Geothermal Energy Market Size To Reach $9.22 Billion By 2030

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

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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

Geothermal Energy Market Segmentation

Grand View Research has segmented the global geothermal energy market report based on technology, power, application, and region:

Geothermal Energy Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Flash Steam

• Dry Steam

• Binary Cycle Power Plants

Geothermal Energy Power Outlook (Revenue, USD Million, 2018 - 2030)

• Upto 5MW

• Above 5 MW

Geothermal Energy Application Outlook (Revenue, USD Million, 2018 - 2030)

• Residential

• Commercial

• Industrial

Geothermal Energy Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • Italy

  • Sweden

  • Finland

  • Switzerland

  • Netherlands 

• Asia Pacific

  • China

  • Japan

  • South Korea

  • Australia

• Central & South America

  • Brazil

  • Chile

• Middle East & Africa

  • Saudi Arabia

  • UAE

List of Key Players of the Geothermal Energy Market

• Turboden S.p.A.

• Alterra Power Corporation

• TAS Energy

• Atlas Copco Group

• Exergy

• Toshiba Corporation

• Mitsubishi Heavy Industries

• General Electric

• Ansaldo Energia

• Ormat Technologies