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Geothermal Energy Market Share, Opportunities, Industry 2031
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Geothermal Energy Market Share, Opportunities, Industry 2031

Segments - Geothermal Energy Market by Plant Types (Dry Steam Plants, Flash Steam Plants, and Binary Cycle Power Plants), Applications (Residential, Commercial, Industrial, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Raksha Sharma
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Upcoming | Report ID :EP-707 | 4.9 Rating | 80 Reviews | 182 Pages | Format : PDF Excel PPT

Report Description


The Global Geothermal Energy Market size was valued at USD 5.44 Billion in 2022 and is expected to surpass USD 7.29 Billion by 2031, expanding at a CAGR of 3.3% during the forecast period, 2023 – 2031. The growth of the market is attributed to the increasing demand for eco-friendly and clean source of energy and rising requirements for cooling and heating systems such as ground source heat pumps and district heating.

Geothermal energy is heat which comes from within the earth sub-surface, it is present in the rocks and fluids beneath the earth’s crust and can be found as deep down as to the earth’s hot molten rock and magma. Geothermal energy is considered as renewable, carbon-free, and sustainable form of energy that provides a continuous, uninterrupted supply of heat which can be used to warm residential houses and commercial office buildings and to generate electricity. Theoretically earth’s geothermal resources are more than sufficient to supply humanity’s energy needs.

Geothermal Energy Market Outlook

In comparison to natural gas plants geothermal energy only produces one-sixth CO2 emissions and it is not an intermittent source of energy like wind or solar. It can potentially produce at least 35GW and can go as high as 2TW. The energy can be used in varieties of applications including heating purposes and electricity generation. Geothermal energy is used in more than 20 countries worldwide. USA is one of the largest producers of geothermal energy in the world, and hosts the biggest geothermal field known as “The Geysers” located in California spread over in 117 square kilometres with an installed capacity of over 1.5 GW.

  • Growing concerns regarding carbon emissions and increasing demand for clean and renewable energy sources are expected to drive the market growth during the forecast period.

  • Rapid growth in governmental support mechanisms such as tax credits, renewable portfolio standards, and feed-in-tariffs attributed towards development of geothermal energy are major factors boosting the market expansion in the coming years.

  • Limited percentage of the energy which can be harnessed for power generation is estimated to be a major challenge that can hinder the market growth during the forecast period.

  • Lack of skilled labor, complex endeavor of power production, and high cost of investment required for geothermal power plants  act as major factors that can restrict the market expansion in the coming years.

  • Increasing investments in renewable energy attributed to the various incentives introduced by the governments around the world  is projected to offer significant opportunities for the market players.

Scope of Geo Thermal Energy Market Report

The report on the global geothermal energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Geothermal Energy Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Plant Types (Dry Steam Plants, Flash Steam Plants, and Binary Cycle Power Plants), Applications (Residential, Commercial, Industrial, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Calpine, Ormat Technologies Inc., U.S. Geothermal Inc., Terra-Gen Power LLC, Chevron Corp., Enel Green Power North America Inc., Gradient Resources, Toshiba International Corp., EthosEnergy Group, ThermaSource LLC, Engie SA, Tetra Tech Inc., Mitsubishi Power Ltd.

Geothermal Energy Market Segment Insights

Binary cycle power plants segment is projected to grow at a significant CAGR

Based on plant types, the geothermal energy market is segmented into dry steam plants, flash steam plants, and binary cycle power plants. The dry and flash steam plants segment is projected to grow at a significant CAGR in the coming years due to the factors such as low initial cost, high efficiency, zero emissions, and its ability to integrate with other renewable energy sources such as solar and biomass. Binary cycle power plants function by transferring heat from geothermal hot water to another liquid, this heat causes the second liquid to turn into steam which is used to drive propel generator turbine.

On the other hand, the flash steam segment is anticipated to account for a major market share owing to their simple and conservative power plant designs that are easy to build and operate. 87% of the worlds installed capacity utilizes direct steam or flash technology, binary system accounts for 13%.

Industrial segment is expected to account for large market share

Based on the applications, the geothermal energy market is segregated into residential, commercial, industrial, and others. Industrial segment is expected to account for large market share owing to lower levelized cost of electricity than most of the other renewable energy sources. It also compares favorably to advanced coal and gas power plants which is projected to spur the growth at a steady rate. On the other hand, residential segment is estimated to have a healthy CAGR during the forecast period which is attributed to rising demand for cooling and heating systems combined with growing investments towards the development of green building infrastructure worldwide.

Geothermal Energy Market Applications

North America is anticipated to dominate the market

On the basis of regions, the geothermal energy market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to dominate the market at an impressive or healthy CAGR during the forecast period. The regional market growth can be attributed to increasing demand for clean electricity demand and growing emission reduction measures. However, the market of Asia Pacific is expected to exhibit a rapid growth rate in the coming years owing rapid economic development, increasing demand for efficient technologies, and rising environmental awareness.

Geothermal Energy Market Regions

Segments

Plant Types

  • Dry Steam Plants
  • Flash Steam Plants
  • Binary Cycle Power Plants

Applications

  • Residential
  • Commercial
  • Industrial
  • Others

 Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Calpine
  • Ormat Technologies Inc.
  • U.S. Geothermal Inc.
  • Terra-Gen Power LLC
  • Chevron Corp.
  • Enel Green Power North America Inc.
  • Gradient Resources
  • Toshiba International Corp.
  • Ethos Energy Group
  • ThermaSource LLC
  • Engie SA
  • Tetra Tech Inc.
  • Mitsubishi Power Ltd.

Competitive Landscape

Key players competing in the geothermal energy market include Calpine, Ormat Technologies Inc., U.S. Geothermal Inc., Terra-Gen Power LLC, Chevron Corp., Enel Green Power North America Inc., Gradient Resources, Toshiba International Corp., EthosEnergy Group, ThermaSource LLC, Engie SA, Tetra Tech Inc., Mitsubishi Power Ltd.

Due to the competitive nature of the market some of the players are adopting several business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance, In October 2020, Mitsubishi Power Ltd completed renovation of its geothermal plant located in in Oita Prefecture, Japan. Renovation was undertaken to increase the power output of the plant by two megawatts (MW) compared to the previous facility.

Geothermal Energy Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Geothermal Energy Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Geothermal Energy Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Geothermal Energy Market - Supply Chain
  4.5. Global Geothermal Energy Market Forecast
     4.5.1. Geothermal Energy Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Geothermal Energy Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Geothermal Energy Market Absolute $ Opportunity
5. Global Geothermal Energy Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Geothermal Energy Market Size and Volume Forecast by Applications
     5.3.1. Residential
     5.3.2. Commercial
     5.3.3. Industrial
     5.3.4. Others
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Geothermal Energy Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Geothermal Energy Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Geothermal Energy Demand Share Forecast, 2019-2026
7. North America Geothermal Energy Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Geothermal Energy Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Geothermal Energy Market Size and Volume Forecast by Applications
     7.4.1. Residential
     7.4.2. Commercial
     7.4.3. Industrial
     7.4.4. Others
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Geothermal Energy Demand Share Forecast, 2019-2026
8. Latin America Geothermal Energy Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Geothermal Energy Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Geothermal Energy Market Size and Volume Forecast by Applications
     8.4.1. Residential
     8.4.2. Commercial
     8.4.3. Industrial
     8.4.4. Others
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Geothermal Energy Demand Share Forecast, 2019-2026
9. Europe Geothermal Energy Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Geothermal Energy Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Geothermal Energy Market Size and Volume Forecast by Applications
     9.4.1. Residential
     9.4.2. Commercial
     9.4.3. Industrial
     9.4.4. Others
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Geothermal Energy Demand Share Forecast, 2019-2026
10. Asia Pacific Geothermal Energy Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Geothermal Energy Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Geothermal Energy Market Size and Volume Forecast by Applications
     10.4.1. Residential
     10.4.2. Commercial
     10.4.3. Industrial
     10.4.4. Others
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Geothermal Energy Demand Share Forecast, 2019-2026
11. Middle East & Africa Geothermal Energy Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Geothermal Energy Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Geothermal Energy Market Size and Volume Forecast by Applications
     11.4.1. Residential
     11.4.2. Commercial
     11.4.3. Industrial
     11.4.4. Others
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Geothermal Energy Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Geothermal Energy Market: Market Share Analysis
  12.2. Geothermal Energy Distributors and Customers
  12.3. Geothermal Energy Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Calpine
     12.4.2. Ormat Technologies Inc.
     12.4.3. U.S. Geothermal Inc.
     12.4.4. Terra-Gen Power LLC
     12.4.5. Chevron Corp.
     12.4.6. Enel Green Power North America Inc.
     12.4.7. Gradient Resources
     12.4.8. Toshiba International Corp.
     12.4.9. Ethos Energy Group
     12.4.10. ThermaSource LLC

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