Geothermal Energy Market

Global Geothermal Energy Market Size, Trends & Analysis - Forecasts to 2029 By Type (Binary Cycle, Flash, and Dry Steam), By Application (Residential, Commercial, Industrial, and Others), and By Region (North America, Asia Pacific, Central and South America, Europe, and Middle East and Africa), Competitive Landscape, Company Market Share Analysis, and End User Analysis

Category Energy & Power
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This report was recently updated on June 13 2024 with the latest and most recent market numbers

Global Geothermal Energy Market Size

The global geothermal energy market is estimated to exhibit a CAGR of 6.2% from 2024 to 2029.

The primary factors propelling the market growth are the rising adoption of geothermal power generation and the shift towards renewable energy sources to combat climate change. As demand for sustainable and clean energy solutions increases, geothermal energy production is becoming more attractive due to its reliability and low environmental impact. Enhanced geothermal resource assessment techniques are facilitating the identification of viable sites, reducing risks, and attracting investments. Advances in geothermal energy conversion technologies are improving efficiency, making it more cost-effective to generate electricity from geothermal resources. Furthermore, the broadening scope of geothermal energy utilization, including direct applications such as district heating, agriculture, and industrial processes, is expanding the market. These factors collectively contribute to the growth and development of the geothermal energy sector. For instance, according to the U.S. Energy Information Administration, 27 nations, including the US and Indonesia, produced over 92 billion kWh of power from geothermal energy in 2021.

The increasing adoption of geothermal heat pumps for residential and commercial heating along with the development of more efficient and technologically advanced geothermal power plants is expected to support the market growth. Innovations in enhanced geothermal systems (EGS) have revolutionized how heat from the Earth's crust is harnessed, making geothermal energy more viable in diverse geographic locations. Advances in geothermal reservoir engineering enable the precise mapping and optimization of geothermal resources, enhancing the efficiency and output of power plants. Cutting-edge techniques in geothermal energy extraction maximize the utilization of geothermal wells, reducing costs and increasing sustainability. Moreover, the integration of geothermal heating and cooling systems in residential and commercial buildings is driving demand, as these systems offer a renewable and cost-effective solution for temperature regulation.

Advancements in geothermal drilling technology and increased investments in geothermal energy exploration propel market growth. Enhanced geothermal energy investments are fostering the development of advanced technologies and methodologies, crucial for identifying and tapping into previously inaccessible geothermal resources. This surge in funding is improving geothermal energy efficiency by enabling the deployment of more sophisticated equipment and practices, thus optimizing energy extraction processes and reducing operational costs. The recognition of vast geothermal energy potential across various regions is attracting both public and private sector investments, which are crucial for extensive exploration activities.

Geothermal energy can be combined with other renewable energy sources, such as solar or wind, to provide more steady and dependable energy outputs. This can solve the intermittent nature of some renewable energy sources and open up new market opportunities. Additionally, advancing exploration technologies, including remote sensing, 3D seismic imaging, and machine learning algorithms, can reduce the risks and costs associated with identifying viable geothermal resources.

However, the complex regulatory framework for geothermal energy development and resource location limitations may impede market growth over the forecast period.

global geothermal energy market

Global Geothermal Energy Market: By Type

The binary cycle segment is expected to hold the largest share of the market over the forecast period. The efficiency of binary cycle geothermal power plants is widely recognized; it usually ranges from 10% to 13%, greater than that of conventional dry steam or flash steam plants. Therefore, they are a desirable choice for energy production.

The flash segment is expected to be the fastest-growing segment in the market from 2024 to 2029. Flash steam power plants produce more energy than geothermal technologies like binary cycle and dry steam plants. Due to this, utility-scale power production projects that seek to fulfill the rising demand for electricity find it appealing.

Global Geothermal Energy Market: By Application

The commercial segment is expected to hold the largest share of the market over the forecast period. Commercial buildings' heating and cooling needs, including office buildings, hotels, retail centers, and hospitals, are high year-round. Due to their exceptional efficiency in supplying both heating and cooling, geothermal heat pumps (GHPs) are becoming a popular choice for commercial HVAC (heating, ventilation, and air conditioning) systems.

The industrial segment is anticipated to be the fastest-growing segment in the market from 2024 to 2029. Many industrial activities in the manufacturing, food processing, chemical, and pharmaceutical industries require much heat. Geothermal energy is used to enhance or replace traditional fossil fuel-based heating systems as a dependable and sustainable supply of high-temperature heat.

asia pacific geothermal energy market

Global Geothermal Energy Market: By Region

North America is expected to be the largest region in the global market. Geothermal resources are abundant throughout North America, especially in areas like the western United States, Alaska, and some parts of Canada. High-temperature geothermal reservoirs make the region well-suited for geothermal energy development.

Asia Pacific is anticipated to witness rapid growth during the forecast period. The Asia Pacific region is witnessing rapid economic growth and urbanization, increasing energy needs. Especially in highly populated areas, geothermal energy provides a dependable and sustainable source of heat and electricity to fulfill rising energy requirements.

Global Geothermal Energy Market Share and Competitor Analysis

Ormat Technologies Inc., Calpine, Mitsubishi Corporation, Enel Green Power North America Inc., EthosEnergy, GEG Power, ElectraTherm, Toshiba International Corporation, First Gen Corporation, and Berkshire Hathaway Energy, among others, are some of the key players in the global geothermal energy market.

Please note: This is not an exhaustive list of companies profiled in the report.

Global Geothermal Energy Market: Recent Developments

In March 2024, Mitsubishi Heavy Industries, Ltd. (MHI) announced that it had invested in Fervo Energy, a Houston, Texas-based business using advanced geothermal technology.

In October 2023, Ormat Technologies, Inc. announced that it has entered into a purchase agreement with Enel Green Power North America (EGPNA), a subsidiary of Enel SpA (ENEL.MI), to acquire a 150 MW portfolio for a total of USD 271 million. This portfolio consists of two contracted operating geothermal power plants, one triple hybrid geothermal, solar PV (20 MW nameplate), and solar thermal power plant with a total generation of approximately 43 MW, two solar assets with a total nameplate capacity of 40 MW, and two greenfield development assets.

1          STRATEGIC INSIGHTS ON NEW REVENUE POCKETS

1.1    Strategic Opportunity & Attractiveness Analysis

1.1.1        Hot Revenue Pockets

1.1.2        Market Attractiveness Score

1.1.3        Revenue Impacting Opportunity

1.1.4        High Growing Region/Country

1.1.5        Competitor Analysis

1.1.6        Consumer Analysis

1.2    Global Market Estimates' View

1.3    Strategic Insights across Business Functions

1.3.1        For Chief Executive Officers

1.3.2        For Chief Marketing Officers

1.3.3        For Chief Strategy Officers

1.4    Evaluate the Potential of your Existing Business Lines vs. New Lines to Enter Into

2          TECHNOLOGICAL TRENDS

2.1   Technological Adoption Rate

2.2   Current Trend Impact Analysis

2.3   Future Trend Impact Analysis

3          GLOBAL MARKET OUTLOOK

3.1   Market Pyramid Analysis

3.1.1        Introduction

3.1.2        Adjacent Market Opportunities

3.1.3        Ancillary Market Opportunities

3.2   Demand Side Analysis

3.2.1        Market Drivers: Impact Analysis

3.2.2        Market Restraints: Impact Analysis

3.2.3        Market Opportunities: Impact Analysis

3.2.4        Market Challenges: Impact Analysis

3.3   Supply Side Analysis

3.3.1        Porter’s Five Forces Analysis

3.3.1.1 Threat of New Entrants

3.3.1.2 Threat of New Substitutes

3.3.1.3 Bargaining Power of Suppliers

3.3.1.4 Bargaining Power of Buyers

3.3.1.5 Intensity of Competitive Rivalry

3.3.2        SWOT Analysis; By Factor (Political & Legal, Economic, and Technological)

3.3.2.1 Political Landscape

3.3.2.2 Economic Landscape

3.3.2.3 Social Landscape

3.3.2.4 Technology Landscape

3.3.3        Value Chain Analysis

3.3.4        Trend Analysis

3.3.5        Gap Analysis

3.3.6        Cost Analysis

4          GLOBAL GEOTHERMAL ENERGY MARKET, BY Type

4.1   Introduction

4.2   Geothermal Energy Market: Type Scope Key Takeaways

4.3   Revenue Growth Analysis, 2023 & 2029

4.4   Binary Cycle

4.4.1        Binary Cycle Market Estimates and Forecast, 2021-2029 (USD Million)

4.5   Flash

4.5.1        Flash Market Estimates and Forecast, 2021-2029 (USD Million)

4.6   Dry Steam

4.6.1        Dry Steam Market Estimates and Forecast, 2021-2029 (USD Million)

5          GLOBAL GEOTHERMAL ENERGY MARKET, BY APPLICATION

5.1   Introduction

5.2   Geothermal Energy Market: Application Scope Key Takeaways

5.3   Revenue Growth Analysis, 2023 & 2029

5.4   Residential

5.4.1        Residential Market Estimates and Forecast, 2021-2029 (USD Million)

5.5   Commercial

5.5.1        Commercial Market Estimates and Forecast, 2021-2029 (USD Million)

5.6   Industrial

5.6.1        Industrial Market Estimates and Forecast, 2021-2029 (USD Million)

5.7   Others

5.7.1        Others Market Estimates and Forecast, 2021-2029 (USD Million)

6          GLOBAL GEOTHERMAL ENERGY MARKET, BY REGION

6.1   Introduction

6.2   North America Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.2.1        By Type

6.2.2        By Application

6.2.3        By Country

6.2.3.1     U.S. Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.2.3.1.1        By Type

6.2.3.1.2        By Application

6.2.3.2     Canada Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.2.3.2.1        By Type

6.2.3.2.2        By Application

6.2.3.3     Mexico Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.2.3.3.1        By Type

6.2.3.3.2        By Application

6.3   Europe Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.3.1        By Type

6.3.2        By Application

6.3.3        By Country

6.3.3.1     Germany Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.3.3.1.1        By Type

6.3.3.1.2        By Application

6.3.3.2     U.K. Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.3.3.2.1        By Type

6.3.3.2.2        By Application

6.3.3.3     France Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.3.3.3.1        By Type

6.3.3.3.2        By Application

6.3.3.4     Italy Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.3.3.4.1        By Type

6.3.3.4.2        By Application

6.3.3.5     Spain Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.3.3.5.1        By Type

6.3.3.5.2        By Application

6.3.3.6     Netherlands Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.3.3.6.1        By Type

6.3.3.6.2        By Application

6.3.3.7     Rest of Europe Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.3.3.6.1        By Type

6.3.3.6.2        By Application

6.4   Asia Pacific Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.4.1        By Type

6.4.2        By Application

6.4.3        By Country

6.4.3.1     China Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.4.3.1.1        By Type

6.4.3.1.2        By Application

6.4.3.2     Japan Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.4.3.2.1        By Type

6.4.3.2.2        By Application

6.4.3.3     India Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.4.3.3.1        By Type

6.4.3.3.2        By Application

6.4.3.4     South Korea Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.4.3.4.1        By Type

6.4.3.4.2        By Application

6.4.3.5     Singapore Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.4.3.5.1        By Type

6.4.3.5.2        By Application

6.4.3.6     Malaysia Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.4.3.6.1        By Type

6.4.3.6.2        By Application

6.4.3.7     Thailand Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.4.3.6.1        By Type

6.4.3.6.2        By Application

6.4.3.8     Indonesia Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.4.3.7.1        By Type

6.4.3.7.2        By Application

6.4.3.9     Vietnam Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.4.3.8.1        By Type

6.4.3.8.2        By Application

6.4.3.10  Taiwan Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.4.3.10.1 By Type

6.4.3.10.2 By Application

6.4.3.11  Rest of Asia Pacific Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.4.3.11.1 By Type

6.4.3.11.2 By Application

6.5   Middle East and Africa Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.5.1        By Type

6.5.2        By Application

6.5.3        By Country

6.5.3.1     Saudi Arabia Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.5.3.1.1        By Type

6.5.3.1.2        By Application

6.5.3.2     U.A.E. Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.5.3.2.1        By Type

6.5.3.2.2        By Application

6.5.3.3     Israel Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.5.3.3.1        By Type

6.5.3.3.2        By Application

6.5.3.4     South Africa Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.5.3.4.1        By Type

6.5.3.4.2        By Application

6.5.3.5     Rest of Middle East and Africa Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.5.3.5.1        By Type

6.5.3.5.2        By Application

6.6   Central and South America Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.6.1        By Type

6.6.2        By Application

6.6.3        By Country

6.6.3.1     Brazil Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.6.3.1.1        By Type

6.6.3.1.2        By Application

6.6.3.2     Argentina Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.6.3.2.1        By Type

6.6.3.2.2        By Application

6.6.3.3     Chile Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.6.3.3.1        By Type

6.6.3.3.2        By Application

6.6.3.3     Rest of Central and South America Geothermal Energy Market Estimates and Forecast, 2021-2029 (USD Million)

6.6.3.3.1        By Type

6.6.3.3.2        By Application

7          COMPETITIVE LANDCAPE

7.1   Company Market Share Analysis

7.2   Four Quadrant Positioning Matrix

7.2.1        Market Leaders

7.2.2        Market Visionaries

7.2.3        Market Challengers

7.2.4        Niche Market Players

7.3   Vendor Landscape

7.3.1        North America

7.3.2        Europe

7.3.3        Asia Pacific

7.3.4        Rest of the World

7.4   Company Profiles  

7.4.1        Ormat Technologies Inc.

7.4.1.1 Business Description & Financial Analysis

7.4.1.2 SWOT Analysis

7.4.1.3 Products & Services Offered

7.4.1.4 Strategic Alliances between Business Partners

7.4.2        Calpine

7.4.2.1 Business Description & Financial Analysis

7.4.2.2 SWOT Analysis

7.4.2.3 Products & Services Offered

7.4.2.4 Strategic Alliances between Business Partners

7.4.3        Mitsubishi Corporation

7.4.3.1 Business Description & Financial Analysis

7.4.3.2 SWOT Analysis

7.4.3.3 Products & Services Offered

7.4.3.4 Strategic Alliances between Business Partners

7.4.4        Enel Green Power North America Inc.

7.4.4.1 Business Description & Financial Analysis

7.4.4.2 SWOT Analysis

7.4.4.3 Products & Services Offered

7.4.4.4 Strategic Alliances between Business Partners

7.4.5        EthosEnergy

7.4.5.1 Business Description & Financial Analysis

7.4.5.2 SWOT Analysis

7.4.5.3 Products & Services Offered

7.4.5.4 Strategic Alliances between Business Partners

7.4.6        GEG POWER

7.4.6.1 Business Description & Financial Analysis

7.4.6.2 SWOT Analysis

7.4.6.3 Products & Services Offered

7.4.6.4 Strategic Alliances between Business Partners

7.4.7        ElectraTherm  

7.4.7.1 Business Description & Financial Analysis

7.4.7.2 SWOT Analysis

7.4.7.3 Products & Services Offered

7.4.7.4 Strategic Alliances between Business Partners

7.4.8        Toshiba International Corporation

7.4.8.1 Business Description & Financial Analysis

7.4.8.2 SWOT Analysis

7.4.8.3 Products & Services Offered

7.4.8.4 Strategic Alliances between Business Partners

7.4.9        First Gen Corporation

7.4.9.1 Business Description & Financial Analysis

7.4.9.2 SWOT Analysis

7.4.9.3 Products & Services Offered

7.4.9.4 Strategic Alliances between Business Partners

7.4.10      Berkshire Hathaway Energy

7.4.10.1 Business Description & Financial Analysis

7.4.10.2 SWOT Analysis

7.4.10.3 Products & Services Offered

7.4.10.4 Strategic Alliances between Business Partners

7.4.11      Other Companies

7.4.11.1 Business Description & Financial Analysis

7.4.11.2 SWOT Analysis

7.4.11.3 Products & Services Offered

7.4.11.4 Strategic Alliances between Business Partners

8          RESEARCH METHODOLOGY

8.1   Market Introduction

8.1.1        Market Definition

8.1.2        Market Scope & Segmentation

8.2   Information Procurement

8.2.1        Secondary Research

8.2.1.1 Purchased Databases

8.2.1.2 GMEs Internal Data Repository

8.2.1.3 Secondary Resources & Third Party Perspectives

8.2.1.4 Company Information Sources

8.2.2        Primary Research

8.2.2.1 Various Types of Respondents for Primary Interviews

8.2.2.2 Number of Interviews Conducted throughout the Research Process

8.2.2.3 Primary Stakeholders

8.2.2.4 Discussion Guide for Primary Participants

8.2.3        Expert Panels

8.2.3.1 Expert Panels Across 30+ Industry

8.2.4        Paid Local Experts

8.2.4.1 Paid Local Experts Across 30+ Industry Across each Region

8.3   Market Estimation

8.3.1        Top-Down Approach

8.3.1.1 Macro-Economic Indicators Considered

8.3.1.2 Micro-Economic Indicators Considered

8.3.2        Bottom Up Approach

8.3.2.1 Company Share Analysis Approach

8.3.2.2 Estimation of Potential Product Sales

8.4   Data Triangulation

8.4.1        Data Collection

8.4.2        Time Series, Cross Sectional & Panel Data Analysis

8.4.3        Cluster Analysis

8.5   Analysis and Output

8.5.1        Inhouse AI Based Real Time Analytics Tool

8.5.2        Output From Desk & Primary Research

8.6   Research Assumptions & Limitations

8.6.1        Research Assumptions

8.6.2        Research Limitations

LIST OF TABLES

1 Global Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

2 Binary Cycle Market, By Region, 2021-2029 (USD Mllion)   

3 Flash Market, By Region, 2021-2029 (USD Mllion)   

4 Dry Steam Market, By Region, 2021-2029 (USD Mllion)         

5 Global Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)        

6 Residential Market, By Region, 2021-2029 (USD Mllion)      

7 Commercial Market, By Region, 2021-2029 (USD Mllion)

8 Industrial Market, By Region, 2021-2029 (USD Mllion)        

9 Others Market, By Region, 2021-2029 (USD Mllion)

10 Regional Analysis, 2021-2029 (USD Mllion)

11 North America Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)        

12 North America Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)

13 North America Geothermal Energy Market, By COUNTRY, 2021-2029 (USD Mllion)

14 U.S. Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

15 U.S. Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)

16 Canada Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)        

17 Canada Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)       

18 Mexico Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

19 Mexico Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)         

20 Europe Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)         

21 Europe Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)        

22 EUROPE Geothermal Energy Market, By COUNTRY, 2021-2029 (USD Mllion)

23 Germany Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)     

24 Germany Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)    

25 U.K. Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

26 U.K. Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)

27 France Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

28 France Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)        

29 Italy Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

30 Italy Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)             

31 Spain Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

32 Spain Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)            

33 Netherlands Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

34 Netherlands Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)

35 Rest Of Europe Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)        

36 Rest Of Europe Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)

37 Asia Pacific Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

38 Asia Pacific Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)

39 ASIA PACIFIC Geothermal Energy Market, By COUNTRY, 2021-2029 (USD Mllion)      

40 China Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

41 China Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)           

42 Japan Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

43 Japan Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)           

44 India Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

45 India Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)             

46 South Korea Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

47 South Korea Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)

48 Singapore Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

49 Singapore Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)

50 Thailand Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)     

51 Thailand Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)    

52 Malaysia Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)     

53 Malaysia Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)    

54 Indonesia Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

55 Indonesia Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)

56 Vietnam Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)        

57 Vietnam Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)       

58 Taiwan Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)          

59 Taiwan Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)         

60 Rest of APAC Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

61 Rest of APAC Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)

62 Middle East and Africa Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

63 Middle East and Africa Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)     

64 MIDDLE EAST & AFRICA Geothermal Energy Market, By COUNTRY, 2021-2029 (USD Mllion)  

65 Saudi Arabia Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

66 Saudi Arabia Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)

67 UAE Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

68 UAE Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)

69 Israel Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

70 Israel Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)          

71 South Africa Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

72 South Africa Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)

73 Rest Of Middle East and Africa Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)     

74 Rest Of Middle East and Africa Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)       

75 Central and South America Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)            

76 Central and South America Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)       

77 CENTRAL AND SOUTH AMERICA Geothermal Energy Market, By COUNTRY, 2021-2029 (USD Mllion)   

78 Brazil Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

79 Brazil Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)          

80 Chile Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

81 Chile Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)            

82 Argentina Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)

83 Argentina Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)

84 Rest Of Central and South America Geothermal Energy Market, By Type, 2021-2029 (USD Mllion)       

85 Rest Of Central and South America Geothermal Energy Market, By Application, 2021-2029 (USD Mllion)      

86 Ormat Technologies Inc.: Products & Services Offering   

87 Calpine: Products & Services Offering         

88 Mitsubishi Corporation: Products & Services Offering    

89 Enel Green Power North America Inc.: Products & Services Offering       

90 EthosEnergy: Products & Services Offering             

91 GEG POWER: Products & Services Offering  

92 ElectraTherm: Products & Services Offering           

93 Toshiba International Corporation: Products & Services Offering          

94 First Gen Corporation, Inc: Products & Services Offering              

95 Berkshire Hathaway Energy: Products & Services Offering           

96 Other Companies: Products & Services Offering    

LIST OF FIGURES

1 Global Geothermal Energy Market Overview

2 Global Geothermal Energy Market Value From 2021-2029 (USD Mllion)

3 Global Geothermal Energy Market Share, By Type (2023)

4 Global Geothermal Energy Market Share, By Application (2023)

5 Global Geothermal Energy Market, By Region (Asia Pacific Market)

6 Technological Trends In Global Geothermal Energy Market

7 Four Quadrant Competitor Positioning Matrix

8 Impact Of Macro & Micro Indicators On The Market

9 Impact Of Key Drivers On The Global Geothermal Energy Market

10 Impact Of Challenges On The Global Geothermal Energy Market

11 Porter’s Five Forces Analysis

12 Global Geothermal Energy Market: By Type Scope Key Takeaways

13 Global Geothermal Energy Market, By Type Segment: Revenue Growth Analysis

14 Binary Cycle Market, By Region, 2021-2029 (USD Mllion)     

15 Flash Market, By Region, 2021-2029 (USD Mllion)      

16 Dry Steam Market, By Region, 2021-2029 (USD Mllion)         

17 Global Geothermal Energy Market: By Application Scope Key Takeaways

18 Global Geothermal Energy Market, By Application Segment: Revenue Growth Analysis

19 Residential Market, By Region, 2021-2029 (USD Mllion)

20 Commercial Market, By Region, 2021-2029 (USD Mllion)

21 Industrial Market, By Region, 2021-2029 (USD Mllion)           

22 Others Market, By Region, 2021-2029 (USD Mllion)    

23 Regional Segment: Revenue Growth Analysis

24 Global Geothermal Energy Market: Regional Analysis

25 North America Geothermal Energy Market Overview

26 North America Geothermal Energy Market, By Type

27 North America Geothermal Energy Market, By Application

28 North America Geothermal Energy Market, By Country

29 U.S. Geothermal Energy Market, By Type

30 U.S. Geothermal Energy Market, By Application

31 Canada Geothermal Energy Market, By Type

32 Canada Geothermal Energy Market, By Application

33 Mexico Geothermal Energy Market, By Type

34 Mexico Geothermal Energy Market, By Application

35 Four Quadrant Positioning Matrix

36 Company Market Share Analysis

37 Ormat Technologies Inc.: Company Snapshot

38 Ormat Technologies Inc.: SWOT Analysis

39 Ormat Technologies Inc.: Geographic Presence

40 Calpine: Company Snapshot

41 Calpine: SWOT Analysis

42 Calpine: Geographic Presence

43 Mitsubishi Corporation: Company Snapshot

44 Mitsubishi Corporation: SWOT Analysis

45 Mitsubishi Corporation: Geographic Presence

46 Enel Green Power North America Inc.: Company Snapshot

47 Enel Green Power North America Inc.: Swot Analysis

48 Enel Green Power North America Inc.: Geographic Presence

49 EthosEnergy: Company Snapshot

50 EthosEnergy: SWOT Analysis

51 EthosEnergy: Geographic Presence

52 GEG POWER: Company Snapshot

53 GEG POWER: SWOT Analysis

54 GEG POWER: Geographic Presence

55 ElectraTherm : Company Snapshot

56 ElectraTherm : SWOT Analysis

57 ElectraTherm : Geographic Presence

58 Toshiba International Corporation: Company Snapshot

59 Toshiba International Corporation: SWOT Analysis

60 Toshiba International Corporation: Geographic Presence

61 First Gen Corporation, Inc.: Company Snapshot

62 First Gen Corporation, Inc.: SWOT Analysis

63 First Gen Corporation, Inc.: Geographic Presence

64 Berkshire Hathaway Energy: Company Snapshot

65 Berkshire Hathaway Energy: SWOT Analysis

66 Berkshire Hathaway Energy: Geographic Presence

67 Other Companies: Company Snapshot

68 Other Companies: SWOT Analysis

69 Other Companies: Geographic Presence

The Global Geothermal Energy Market has been studied from the year 2019 till 2029. However, the CAGR provided in the report is from the year 2024 to 2029. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.

Geothermal Energy Market Size

The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Geothermal Energy Market.

Geothermal Energy Market Growth

The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.

Geothermal Energy Market Trends

Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.

Geothermal Energy Market Share

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Frequently Asked Questions

The global geothermal energy market is estimated to exhibit a CAGR of 6.2% from 2024 to 2029.
Ormat Technologies Inc., Calpine, Mitsubishi Corporation, Enel Green Power North America Inc., EthosEnergy, GEG Power, ElectraTherm, Toshiba International Corporation, First Gen Corporation, and Berkshire Hathaway Energy, among others, are some of the key players in the global geothermal energy market.
Geothermal energy can be combined with other renewable energy sources, such as solar or wind, to provide more steady and dependable energy outputs. This can solve the intermittent nature of some renewable energy sources and open up new market opportunities. Additionally, advancing exploration technologies, including remote sensing, 3D seismic imaging, and machine learning algorithms, can reduce the risks and costs associated with identifying viable geothermal resources.
The primary factors propelling the market growth are the rising adoption of geothermal power generation and the shift towards renewable energy sources to combat climate change. Additionally, the increasing adoption of geothermal heat pumps for residential and commercial heating along with the development of more efficient and technologically advanced geothermal power plants is expected to support the market growth.

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