The global market for Geothermal Energy is estimated at US$7.0 Billion in 2023 and is projected to reach US$10.1 Billion by 2030, growing at a CAGR of 5.5% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the geothermal energy market is driven by several factors, including increasing demand for renewable energy, government incentives and policies, and continuous advancements in geothermal technology. As global awareness of climate change and the need for sustainable energy sources intensifies, there is a rising demand for low-carbon and renewable energy, positioning geothermal energy as a crucial component of the renewable energy mix. Government policies and incentives, such as tax credits, grants, feed-in tariffs, and renewable energy mandates, are encouraging investment and development in geothermal projects. These incentives reduce the financial risks associated with geothermal development, making it more attractive to investors and developers. The scalability and reliability of geothermal energy make it an attractive option for both grid-connected and off-grid applications, particularly in regions with high geothermal potential such as the Pacific Ring of Fire, the East African Rift Valley, and parts of the western United States. Technological advancements are making geothermal energy more cost-competitive with traditional fossil fuels and other renewable energy sources. The integration of geothermal energy into district heating systems, where it provides heating for residential and commercial buildings, and its potential for direct use applications in agriculture, aquaculture, and industrial processes, are also expanding its market reach. For example, geothermal energy can be used to heat greenhouses, fish farms, and industrial processes, providing a reliable and sustainable source of heat. Overall, the geothermal energy market is poised for significant growth, driven by a combination of environmental imperatives, supportive policies, and technological progress, highlighting its potential to play a key role in the global transition to sustainable energy.
The growth in the geothermal energy market is driven by several factors, including increasing demand for renewable energy, government incentives and policies, and continuous advancements in geothermal technology. As global awareness of climate change and the need for sustainable energy sources intensifies, there is a rising demand for low-carbon and renewable energy, positioning geothermal energy as a crucial component of the renewable energy mix. Government policies and incentives, such as tax credits, grants, feed-in tariffs, and renewable energy mandates, are encouraging investment and development in geothermal projects. These incentives reduce the financial risks associated with geothermal development, making it more attractive to investors and developers. The scalability and reliability of geothermal energy make it an attractive option for both grid-connected and off-grid applications, particularly in regions with high geothermal potential such as the Pacific Ring of Fire, the East African Rift Valley, and parts of the western United States. Technological advancements are making geothermal energy more cost-competitive with traditional fossil fuels and other renewable energy sources. The integration of geothermal energy into district heating systems, where it provides heating for residential and commercial buildings, and its potential for direct use applications in agriculture, aquaculture, and industrial processes, are also expanding its market reach. For example, geothermal energy can be used to heat greenhouses, fish farms, and industrial processes, providing a reliable and sustainable source of heat. Overall, the geothermal energy market is poised for significant growth, driven by a combination of environmental imperatives, supportive policies, and technological progress, highlighting its potential to play a key role in the global transition to sustainable energy.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Binary Cycle Power Stations segment, which is expected to reach US$5.0 Billion by 2030 with a CAGR of a 5.3%. The Flash Steam Power Stations segment is also set to grow at 6.0% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $1.9 Billion in 2023, and China, forecasted to grow at an impressive 5.2% CAGR to reach $1.6 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Geothermal Energy Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Geothermal Energy Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Geothermal Energy Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Aboitiz Power Corporation, Berkshire Hathaway Energy, Chevron Corporation, and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Select Competitors (Total 38 Featured):
- Aboitiz Power Corporation
- Berkshire Hathaway Energy
- Chevron Corporation
- Enel Green Power North America, Inc.
- Energy Development Corporation
- Hyundai Motor Company
- Mitsubishi Heavy Industries Ltd.
- PT. Pertamina Geothermal Energy
- Toshiba International Corporation (TIC)
Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
CANADA
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
ITALY
UNITED KINGDOM
REST OF EUROPE
ASIA-PACIFIC
REST OF WORLD
Companies Mentioned
- Aboitiz Power Corporation
- Berkshire Hathaway Energy
- Chevron Corporation
- Enel Green Power North America, Inc.
- Energy Development Corporation
- Hyundai Motor Company
- Mitsubishi Heavy Industries Ltd.
- PT. Pertamina Geothermal Energy
- Toshiba International Corporation (TIC)
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 177 |
| Published | November 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 7 Billion |
| Forecasted Market Value ( USD | $ 10.1 Billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
