Geothermal Energy Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

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)


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