperature
  • Low Temperature (upto 900C)
  • Medium Temperature (900C - 1500C)
  • High Temperature (Above 1500C)Upto 5 MW
• By Application
  • Power Generation
  • Residential Heating and Cooling
  • Commercial Heating and Cooling

Region Covered in the Report

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific (APAC)
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Rest of APAC
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America
• Middle East and Africa
  • Turkey
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA

Source: VynZ Research

Source: VynZ Research

1.    Research Overview

        1.1.    The Report Offers
        1.2.    Market Coverage
                1.2.1.    By Technology 
                1.2.2.    By Power  
                1.2.3.      By Temperature 
                1.2.4.      By Application  
                1.2.6.    By Region
        1.3.    Research Phases
        1.4.    Limitations
        1.5.    Market Methodology
                1.5.1.  Data Sources
                        1.5.1.1. Primary Research
                        1.5.1.2. Secondary Research
                1.5.2.  Methodology
                        1.5.2.1. Data Exploration
                        1.5.2.2. Forecast Parameters
                        1.5.2.3. Data Validation
                        1.5.2.4. Assumptions
                1.5.3.    Study Period & Data Reporting Unit

2.    Executive Summary

3.    End-user Type Overview

        3.1.    End-user Type Dynamics
                3.1.1.    Market Growth Drivers
                3.1.2.    Market Restraints
                3.1.3.    Key Market Trends
                3.1.4.    Major Opportunities
        3.2.    End-user Type Ecosystem
                3.2.1.    Porter’s Five Forces Analysis
                3.2.2.    Recent Development Analysis
                3.2.3.    Value Chain Analysis
        3.3.    Competitive Insight
                3.3.1.    Competitive Position of End-user Type Players
                3.3.2.    Market Attractive Analysis
                3.3.3.    Market Share Analysis

4.    Global Market Estimate and Forecast

        4.1.    Global Market Overview
        4.2.    Global Market Estimate and Forecast to 2030

5.    Market Segmentation Estimate and Forecast

        5.1.    By Technology 
                5.1.1.  Flash
                        5.1.1.1. Market Definition
                        5.1.1.2. Market Estimation and Forecast to 2030
                5.1.2    Ground Source Heat Pumps
                        5.1.2.1. Market Definition
                        5.1.2.2. Market Estimation and Forecast to 2030
                5.1.3.    Direct Systems
                        5.1.3.1. Market Definition
                        5.1.3.2. Market Estimation and Forecast to 2030
                5.1.4.    Binary Cycle Plants
                        5.1.4.1. Market Definition
                        5.1.4.2. Market Estimation and Forecast to 2030
                5.1.5.    Dry Steam Plants
                        5.1.5.1. Market Definition
                        5.1.5.2. Market Estimation and Forecast to 2030
        5.2.    By Power  
                5.2.1.  Upto 5MW
                        5.2.1.1. Market Definition
                        5.2.1.2. Market Estimation and Forecast to 2030
                5.2.2.    Above 5 MW
                        5.2.2.1. Market Definition
                        5.2.2.2. Market Estimation and Forecast to 2030
        5.3    By Temperature 
                5.3.1.  Low Temperature (upto 900C)
                        5.3.1.1. Market Definition
                        5.3.1.2. Market Estimation and Forecast to 2030
                5.3.2.  Medium Temperature (900C - 1500C) 
                       5.3.2.1. Market Definition
                       5.3.2.2. Market Estimation and Forecast to 2030
                5.3.3.    High Temperature (Above 1500C)
                        5.3.3.1. Market Definition
                        5.3.3.2. Market Estimation and Forecast to 2030
    5.4.    By  Application 
                 5.4.1.    Power Generation
                        5.4.1.1. Market Definition
                        5.4.1.2. Market Estimation and Forecast to 2030
                 5.4.2.  Residential Heating and Cooling
                        5.4.2.1. Market Definition
                        5.4.2.2. Market Estimation and Forecast to 2030
                 5.4.3.    Commercial Heating and Cooling
                        5.4.3.1. Market Definition
                        5.4.3.2. Market Estimation and Forecast to 2030

  6.    North America Market Estimate and Forecast

    6.1.    By Technology 
    6.2.    By Power  
    6.3.    By Temperature 
    6.4.    By Application 
    6.5.    By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific
                6.5.1.    U.S. Market Estimate and Forecast
                6.5.2.    Canada Market Estimate and Forecast
                6.5.3.    Mexico Market Estimate and Forecast

7.    Europe Market Estimate and Forecast

    7.1.    By Technology 
    7.2.    By Power  
    7.3.    By Temperature 
    7.4.    By Application 
    7.5.    By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific
                7.5.1.    Germany Market Estimate and Forecast
                7.5.2.    France Market Estimate and Forecast
                7.5.3.    U.K. Market Estimate and Forecast
                7.5.4.    Italy Market Estimate and Forecast
                7.5.5.    Spain Market Estimate and Forecast
                7.5.6.    Rest of Europe Market Estimate and Forecast

8.    Asia-Pacific Market Estimate and Forecast

    8.1.    By Technology 
    8.2.    By Power  
    8.3.    By Temperature 
    8.4.    By Application 
    8.5.    By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific
                8.5.1.    China Market Estimate and Forecast
                8.5.2.    Japan Market Estimate and Forecast
                8.5.3.    India Market Estimate and Forecast
                8.5.4.    South Korea Market Estimate and Forecast
                8.5.5.    Singapore Market Estimate and Forecast
                8.5.6.    Rest of Asia-Pacific Market Estimate and Forecast

9.    Rest of the World (RoW) Market Estimate and Forecast

    9.1.    By Technology 
    9.2.    By Power  
    9.3.    By Temperature 
    9.4.    By Application 
    9.5.    By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries
                9.5.1.    Brazil Market Estimate and Forecast
                9.5.2.    Saudi Arabia Market Estimate and Forecast
                9.5.3.    South Africa Market Estimate and Forecast
                9.5.4.    Other Countries Market Estimate and Forecast

10.    Company Profiles

        10.1.  Ormat Technologies
                10.1.1.    Snapshot
                10.1.2.    Overview
                10.1.3.    Offerings
                10.1.4.    Financial Insight
                10.1.5.    Recent Developments
        10.2.   Calpine
                10.2.1.    Snapshot
                10.2.2.    Overview
                10.2.3.    Offerings
                10.2.4.    Financial Insight
                10.2.5.    Recent Developments
        10.3.   Mitsubishi Corporation
                10.3.1.    Snapshot
                10.3.2.    Overview
                10.3.3.    Offerings
                10.3.4.    Financial Insight
                10.3.5.    Recent Developments
        10.4.   Enel Green Power
                10.4.1.    Snapshot
                10.4.2.    Overview
                10.4.3.    Offerings
                10.4.4.    Financial Insight
                10.4.5.    Recent Developments
        10.5.   Ethos Energy
                10.5.1.    Snapshot
                10.5.2.    Overview
                10.5.3.    Offerings
                10.5.4.    Financial Insight
                10.5.5.    Recent Developments
        10.6.   GEG Power
                10.6.1.    Snapshot
                10.6.2.    Overview
                10.6.3.    Offerings
                10.6.4.    Financial Insight
                10.6.5.    Recent Developments
        10.7.   ElectraTherm
                10.7.1.    Snapshot
                10.7.2.    Overview
                10.7.3.    Offerings
                10.7.4.    Financial Insight
                10.7.5.    Recent Developments
        10.8.   Toshiba International Corporation
                10.8.1.    Snapshot
                10.8.2.    Overview
                10.8.3.    Offerings
                10.8.4.    Financial Insight
                10.8.5.    Recent Developments
        10.9.   First Gen Corporation
                10.9.1.    Snapshot
                10.9.2.    Overview
                10.9.3.    Offerings
                10.9.4.    Financial Insight
                10.9.5.    Recent Developments
    10.10.    Berkshire Hathaway Energy
        10.10.1.    Snapshot
                10.10.2.    Overview
                10.10.3.    Offerings
                10.10.4.    Financial Insight
                10.10.5.    Recent Developments
    10.11.    Turboden
        10.11.1.    Snapshot
                10.11.2.    Overview
                10.11.3.    Offerings
                10.11.4.    Financial Insight
                10.11.5.    Recent Developments
    10.12.    Reykjavik Geothermal
               10.12.1.    Snapshot
                10.12.2.    Overview
                10.12.3.    Offerings
                10.12.4.    Financial Insight
                10.12.5.    Recent Developments   
11.    Appendix

        11.1.    Exchange Rates
        11.2.    Abbreviations

Note: Financial insight and recent developments of different companies are subject to the availability of information in the secondary domain.

List of Tables

Table 1 Technology 
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Geothermal Energy Market Size, by Technology, 2018-2023 (USD Billion)
Table 5 Global Geothermal Energy Market Size, by Technology, 2025-2030 (USD Billion)
Table 6 Global Geothermal Energy Market Size, by Power, 2018-2023 (USD Billion)
Table 7 Global Geothermal Energy Market Size, by Power, 2025-2030 (USD Billion)
Table 8 Global Geothermal Energy Market Size, by Temperature, 2018-2023 (USD Billion)
Table 9 Global Geothermal Energy Market Size, by Temperature, 2025-2030 (USD Billion)
Table 10 Global Geothermal Energy Market Size, by Application, 2018-2023 (USD Billion)
Table 11 Global Geothermal Energy Market Size, by Application, 2025-2030 (USD Billion)
Table 12 Global Geothermal Energy Market Size, by Region, 2018-2023 (USD Billion)
Table 13 Global Geothermal Energy Market Size, by Region, 2025-2030 (USD Billion)
Table 14 North America Geothermal Energy Market Size, by Technology, 2018-2023 (USD Billion)
Table 15 North America Geothermal Energy Market Size, by Technology, 2025-2030 (USD Billion)
Table 16 North America Geothermal Energy Market Size, by Power, 2018-2023 (USD Billion)
Table 17 North America Geothermal Energy Market Size, by Power, 2025-2030 (USD Billion)
Table 18 North America Geothermal Energy Market Size, by Temperature, 2018-2023 (USD Billion)
Table 19 North America Geothermal Energy Market Size, by Temperature, 2025-2030 (USD Billion)
Table 20 North America Geothermal Energy Market Size, by Application, 2018-2023 (USD Billion)
Table 21 North America Geothermal Energy Market Size, by Application, 2025-2030 (USD Billion)
Table 22 North America Geothermal Energy Market Size, by Country, 2018-2023 (USD Billion)
Table 23 North America Geothermal Energy Market Size, by Country, 2025-2030 (USD Billion)
Table 24 Europe Geothermal Energy Market Size, by Technology, 2018-2023 (USD Billion)
Table 25 Europe Geothermal Energy Market Size, by Technology, 2025-2030 (USD Billion)
Table 26 Europe Geothermal Energy Market Size, by Power, 2018-2023 (USD Billion)
Table 27 Europe Geothermal Energy Market Size, by Power, 2025-2030 (USD Billion)
Table 28 Europe Geothermal Energy Market Size, by Temperature, 2018-2023 (USD Billion)
Table 29 Europe Geothermal Energy Market Size, by Temperature, 2025-2030 (USD Billion)
Table 30 Europe Geothermal Energy Market Size, by Application, 2018-2023 (USD Billion)
Table 31 Europe Geothermal Energy Market Size, by Application, 2025-2030 (USD Billion)
Table 32 Europe Geothermal Energy Market Size, by Country, 2018-2023 (USD Billion)
Table 33 Europe Geothermal Energy Market Size, by Country, 2025-2030 (USD Billion)
Table 34 Asia-Pacific Geothermal Energy Market Size, by Technology, 2018-2023 (USD Billion)
Table 35 Asia-Pacific Geothermal Energy Market Size, by Technology, 2025-2030 (USD Billion)
Table 36 Asia-Pacific Geothermal Energy Market Size, by Power, 2018-2023 (USD Billion)
Table 37 Asia-Pacific Geothermal Energy Market Size, by Power, 2025-2030 (USD Billion)
Table 38 Asia-Pacific Geothermal Energy Market Size, by Temperature, 2018-2023 (USD Billion)
Table 39 Asia-Pacific Geothermal Energy Market Size, by Temperature, 2025-2030 (USD Billion)
Table 40 Asia-Pacific Geothermal Energy Market Size, by Application, 2018-2023 (USD Billion)
Table 41 Asia-Pacific Geothermal Energy Market Size, by Application, 2025-2030 (USD Billion)
Table 42 Asia-Pacific Geothermal Energy Market Size, by Country, 2018-2023 (USD Billion)
Table 43 Asia-Pacific Geothermal Energy Market Size, by Country, 2025-2030 (USD Billion)
Table 44 RoW Geothermal Energy Market Size, by Technology, 2018-2023 (USD Billion)
Table 45 RoW Geothermal Energy Market Size, by Technology, 2025-2030 (USD Billion)
Table 46 RoW Geothermal Energy Market Size, by Power, 2018-2023 (USD Billion)
Table 47 RoW Geothermal Energy Market Size, by Power, 2025-2030 (USD Billion)
Table 48 RoW Geothermal Energy Market Size, by Temperature, 2018-2023 (USD Billion)
Table 49 RoW Geothermal Energy Market Size, by Temperature, 2025-2030 (USD Billion)
Table 50 RoW Geothermal Energy Market Size, by Application, 2018-2023 (USD Billion)
Table 51 RoW Geothermal Energy Market Size, by Application, 2025-2030 (USD Billion)
Table 52 RoW Geothermal Energy Market Size, by Country, 2018-2023 (USD Billion)
Table 53 RoW Geothermal Energy Market Size, by Country, 2025-2030 (USD Billion)
Table 54 Snapshot – Ormat Technologies
Table 55 Snapshot – Calpine
Table 56 Snapshot – Mitsubishi Corporation
Table 57 Snapshot – Enel Green Power
Table 58 Snapshot – Ethos Energy
Table 59 Snapshot – GEG Power
Table 60 Snapshot – ElectraTherm
Table 61 Snapshot – Toshiba International Corporation
Table 62 Snapshot – First Gen Corporation
Table 63 Snapshot – Berkshire Hathaway Energy
Table 64 Snapshot – Turboden
Table 65 Snapshot – Reykjavik Geothermal

List of Figures

Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Technology  s for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9  Global Geothermal Energy Market - Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Geothermal Energy Market Highlight
Figure 12 Global Geothermal Energy Market Size, by Technology, 2018 – 2030 (USD Billion)
Figure 13 Global Geothermal Energy Market Size, by Power   2018 – 2030 (USD Billion)
Figure 14 Global Geothermal Energy Market Size, by Temperature   2018 – 2030 (USD Billion)
Figure 15 Global Geothermal Energy Market Size, by Application 2018 – 2030 (USD Billion)
Figure 16 Global Geothermal Energy Market Size, by Region, 2018 – 2030 (USD Billion)
Figure 17 North America Geothermal Energy Market Highlight
Figure 18 North America Geothermal Energy Market Size, by Technology, 2018 – 2030 (USD Billion)
Figure 19 North America Geothermal Energy Market Size, by Power   2018–2030 (USD Billion)
Figure 20 North America Geothermal Energy Market Size, by Temperature   2018–2030 (USD Billion)
Figure 21 North America Geothermal Energy Market Size, by Application 2018–2030 (USD Billion)
Figure 22 North America Geothermal Energy Market Size, by Country, 2018 – 2030 (USD Billion)
Figure 23Europe Geothermal Energy Market Highlight
Figure 24 Europe Geothermal Energy Market Size, by Technology, 2018 – 2030 (USD Billion)
Figure 25 Europe Geothermal Energy Market Size, by Power   2018 – 2030 (USD Billion)
Figure 26 Europe Geothermal Energy Market Size, by Temperature   2018 – 2030 (USD Billion)
Figure 27 Europe Geothermal Energy Market Size, by Application 2018 – 2030 (USD Billion)
Figure 28 Europe Geothermal Energy Market Size, by Country, 2018 – 2030 (USD Billion)
Figure 29 Asia-Pacific Geothermal Energy Market Highlight
Figure 30 Asia-Pacific Geothermal Energy Market Size, by Technology  , 2018 – 2030 (USD Billion)
Figure 31 Asia-Pacific Geothermal Energy Market Size, by Power   2018 – 2030 (USD Billion)
Figure 32 Asia-Pacific Geothermal Energy Market Size, by Temperature   2018 – 2030 (USD Billion)
Figure 33 Asia-Pacific Geothermal Energy Market Size, by  Application 2018 – 2030 (USD Billion)
Figure 34 Asia-Pacific Geothermal Energy Market Size, by Country, 2018 – 2030 (USD Billion)
Figure 35 RoW Geothermal Energy Market Highlight
Figure 36 RoW Geothermal Energy Market Size, by Technology  , 2018 – 2030 (USD Billion)
Figure 37 RoW Geothermal Energy Market Size, by Power   2018 – 2030 (USD Billion)
Figure 38 RoW Geothermal Energy Market Size, by Temperature   2018 – 2030 (USD Billion)
Figure 39 RoW Geothermal Energy Market Size, by Application 2018 – 2030 (USD Billion)
Figure 40 RoW Geothermal Energy Market Size, by Country, 2018 – 2030 (USD Billion)