Geothermal Energy Market Size, Share, Trends, And Growth Report 2032

Geothermal Energy Market: Size

The global geothermal energy market size was worth around USD 7.39 billion in 2023 and is predicted to grow to around USD 12.99 billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.60% between 2024 and 2032.

The report covers a forecast and an analysis of the geothermal energy market on a global and regional level. The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Billion).

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Geothermal Energy Market: Overview

Geothermal energy is a renewable form of energy and one of its biggest advantages is its constant availability. The continuous flow of heat from the Earth ensures an unlimited supply of energy for billions and trillions of years to come. In simple words, geothermal energy is the heat from the Earth, which is clean and sustainable in nature. The resources of geothermal energy range from the shallow ground to hot water and hot rock found a few miles beneath the Earth's surface. Geothermal energy is also used for energy generation. Geothermal heat is used directly, without a power plant or heat pumps.

The study includes drivers and restraints of the geothermal energy market along with their impact on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the geothermal energy market on a global level.

In order to give the users of this report a comprehensive view of the geothermal energy market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

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The report provides a company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new Type launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis. Moreover, the study covers price trend analysis and product portfolios of various companies according to regions.

Geothermal Energy Market: Growth Factors

The global geothermal energy market is likely to experience significant growth in the future, owing to the rapid depletion of non-renewable energy resources. Currently, the overutilization of non-renewable energy resources has led to the scarcity of fossil fuels and their extracts. Additionally, fossil fuels lead to increased carbon emissions, which contributes to air pollution and global warming. To avoid this, governments across the world along with various regulatory and civic bodies have formulated stringent rules and regulations regarding sustainability and eco-friendliness. These norms and regulations will further stimulate the use of renewable energy resources. The ongoing constructional activities owing to rapid urbanization will also spur the market growth in the forthcoming years. Geothermal energy is used for heating and cooling purposes of large infrastructural buildings, which is also contributing to the geothermal energy market growth. However, the high installation costs of geothermal energy may hamper market growth in the future.

Geothermal Energy Market: Segmentation

The study provides a decisive view of the geothermal energy market based on type, application, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Based on type, the geothermal energy market is segmented into the direct dry steam plant, flash plant, and binary plant.

By application, the market is categorized into industrial, residential, and commercial.

Geothermal Energy Market: Report Scope

Geothermal Energy Market: Regional Analysis

The regional segment includes the historic and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East, and Africa.

North America held an extensive share of the global geothermal energy market in 2023 and is expected to continue with its regional authority over the upcoming years. This regional growth can be attributed to the rising clean energy demand and increasing emission reduction measures. Moreover, the growing demand for cooling and heating systems will have a positive impact on this regional market growth. The Asia Pacific region is expected to provide significant opportunities for the global geothermal energy market, due to the growing demand for clean and green electricity, rapid industrialization, and swift urbanization. Additionally, the government initiatives to produce electricity from renewable energy resources is another factor that will foster the geothermal energy market growth in the Asia Pacific region over the forecast time period.

Geothermal Energy Market: Key Players Analysis

Some key players in the global geothermal energy market are:

• Mitsubishi Heavy Industries
• Berkshire Hathaway Energy
• Enel Green Power North America Inc.
• Toshiba International Corp.
• Hyundai
• Chevron Corporation
• Pertamina Geothermal Energy (PGE)
• Energy Development Corporation
• Aboitiz Power
• Ormat Industries
• Gradient Resources

This report segments the global geothermal energy market into:

Global Geothermal Energy Market: Type Analysis

• Direct Dry Steam Plant
• Binary Plant
• Flash Plant

Global Geothermal Energy Market: Application Analysis

• Residential
• Industrial
• Commercial

Global Geothermal Energy Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa