Product Code: GVR-4-68040-249-1
Geothermal Energy Market Growth & Trends:
The global geothermal energy market size is anticipated to reach USD 9.22 billion by 2030 and is projected to grow at a CAGR of 3.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing demand for reliable, cost-effective, and energy-efficient solutions is projected to drive market growth over the forecast period. GHP extracts heat from the ground for space heating, cooling, and hot water generation. Such pump extracts heat by horizontal or vertical collector. Extracted heat is commonly distributed through a hydronic distribution system. Improving energy efficiency across industries is one of the major objectives of governments across world. The rising need for renewable energy sources along with extensive government support in form of subsidies, incentives, and other monetary benefits projected to drive the market growth over forecast period. The growing population coupled with rapid industrialization has resulted in massive energy consumption across world.
The application is expected to emerge as the most dominant application in market. The residential sector is one of most lucrative sectors, which is expected to propel demand for geothermal energy. Favorable government initiatives and tax rebates offered on installation of energy-saving products are projected to augment demand for geothermal energy in residential sector. Northern countries, in particular, use GHP for heating purposes due to cold temperatures
The market is likely to witness strategic alliances to expand end-user segments in emerging markets. Public-private partnerships are expected to be critical for attaining an economically viable technological shift. The introduction of sustainable technologies to replace the existing power generation technologies is anticipated to lead to high costs, which is projected to challenge the innovations carried out by key market players like Turboden S.p.A.,Green Energy Geothermal, Berkshire Hathaway Inc., Terra-Gen, Reykjavik Geothermal, Alterra Power Corporation, and TAS Energy
Geothermal Energy Market Report Highlights:
- Based on revenue, the binary cycle power plants segment led the market with the largest revenue share of 30.5% in 2023 and is further expected to grow at a steady CAGR over the forecast period
- Based on power, the above 5 MW segment led the market with the largest revenue share of 56.4% in 2023
- In terms of application, the residential segment held the market with the largest revenue share of 40.7% in 2023
- North America is expected to grow at a substantial CAGR during the forecast period
- Asia Pacific region is projected to grow at a substantial CAGR throughout the forecast period. China is expected to account for the maximum share in the Asia-Pacific region
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Insights
- 2.2. Segmental Outlook
- 2.3. Competitive Outlook
Chapter 3. Geothermal Energy Market Variables, Trends & Scope
- 3.1. Global Geothermal Energy Market Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Technology Overview
- 3.4. Regulatory Framework
- 3.5. Market Dynamics
- 3.5.1. Market Driver Analysis
- 3.5.2. Market Restraint Analysis
- 3.5.3. Industry Challenges
- 3.6. Porter's Five Forces Analysis
- 3.6.1. Supplier Power
- 3.6.2. Buyer Power
- 3.6.3. Substitution Threat
- 3.6.4. Threat from New Entrant
- 3.6.5. Competitive Rivalry
- 3.7. PESTEL Analysis
- 3.7.1. Political Landscape
- 3.7.2. Economic Landscape
- 3.7.3. Social Landscape
- 3.7.4. Technological Landscape
- 3.7.5. Environmental Landscape
- 3.7.6. Legal Landscape
Chapter 4. Geothermal Energy Market: Technology Outlook Estimates & Forecasts
- 4.1. Geothermal Energy Market: Technology Movement Analysis, 2023 & 2030
- 4.2. Flash Steam
- 4.2.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 4.3. Dry Steam
- 4.3.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 4.4. Binary Cycle Power Plants
- 4.4.1. Market estimates and forecast, 2018 - 2030 (USD Million)
Chapter 5. Geothermal Energy Market: Power Outlook Estimates & Forecasts
- 5.1. Geothermal Energy Market: Power Movement Analysis, 2023 & 2030
- 5.2. Upto 5MW
- 5.2.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 5.3. Above 5 MW
- 5.3.1. Market estimates and forecast, 2018 - 2030 (USD Million)
Chapter 6. Geothermal Energy Market: Application Outlook Estimates & Forecasts
- 6.1. Geothermal Energy Market: Application Movement Analysis, 2023 & 2030
- 6.2. Residential
- 6.2.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 6.3. Commercial
- 6.3.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 6.4. Industrial
- 6.4.1. Market estimates and forecast, 2018 - 2030 (USD Million)
Chapter 7. Geothermal Energy Market Regional Outlook Estimates & Forecasts
- 7.1. Regional Snapshot
- 7.2. Geothermal Energy Market: Regional Movement Analysis, 2023 & 2030
- 7.3. North America
- 7.3.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.3.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.3.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.3.4. U.S.
- 7.3.4.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.3.4.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.3.4.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.3.5. Canada
- 7.3.5.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.3.5.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.3.5.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.3.6. Mexico
- 7.3.6.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.3.6.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.3.6.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.4. Europe
- 7.4.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.4.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.4.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.4.4. Germany
- 7.4.4.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.4.4.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.4.4.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.4.5. France
- 7.4.5.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.4.5.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.4.5.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.4.6. Italy
- 7.4.6.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.4.6.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.4.6.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.4.7. Sweden
- 7.4.7.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.4.7.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.4.7.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.4.8. Finland
- 7.4.8.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.4.8.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.4.8.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.4.9. Switzerland
- 7.4.9.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.4.9.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.4.9.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.4.10. Netherlands
- 7.4.10.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.4.10.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.4.10.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.5. Asia Pacific
- 7.5.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.5.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.5.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.5.4. China
- 7.5.4.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.5.4.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.5.4.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.5.5. South Korea
- 7.5.5.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.5.5.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.5.5.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.5.6. Japan
- 7.5.6.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.5.6.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.5.6.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.5.7. Australia
- 7.5.7.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.5.7.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.5.7.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.6. Central & South America
- 7.6.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.6.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.6.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.6.4. Brazil
- 7.6.4.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.6.4.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.6.4.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.6.5. Chile
- 7.6.5.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.6.5.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.6.5.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.7. Middle East & Africa
- 7.7.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.7.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.7.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.7.4. Market estimates and forecast, by end-use, 2018 - 2030 (USD Million)
- 7.7.5. Saudi Arabia
- 7.7.5.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.7.5.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.7.5.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
- 7.7.6. UAE
- 7.7.6.1. Market estimates and forecast, by technology, 2018 - 2030 (USD Million)
- 7.7.6.2. Market estimates and forecast, by power, 2018 - 2030 (USD Million)
- 7.7.6.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million)
Chapter 8. Competitive Landscape
- 8.1. Recent Developments & Impact Analysis, By Key Market Participants
- 8.2. Company Categorization
- 8.3. Company Ranking
- 8.4. Heat Map Analysis
- 8.5. Company Market Share Analysis, 2023
- 8.6. Market Strategies
- 8.7. Vendor Landscape
- 8.8. Strategy Mapping
- 8.9. Company Profiles/Listing
- 8.9.1. Turboden S.p.A
- 8.9.1.1. Company Overview
- 8.9.1.2. Financial Performance
- 8.9.1.3. Technology Benchmarking
- 8.9.2. Green Energy Geothermal
- 8.9.2.1. Company Overview
- 8.9.2.2. Financial Performance
- 8.9.2.3. Technology Benchmarking
- 8.9.3. Berkshire Hathaway Inc.
- 8.9.3.1. Company Overview
- 8.9.3.2. Financial Performance
- 8.9.3.3. Technology Benchmarking
- 8.9.4. Terra Gen
- 8.9.4.1. Company Overview
- 8.9.4.2. Financial Performance
- 8.9.4.3. Technology Benchmarking
- 8.9.5. Reykjavik Geothermal
- 8.9.5.1. Company Overview
- 8.9.5.2. Financial Performance
- 8.9.5.3. Technology Benchmarking
- 8.9.6. Alterra Power Corporation
- 8.9.6.1. Company Overview
- 8.9.6.2. Financial Performance
- 8.9.6.3. Technology Benchmarking
- 8.9.7. TAS Energy
- 8.9.7.1. Company Overview
- 8.9.7.2. Financial Performance
- 8.9.7.3. Technology Benchmarking
- 8.9.8. Atlas Copco Group
- 8.9.8.1. Company Overview
- 8.9.8.2. Financial Performance
- 8.9.8.3. Technology Benchmarking
- 8.9.9. Exergy
- 8.9.9.1. Company Overview
- 8.9.9.2. Financial Performance
- 8.9.9.3. Technology Benchmarking
- 8.9.10. ElectraTherm
- 8.9.10.1. Company Overview
- 8.9.10.2. Financial Performance
- 8.9.10.3. Technology Benchmarking
- 8.9.11. Calpine Corporation
- 8.9.11.1. Company Overview
- 8.9.11.2. Financial Performance
- 8.9.11.3. Technology Benchmarking
- 8.9.12. Fuji Electric Co. Ltd.
- 8.9.12.1. Company Overview
- 8.9.12.2. Financial Performance
- 8.9.12.3. Technology Benchmarking
- 8.9.13. Mitsubishi Heavy Industries
- 8.9.13.1. Company Overview
- 8.9.13.2. Financial Performance
- 8.9.13.3. Technology Benchmarking
- 8.9.14. Toshiba Corporation
- 8.9.14.1. Company Overview
- 8.9.14.2. Financial Performance
- 8.9.14.3. Technology Benchmarking
- 8.9.15. General Electric
- 8.9.15.1. Company Overview
- 8.9.15.2. Financial Performance
- 8.9.15.3. Technology Benchmarking