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Global Geothermal Energy Market Size study & Forecast, by Technology (Binary Cycle Plants, Flash Steam Plants, Dry Steam Plants, Others), by Temperature (Low Temperature, Medium Temperature, High Temperature), by Application (Power Generation, Residential Heating and Cooling, Commercial Heating and Cooling) and Regional Analysis, 2023-2030

February 2024 | 200 pages | ID: G89520F6878DEN
Bizwit Research & Consulting LLP

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Global Geothermal Energy Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% during the forecast period 2023-2030. Geothermal energy is a renewable energy source derived from the heat stored beneath the Earth's surface. This heat originates from the natural radioactive decay of elements in the Earth's crust, along with the heat that was trapped during the planet's formation. Geothermal energy can be harnessed for various applications, including electricity generation and direct-use applications. The key factors driving the market growth are the rising use of geothermal energy for power generation, surging demand for ground source/geothermal heat pumps, and growing focus on addressing the climate crisis and reducing greenhouse gas emissions that are anticipated to support the market growth during the forecast period 2023-2030.

Additionally, the rising adoption of Geothermal in industrial sectors is anticipated to create a lucrative demand for the market over the projected period. For instance, in Feb. 2021, Turboden SpA, a subsidiary of Mitsubishi Heavy Industries Ltd (MHI) and Mitsubishi Power Ltd, collaboratively disclosed securing a contract for the supply of 29 megawatts (MW) of binary cycle power generation equipment. The designated installation site for this equipment is the geothermal power plant situated in Palawan, Philippines, operated by the Energy Development Corporation (EDC). Moreover, the emergence of advanced technologies and rise of Geothermal 2.0, and the co-production and conversion of oil and gas wells for geothermal energy are anticipated to create lucrative opportunities for the market during the projected year. However, the high growth of solar, wind, gas, and other alternative renewable energy sources, and the lack of exploration and drilling techniques required to identify and develop undiscovered geothermal resources stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Geothermal Energy Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the cohesive government’s financial incentives, tax credits, and supportive policies, increasing public awareness and acceptance of renewable energy sources, including geothermal, and the presence of key market players. Whereas, the Asia Pacific is expected to grow at the fastest growth rate over the forecast period, owing to factors such as the increasing energy demand, supportive government policies, advances in geothermal exploration, drilling technologies, plant efficiency, and increasing awareness of the benefits of geothermal energy.

Major market player included in this report are:

Ormat Technologies Inc. (U.S.)

Turboden S.p.A. (Italy)

Mitsubishi Corporation (Japan)

Enel Green Power North America Inc. (U.S.)

EthosEnergy (U.S.)

GEG Power (Iceland)

ElectraTherm (U.S.)

Toshiba International Corporation (Japan)

First Gen Corporation (Philippines)

Berkshire Hathaway Energy (U.S.)

Recent Developments in the Market:
  • In July 2022, Ormat has successfully initiated the operational phase of the Casa Diablo-IV (CD4) 30 MW geothermal power plant. Currently, the facility is actively providing 7 MW of geothermal power to Silicon Valley Clean Energy and Central Coast Community Energy through 10-year power purchase agreements (PPAs). Additionally, under a long-term 25-year agreement, the CD4 plant is contributing an extra 16 MW of geothermal power to the Southern California Public Power Authority.
Global Geothermal Energy Market Report Scope:
  • Historical Data – 2020 - 2021
  • Base Year for Estimation – 2022
  • Forecast period - 2023-2030
  • Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
  • Segments Covered – Technology, Temperature, Application, Region
  • Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
  • Customization Scope - Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Technology:

Binary Cycle Plants

Flash Steam Plants

Dry Steam Plants

Ground Source Heat Pumps

Direct Systems

Others

By Temperature:

Low Temperature (Up to 900C)

Medium Temperature (900C – 1500C)

High Temperature (Above 1500C)

By Application:

Power Generation

Residential Heating and Cooling

Commercial Heating and Cooling

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Middle East & Africa

Saudi Arabia

South Africa

Rest of Middle East & Africa
CHAPTER 1 EXECUTIVE SUMMARY

1.1 Market Snapshot
1.2 Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
  1.2.1 Geothermal Energy Market, by Region, 2020-2030 (USD Billion)
  1.2.2 Geothermal Energy Market, by Technology, 2020-2030 (USD Billion)
  1.2.3 Geothermal Energy Market, by Temperature, 2020-2030 (USD Billion)
  1.2.4 Geothermal Energy Market, by Application, 2020-2030 (USD Billion)
1.3 Key Trends
1.4 Estimation Methodology
1.5 Research Assumption

CHAPTER 2 GLOBAL GEOTHERMAL ENERGY MARKET DEFINITION AND SCOPE

2.1 Objective of the Study
2.2 Market Definition & Scope
  2.2.1 Industry Evolution
  2.2.2 Scope of the Study
2.3 Years Considered for the Study
2.4 Currency Conversion Rates

CHAPTER 3 GLOBAL GEOTHERMAL ENERGY MARKET DYNAMICS

3.1 Geothermal Energy Market Impact Analysis (2020-2030)
  3.1.1 Market Drivers
    3.1.1.1 Rising use of geothermal energy for power generation
    3.1.1.2 Surging demand for ground source/geothermal heat pumps
    3.1.1.3 Growing focus on addressing climate crisis and reducing greenhouse gas emissions
  3.1.2 Market Challenges
    3.1.2.1 High growth of solar, wind, gas, and other alternative renewable energy sources
    3.1.2.2 Lack of exploration and drilling techniques required to identify and develop undiscovered geothermal resources
  3.1.3 Market Opportunities
    3.1.3.1 Emergence of advanced technologies and rise of Geothermal 2.0
    3.1.3.2 Co-production and conversion of oil and gas wells for geothermal energy

CHAPTER 4 GLOBAL GEOTHERMAL ENERGY MARKET INDUSTRY ANALYSIS

4.1 Porter’s 5 Force Model
  4.1.1 Bargaining Power of Suppliers
  4.1.2 Bargaining Power of Buyers
  4.1.3 Threat of New Entrants
  4.1.4 Threat of Substitutes
  4.1.5 Competitive Rivalry
4.2 Porter’s 5 Force Impact Analysis
4.3 PEST Analysis
  4.3.1 Political
  4.3.2 Economical
  4.3.3 Social
  4.3.4 Technological
  4.3.5 Environmental
  4.3.6 Legal
4.4 Top investment opportunity
4.5 Top winning strategies
4.6 COVID-19 Impact Analysis
4.7 Disruptive Trends
4.8 Industry Expert Perspective
4.9 Analyst Recommendation & Conclusion

CHAPTER 5 GLOBAL GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY

5.1 Market Snapshot
5.2 Global Geothermal Energy Market by Technology, Performance - Potential Analysis
5.3 Global Geothermal Energy Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
5.4 Geothermal Energy Market, Sub Segment Analysis
  5.4.1 Binary Cycle Plants
  5.4.2 Flash Steam Plants
  5.4.3 Dry Steam Plants
  5.4.4 Ground Source Heat Pumps
  5.4.5 Direct Systems
  5.4.6 Others

CHAPTER 6 GLOBAL GEOTHERMAL ENERGY MARKET, BY TEMPERATURE

6.1 Market Snapshot
6.2 Global Geothermal Energy Market by Temperature, Performance - Potential Analysis
6.3 Global Geothermal Energy Market Estimates & Forecasts by Temperature 2020-2030 (USD Billion)
6.4 Geothermal Energy Market, Sub Segment Analysis
  6.4.1 Low Temperature (Up to 900C)
  6.4.2 Medium Temperature (900C – 1500C)
  6.4.3 High Temperature (Above 1500C)

CHAPTER 7 GLOBAL GEOTHERMAL ENERGY MARKET, BY APPLICATION

7.1 Market Snapshot
7.2 Global Geothermal Energy Market by Application, Performance - Potential Analysis
7.3 Global Geothermal Energy Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4 Geothermal Energy Market, Sub Segment Analysis
  7.4.1 Power Generation
  7.4.2 Residential Heating and Cooling
  7.4.3 Commercial Heating and Cooling

CHAPTER 8 GLOBAL GEOTHERMAL ENERGY MARKET, REGIONAL ANALYSIS

8.1 Top Leading Countries
8.2 Top Emerging Countries
8.3 Geothermal Energy Market, Regional Market Snapshot
8.4 North America Geothermal Energy Market
  8.4.1 U.S. Geothermal Energy Market
    8.4.1.1 Technology breakdown estimates & forecasts, 2020-2030
    8.4.1.2 Temperature breakdown estimates & forecasts, 2020-2030
    8.4.1.3 Application breakdown estimates & forecasts, 2020-2030
  8.4.2 Canada Geothermal Energy Market
8.5 Europe Geothermal Energy Market Snapshot
  8.5.1 U.K. Geothermal Energy Market
  8.5.2 Germany Geothermal Energy Market
  8.5.3 France Geothermal Energy Market
  8.5.4 Spain Geothermal Energy Market
  8.5.5 Italy Geothermal Energy Market
  8.5.6 Rest of Europe Geothermal Energy Market
8.6 Asia-Pacific Geothermal Energy Market Snapshot
  8.6.1 China Geothermal Energy Market
  8.6.2 India Geothermal Energy Market
  8.6.3 Japan Geothermal Energy Market
  8.6.4 Australia Geothermal Energy Market
  8.6.5 South Korea Geothermal Energy Market
  8.6.6 Rest of Asia Pacific Geothermal Energy Market
8.7 Latin America Geothermal Energy Market Snapshot
  8.7.1 Brazil Geothermal Energy Market
  8.7.2 Mexico Geothermal Energy Market
8.8 Middle East & Africa Geothermal Energy Market
  8.8.1 Saudi Arabia Geothermal Energy Market
  8.8.2 South Africa Geothermal Energy Market
  8.8.3 Rest of Middle East & Africa Geothermal Energy Market

CHAPTER 9 COMPETITIVE INTELLIGENCE

9.1 Key Company SWOT Analysis
  9.1.1 Company
  9.1.2 Company
  9.1.3 Company
9.2 Top Market Strategies
9.3 Company Profiles
  9.3.1 Ormat Technologies Inc. (U.S.)
    9.3.1.1 Key Information
    9.3.1.2 Overview
    9.3.1.3 Financial (Subject to Data Availability)
    9.3.1.4 Product Summary
    9.3.1.5 Recent Developments
  9.3.2 Turboden S.p.A. (Italy)
  9.3.3 Mitsubishi Corporation (Japan)
  9.3.4 Enel Green Power North America Inc. (U.S.)
  9.3.5 EthosEnergy (U.S.)
  9.3.6 GEG Power (Iceland)
  9.3.7 ElectraTherm (U.S.)
  9.3.8 Toshiba International Corporation (Japan)
  9.3.9 First Gen Corporation (Philippines)
  9.3.10 Berkshire Hathaway Energy (U.S.)

CHAPTER 10 RESEARCH PROCESS

10.1 Research Process
  10.1.1 Data Mining
  10.1.2 Analysis
  10.1.3 Market Estimation
  10.1.4 Validation
  10.1.5 Publishing
10.2 Research Attributes
10.3 Research Assumption

LIST OF TABLES

TABLE 1 Global Geothermal Energy Market, report scope
TABLE 2 Global Geothermal Energy Market estimates & forecasts by region 2020-2030 (USD Billion)
TABLE 3 Global Geothermal Energy Market estimates & forecasts by Technology 2020-2030 (USD Billion)
TABLE 4 Global Geothermal Energy Market estimates & forecasts by Temperature 2020-2030 (USD Billion)
TABLE 5 Global Geothermal Energy Market estimates & forecasts by Application 2020-2030 (USD Billion)
TABLE 6 Global Geothermal Energy Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 7 Global Geothermal Energy Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 8 Global Geothermal Energy Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 9 Global Geothermal Energy Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 10 Global Geothermal Energy Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 11 Global Geothermal Energy Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 12 Global Geothermal Energy Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 13 Global Geothermal Energy Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 14 Global Geothermal Energy Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 15 Global Geothermal Energy Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 16 U.S. Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 17 U.S. Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 18 U.S. Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 19 Canada Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 20 Canada Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 21 Canada Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 22 UK Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 23 UK Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 24 UK Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 25 Germany Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 26 Germany Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 27 Germany Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 28 France Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 29 France Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 30 France Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 31 Italy Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 32 Italy Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 33 Italy Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 34 Spain Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 35 Spain Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 36 Spain Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 37 RoE Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 38 RoE Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 39 RoE Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 40 China Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 41 China Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 42 China Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 43 India Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 44 India Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 45 India Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 46 Japan Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 47 Japan Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 48 Japan Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 49 South Korea Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 50 South Korea Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 51 South Korea Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 52 Australia Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 53 Australia Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 54 Australia Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 55 RoAPAC Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 56 RoAPAC Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 57 RoAPAC Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 58 Brazil Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 59 Brazil Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 60 Brazil Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 61 Mexico Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 62 Mexico Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 63 Mexico Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 64 RoLA Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 65 RoLA Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 66 RoLA Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 67 Saudi Arabia Geothermal Energy Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 68 South Africa Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 69 RoMEA Geothermal Energy Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 70 List of secondary sources, used in the study of global Geothermal Energy Market
TABLE 71 List of primary sources, used in the study of global Geothermal Energy Market
TABLE 72 Years considered for the study
TABLE 73 Exchange rates considered
List of tables and figures and dummy in nature, final lists may vary in the final deliverable

LIST OF FIGURES

FIG 1 Global Geothermal Energy Market, research methodology
FIG 2 Global Geothermal Energy Market, Market estimation techniques
FIG 3 Global Market size estimates & forecast methods
FIG 4 Global Geothermal Energy Market, key trends 2022
FIG 5 Global Geothermal Energy Market, growth prospects 2023-2030
FIG 6 Global Geothermal Energy Market, porters 5 force model
FIG 7 Global Geothermal Energy Market, pest analysis
FIG 8 Global Geothermal Energy Market, value chain analysis
FIG 9 Global Geothermal Energy Market by segment, 2020 & 2030 (USD Billion)
FIG 10 Global Geothermal Energy Market by segment, 2020 & 2030 (USD Billion)
FIG 11 Global Geothermal Energy Market by segment, 2020 & 2030 (USD Billion)
FIG 12 Global Geothermal Energy Market by segment, 2020 & 2030 (USD Billion)
FIG 13 Global Geothermal Energy Market by segment, 2020 & 2030 (USD Billion)
FIG 14 Global Geothermal Energy Market, regional snapshot 2020 & 2030
FIG 15 North America Geothermal Energy Market 2020 & 2030 (USD Billion)
FIG 16 Europe Geothermal Energy Market 2020 & 2030 (USD Billion)
FIG 17 Asia pacific Geothermal Energy Market 2020 & 2030 (USD Billion)
FIG 18 Latin America Geothermal Energy Market 2020 & 2030 (USD Billion)
FIG 19 Middle East & Africa Geothermal Energy Market 2020 & 2030 (USD Billion)
List of tables and figures and dummy in nature, final lists may vary in the final deliverable


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