Overview and Scope
Geothermal energy is thermal energy from the Earth’s internal heat, mainly generated by the planet’s formation and radioactive decay processes. This heat is stored in different reservoirs within the Earth’s crust and can be used for heat and electricity generation. Geothermal resources encompass hot water and steam at various depths and temperatures beneath the Earth’s surface.
Sizing and Forecast
The geothermal energy market size has grown strongly in recent years. It will grow from $5.74 billion in 2023 to $6.18 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to early exploration and development, government incentives and policies, environmental concerns, international cooperation, geopolitical factors.
The geothermal energy market size is expected to see strong growth in the next few years. It will grow to $7.94 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to climate change mitigation, electrification of transportation, geothermal heating and cooling, urbanization and industrialization. Major trends in the forecast period include expansion of enhanced geothermal systems, hybrid geothermal systems, geothermal district heating and cooling, decentralization of geothermal power.
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Segmentation & Regional Insights
The geothermal energy market covered in this report is segmented –
1) By Technology: Binary Cycle Plants, Flash Steam Plants, Dry Steam Plants, Ground Source Heat Pumps, Direct Systems, Other Technologies
2) By Application: Power Generation, Residential Heating And Cooling, Commercial Heating And Cooling
3) By End Use: Industrial, Residential, Commercial
Asia-Pacific was the largest region in the geothermal energy market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the geothermal energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising investments in the renewable energy sector are expected to propel the growth of the geothermal energy market going forward. Investments in renewable energy refer to financial commitments made towards developing, deploying, and utilizing sustainable energy sources such as solar, wind, hydroelectric, geothermal, and biomass. It arises due to climate change concerns, advancements in renewable energy technologies, improved efficiency, and lowered costs. Investments are used in geothermal energy to drive various aspects of project development and deployment and harness geothermal resources for sustainable energy production plant construction, operation, and maintenance. For instance, in July 2022, according to reports published by the World Economic Forum, a Switzerland-based non-governmental organization, global energy investment has been growing steadily, averaging a 12% annual increase since 2020, and it is projected to rise by over 8% in 2022, reaching $2.4 trillion. Furthermore, according to the Institute for Energy Economics & Financial Analysis, a US-based nonprofit organization, investments in solar power generation totaled approximately $500 billion in 2022, up $80 billion from the previous year. Therefore, rising investments in the renewable energy sector are driving the growth of the geothermal energy market.
Key Industry Players
Major companies operating in the geothermal energy market are Berkshire Hathaway Energy, Chevron Corporation, Mitsubishi Corporation, Enel Group, Engie SA, Siemens AG, General Electric Group, KEPCO Group, PT. Pertamina Geothermal Energy, Asea Brown Boveri Ltd., Toshiba International Corporation, Calpine Corporation, Tetra Tech Inc., Aboitiz Power Corporation, First Gen Corporation, Ormat Technologies, Energy Development Corporation, EthosEnergy Group, Therma Source LLC, Sarulla Operations Ltd., Turboden S.P.A., Terra-Green Power LLC, Gradient Resources, ElectraTherm, Reykjavik Geothermal
The geothermal energy market report table of contents includes:
1. Executive Summary
2. Geothermal Energy Market Characteristics
3. Geothermal Energy Market Trends And Strategies
4. Geothermal Energy Market – Macro Economic Scenario
5. Global Geothermal Energy Market Size and Growth
…..
32. Global Geothermal Energy Market Competitive Benchmarking
33. Global Geothermal Energy Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Geothermal Energy Market
35. Geothermal Energy Market Future Outlook and Potential Analysis
36. Appendix
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