Geothermal Energy Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Description
Geothermal Energy Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Geothermal Energy Market
The global geothermal energy market size was valued at USD 66.24 billion in 2023 and is projected to grow from USD 70.14 billion in 2024 to USD 117.02 billion by 2032, exhibiting a CAGR of 6.61% during the forecast period of 2024-2032.
The coronavirus outbreak, COVID-19, has drastically changed the geothermal energy industries with a long path to be out of impact. The worldwide COVID pandemic resulted in a worsening of strength demand, therefore cutting production output and income of the geothermal energy industry, affecting geothermal energy market growth.
The geothermal energy market has many growth factors, such as the growing demand for renewable environmental projects and the rising awareness of the positives of geothermal energy.
Geothermal power is vital to renewable energy systems, including merged resources. Accumulating the geothermal, solar, and wind electricity sources into the stable blend is sought for stronger guarantees, impeding a global rise in geothermal energy market share. With solar and wind energy availability being unreliable throughout, geothermal energy is just a service that provides a steady and reliable power supply to the market. Thus restraining the geothermal energy from growing in a global market. This guides the constant power delivery on cloudy and windy days when solar and wind are low. The exploitation of geothermal electricity jointly with other renewables elevates the entire performance and steadiness of the power device, thereby being a game changer for the transformation to a low-carbon future.
Comprehensive Analysis of Geothermal Energy Market
The geothermal energy marketplace is segmented into classes primarily based on type: binary cycle, flash, and dry steam, with the binary cycle section dominating due to its lowest cost and pleasant performance advantages. Additionally, the marketplace is segmented by way of application, with the commercial phase holding the most significant share, pushed by the growing demand for heat pumps and managed weather in office homes, accommodations, faculties, and hospitals, as well as the commercial section developing because of the ever-increasing demand for renewable electricity to reduce greenhouse fuel emissions.
The Asia Pacific region led the medical devices market by benefitting a size of USD 24.60 billion in 2023 due to the high boom potential throughout Asian nations and the massive call for geothermal power; the nearby marketplace is predicted to revel in giant growth.
The leading players in the geothermal energy market significantly influence its growth trajectory and set industry standards. These key players, including Ormat Technologies Inc. (U.S.), Calpine (U.S.), 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.), Turboden S.p.A. (Italy), and Reykjavik Geothermal (Iceland), contribute to a competitive landscape, driving innovation and market advancement in the geothermal energy sector.
In April 2022, SMUD (Sacramento Municipal Utility District) was inked a ten-year Power Purchase Agreement (PPA) with Calpine Corporation, including gathering energy from a Cessna MW part of the subject located in California, on the 1st of January 2023.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 6.61% from 2024 to 2032
Unit Value (USD Billion) and Volume (MW)
Segmentation By Type
Binary Cycle
Flash
Dry Steam
By Application
Residential
Commercial
Industrial
Others
By Geography
North America (By Type, By Application, By Country)
- U.S. (By Type)
Europe (By Type, By Application, By Country)
- Turkey (By Type)
- Iceland (By Type)
- Italy (By Type)
- Rest of Europe (By Type)
Asia Pacific (By Type, By Application, By Country)
- Philippines (By Type)
- Indonesia (By Type)
- New Zealand (By Type)
- Rest of Asia Pacific (By Type)
Latin America (By Type, By Application, By Country)
- Costa Rica (By Type)
- Mexico (By Type)
- El Salvador (By Type)
- Rest of Latin America (By Type)
Middle East & Africa (By Type, By Application, By Country)
- Kenya (By Type)
- Rest of Middle East & Africa (By Type)
Please Note: It will take 5-6 business days to complete the report upon order confirmation.
Table of Contents
237 Pages
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends
- 4.2. Key Developments: Mergers, Acquisitions, Partnership, etc.
- 4.3. Latest Technological Advancement
- 4.4. Regulatory Landscape
- 4.5. Industry SWOT Analysis
- 4.6. Porter’s Five Forces Analysis
- 4.7. Impact of COVID-19 on Geothermal Energy Market
- 5. Global Geothermal Energy Market Analysis (USD Billion) (MW), Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Type
- 5.2.1. Binary
- 5.2.2. Flash
- 5.2.3. Dry Steam
- 5.3. Market Analysis, Insights and Forecast – By Application
- 5.3.1. Residential
- 5.3.2. Commercial
- 5.3.3. Industrial
- 5.3.4. Others
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America
- 5.4.5. Middle East & Africa
- 6. North America Geothermal Energy Market Analysis (USD Billion) (MW), Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Binary
- 6.2.2. Flash
- 6.2.3. Dry Steam
- 6.3. Market Analysis, Insights and Forecast – By Application
- 6.3.1. Residential
- 6.3.2. Commercial
- 6.3.3. Industrial
- 6.3.4. Others
- 7. Europe Geothermal Energy Market Analysis (USD Billion) (MW), Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Binary
- 7.2.2. Flash
- 7.2.3. Dry Steam
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Residential
- 7.3.2. Commercial
- 7.3.3. Industrial
- 7.3.4. Others
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. Turkey Market Analysis, Insights and Forecast – By Type
- 7.4.1.1. Binary
- 7.4.1.2. Flash
- 7.4.1.3. Dry Steam
- 7.4.2. Iceland Market Analysis, Insights and Forecast – By Type
- 7.4.2.1. Binary
- 7.4.2.2. Flash
- 7.4.2.3. Dry Steam
- 7.4.3. Italy Market Analysis, Insights and Forecast – By Type
- 7.4.3.1. Binary
- 7.4.3.2. Flash
- 7.4.3.3. Dry Steam
- 7.4.4. Rest of Europe Market Analysis, Insights and Forecast – By Type
- 7.4.4.1. Binary
- 7.4.4.2. Flash
- 7.4.4.3. Dry Steam
- 8. Asia Pacific Geothermal Energy Market Analysis (USD Billion) (MW), Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Binary
- 8.2.2. Flash
- 8.2.3. Dry Steam
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Residential
- 8.3.2. Commercial
- 8.3.3. Industrial
- 8.3.4. Others
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. Philippines Market Analysis, Insights and Forecast – By Type
- 8.4.1.1. Binary
- 8.4.1.2. Flash
- 8.4.1.3. Dry Steam
- 8.4.2. Indonesia Market Analysis, Insights and Forecast – By Type
- 8.4.2.1. Binary
- 8.4.2.2. Flash
- 8.4.2.3. Dry Steam
- 8.4.3. New Zealand Market Analysis, Insights and Forecast – By Type
- 8.4.3.1. Binary
- 8.4.3.2. Flash
- 8.4.3.3. Dry Steam
- 8.4.4. Rest of Asia Pacific Market Analysis, Insights and Forecast – By Type
- 8.4.4.1. Binary
- 8.4.4.2. Flash
- 8.4.4.3. Dry Steam
- 9. Latin America Geothermal Energy Market Analysis (USD Billion) (MW), Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. Binary
- 9.2.2. Flash
- 9.2.3. Dry Steam
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Residential
- 9.3.2. Commercial
- 9.3.3. Industrial
- 9.3.4. Others
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. Costa Rica Market Analysis, Insights and Forecast – By Type
- 9.4.1.1. Binary
- 9.4.1.2. Flash
- 9.4.1.3. Dry Steam
- 9.4.2. Mexico Market Analysis, Insights and Forecast – By Type
- 9.4.2.1. Binary
- 9.4.2.2. Flash
- 9.4.2.3. Dry Steam
- 9.4.3. El Salvador Market Analysis, Insights and Forecast – By Type
- 9.4.3.1. Binary
- 9.4.3.2. Flash
- 9.4.3.3. Dry Steam
- 9.4.4. Rest of Latin America Market Analysis, Insights and Forecast – By Type
- 9.4.4.1. Binary
- 9.4.4.2. Flash
- 9.4.4.3. Dry Steam
- 10. Middle East & Africa Geothermal Energy Market Analysis (USD Billion) (MW), Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Type
- 10.2.1. Binary
- 10.2.2. Flash
- 10.2.3. Dry Steam
- 10.3. Market Analysis, Insights and Forecast – By Application
- 10.3.1. Residential
- 10.3.2. Commercial
- 10.3.3. Industrial
- 10.3.4. Others
- 10.4. Market Analysis, Insights and Forecast – By Country
- 10.4.1. Kenya Market Analysis, Insights and Forecast – By Type
- 10.4.1.1. Binary
- 10.4.1.2. Flash
- 10.4.1.3. Dry Steam
- 10.4.2. Rest of Middle East & Africa Market Analysis, Insights and Forecast – By Type
- 10.4.2.1. Binary
- 10.4.2.2. Flash
- 10.4.2.3. Dry Steam
- 11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2023
- 11.2. Company Profile
- 11.2.1. Ormat Technologies Inc.
- 11.2.1.1. Business Overview
- 11.2.1.2. Product & Service Offering
- 11.2.1.3. Overall Revenue
- 11.2.1.4. Recent Development
- 11.2.2. Calpine
- 11.2.2.1. Business Overview
- 11.2.2.2. Product & Service Offering
- 11.2.2.3. Overall Revenue
- 11.2.2.4. Recent Development
- 11.2.3. Mitsubishi Corporation
- 11.2.3.1. Business Overview
- 11.2.3.2. Product & Service Offering
- 11.2.3.3. Overall Revenue
- 11.2.3.4. Recent Development
- 11.2.4. Enel Green Power North America Inc.
- 11.2.4.1. Business Overview
- 11.2.4.2. Product & Service Offering
- 11.2.4.3. Overall Revenue
- 11.2.4.4. Recent Development
- 11.2.5. EthosEnergy
- 11.2.5.1. Business Overview
- 11.2.5.2. Product & Service Offering
- 11.2.5.3. Overall Revenue
- 11.2.5.4. Recent Development
- 11.2.6. GEG Power
- 11.2.6.1. Business Overview
- 11.2.6.2. Product & Service Offering
- 11.2.6.3. Overall Revenue
- 11.2.6.4. Recent Development
- 11.2.7. ElectraTherm
- 11.2.7.1. Business Overview
- 11.2.7.2. Product & Service Offering
- 11.2.7.3. Overall Revenue
- 11.2.7.4. Recent Development
- 11.2.8. Toshiba International Corporation
- 11.2.8.1. Business Overview
- 11.2.8.2. Product & Service Offering
- 11.2.8.3. Overall Revenue
- 11.2.8.4. Recent Development
- 11.2.9. First Gen Corporation
- 11.2.9.1. Business Overview
- 11.2.9.2. Product & Service Offering
- 11.2.9.3. Overall Revenue
- 11.2.9.4. Recent Development
- 11.2.10. Berkshire Hathaway Energy
- 11.2.10.1. Business Overview
- 11.2.10.2. Product & Service Offering
- 11.2.10.3. Overall Revenue
- 11.2.10.4. Recent Development
- 11.2.11. Turboden S.p.A.
- 11.2.11.1. Business Overview
- 11.2.11.2. Product & Service Offering
- 11.2.11.3. Overall Revenue
- 11.2.11.4. Recent Development
- 11.2.12. Reykjavik Geothermal
- 11.2.12.1. Business Overview
- 11.2.12.2. Product & Service Offering
- 11.2.12.3. Overall Revenue
- 11.2.12.4. Recent Development
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
