Geothermal Energy Market, By Type (Ground Source Heat Pumps, Binary Cycle Plants, Direct Systems, Flash Steam Plants, Dry Steam Plants, and Others), By Temperature (High Temperature, Medium Temperature, and Low Temperature), By End-user (Industrial, Residential, Commercial, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

[PDF] Geothermal energy is a renewable and sustainable source of energy that is derived from the heat generated within the Earth's core. It has been used for thousands of years for heating, bathing, and cooking and is now harnessed for various modern applications, including electricity generation and direct use for heating and cooling in homes and businesses.  

Geothermal Energy Market Size:

Attributes	Details
Geothermal Energy Market Value (2024)	US$ 7.8Bn
Geothermal Energy Market Projected Value (2034)	US$ 14.1Bn
Geothermal Energy Market CAGR (2024 – 2034)	6.1%

Drivers:

• Renewable Energy Transition

The renewable energy transition is playing a significant role in the evolution of the geothermal energy market. As countries and regions around the world strive to reduce greenhouse gas emissions, mitigate climate change, and transition away from fossil fuels, geothermal energy is emerging as an important component of the renewable energy mix.

For instance, according to PIB Delhi, in a meeting between the U.S. Department of Energy (DOE) and the Ministry of New and Renewable Energy (MNRE), Government of India held, the new U.S. - India Renewable Energy Technology Action Platform (RETAP) under the Strategic Clean Energy Partnership was launched. The initial focus of RETAP will be on green/clean hydrogen, wind energy, long-term energy storage, as well as the investigation of geothermal energy, ocean/tidal energy, and other developing technologies as mutually agreed upon in the future.

• Stable and Baseload Power

Stable and base load power are important characteristics of geothermal energy that make it a valuable component of the energy mix. Geothermal power plants can operate continuously, 24/7, providing a consistent and reliable source of electricity. This is in contrast to some renewable energy sources like solar and wind, which are intermittent and dependent on weather conditions.

Restrains:

Some geothermal resources are located in ecologically sensitive areas, such as national parks or wildlife habitats. Concerns about the environmental impact of geothermal development in these areas can pose challenges and regulatory hurdles. Geothermal projects are exposed to geological risks, including seismic activity and subsurface reservoir behavior. These risks can affect project feasibility and safety.      

Geothermal Energy Market is segmented based on Type, Temperature, End-use and Region.

Type Insight

On the basis of Type, Geothermal Energy Market is segmented into Ground Source Heat Pumps, Binary Cycle Plants, Direct Systems, Flash Steam Plants, Dry Steam Plants, and Others.  

Temperature Insights

On the basis of Temperature, Geothermal Energy Market is segmented into High Temperature, Medium Temperature, and Low Temperature.

End-use Insights

On the basis of End-use, Geothermal Energy Market is segmented into Industrial, Residential, Commercial, and Others.

Geothermal Energy Market Regional Insights:

On region the Geothermal Energy Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

• North America market is estimated to witness a significantly high revenue share over the forecast period due to rising investment and funding. The United States is one of the leading countries in North America and globally when it comes to geothermal energy production and development. The western part of the United States, including states like California, Nevada, Oregon, and Idaho, is rich in geothermal resources. The region hosts numerous geothermal power plants and direct-use applications.
• Asia Pacific market is estimated to witness a fastest revenue share over the forecast period. Indonesia is one of the most significant players in the Asia-Pacific geothermal energy market and ranks among the top countries globally in terms of geothermal capacity. The country has vast geothermal potential, particularly in regions like Java, Sumatra, and Sulawesi. The government has set ambitious targets for geothermal energy development as part of its renewable energy goals.

Attribute	Details
Base year for estimation	2023
Forecast period	2023 – 2034
Market representation	Revenue in USD Billion & CAGR from 2024 to 2034
Market Segmentation	By Type - Ground Source Heat Pumps, Binary Cycle Plants, Direct Systems, Flash Steam Plants, Dry Steam Plants, and Others By Temperature - High Temperature, Medium Temperature, and Low Temperature By End-use - Industrial, Residential, Commercial, and Others
Regional scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034.

The key players operating the Geothermal Energy Market includes, Toshiba Corporation, Yokogawa Electric Corporation, ABB, Korea Electric Power Corporation, Siemens AG, ENEL SPA, Mitsubishi Hitachi Power Systems Inc., The Tata Power Compony Limited, EDF, and General Electric.  

Recent Development:

The New Launched Product News,

• In September 2022, Department of Energy (DOE) launched New Energy Earthshot to Slash the Cost of Geothermal Power. In order to provide Americans with clean, affordable energy, DOE's Fourth Energy Earthshot aims to reduce the cost of enhanced geothermal systems by 90%. In order to supply American communities with dependable, clean energy and to increase the potential for a thriving domestic geothermal industry, the Enhanced Geothermal Shot DOE aims to unlock the Earth's practically limitless heat resources.

1. Research Objective and Assumption
   • Preface
   • Research Objectives
   • Study Scope
   • Years Considered for the study
   • Assumptions
   • Abbreviations
2. Research Methodology
   • Research data
   • Primary Data
     • Primary Interviews
     • Primary Breakdown
     • Key data from Primary Sources
     • Key Thickness Insights
   • Secondary Data
     • Major Secondary Sources
     • Secondary Sources
   • Market Estimation
   • Top-Down Approach
     • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
   • Bottom-Up Approach
     • Approach for estimating market share by Bottom-up Analysis (Demand Side)
   • Market Breakdown and Data Triangulation
   • Research Assumptions
3. Market Purview
   • Executive Summary
   • Key Findings—Global Outlook for medical carts Strategies
     • Key Questions this Study will Answer
     • Market Snippet, By Type
     • Market Snippet, By Temperature
     • Market Snippet, By End-use
     • Market Snippet, By Region
   • Opportunity Map Analysis
   • Executive Summary—3 Big Predictions
4. Market Dynamics, Regulations, and Trends Analysis
   • Market Dynamics
     • Drivers
     • Restrains
     • Market Opportunities
     • Market Trends
   • DR Impact Analysis
   • PEST Analysis
   • Porter’s Five Forces Analysis
   • Opportunity Orbit
   • Market Investment Feasibility Index
   • Macroeconomic Factor Analysis
5. Geothermal Energy Market, By Type, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Ground Source Heat Pumps
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Binary Cycle Plants
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Direct Systems
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Flash Steam Plants
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Dry Steam Plants
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Others
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

1. Geothermal Energy Market, By Temperature, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• High Temperature
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Medium Temperature
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Low Temperature
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

 

1. Geothermal Energy Market, By End-use, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Industrial
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Residential
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Commercial
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Others
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

1. Geothermal Energy Market, By Region, Forecast Period up to 10 Years, (US$ Bn)
   • Overview
     • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
     • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
     • Regional Trends
   • North America
     • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
     • Market Size and Forecast (US$ Bn), By Temperature, Forecast Period up to 10 Years
     • Market Size and Forecast (US$ Bn), By End-use, Forecast Period up to 10 Years
     • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
       • U.S.
       • Canada
   • Europe
     • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
     • Market Size and Forecast (US$ Bn), By Temperature, Forecast Period up to 10 Years
     • Market Size and Forecast (US$ Bn), By End-use, Forecast Period up to 10 Years
     • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
       • UK
       • France
       • Germany
       • Russia
       • Italy
       • Rest of Europe
   • Asia Pacific
     • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
     • Market Size and Forecast (US$ Bn), By Temperature, Forecast Period up to 10 Years
     • Market Size and Forecast (US$ Bn), By End-use, Forecast Period up to 10 Years
     • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
       • India
       • Japan
       • South Korea
       • China
       • Rest of Asia Pacific

• Latin America
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Temperature, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By End-use, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years

• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Temperature, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By End-use, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years

• GCC
• Israel
• South Africa
• Rest of Middle East

1. Competitive Landscape
   • Heat Map Analysis
   • Market Presence and Specificity Analysis
2. Company Profiles

• TOSHIBA CORPORATION
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Yokogawa Electric Corporation
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• ABB
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Korea Electric Power Corporation
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Siemens AG
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• ENEL SPA
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Mitsubishi Hitachi Power Systems Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• THE TATA POWER COMPANY LIMITED
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• EDF
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• GENERAL ELECTRIC
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

1. The Last Word
   • Future Impact
   • About Us
   • Contact