Energy & Power
Global Geothermal Energy Market - Industry Trends and Forecast to 2032
REPORT OVERVIEW
Global Geothermal Energy Market, By Type (Binary Cycle Power Stations, Flash Steam Power Stations, Dry Steam Power Stations), Technology (Binary Cycle Plants, Flash Steam Plants, Dry Steam Plants, Ground Source Heat Pumps, Direct Systems, Others), Power Outlook (Upto 5MW, Above 5 MW), Temperature (Low Temperature (Up to 900C), Medium Temperature (900C – 1500C), High Temperature (Above 1500C)), Application (Power Generation, Residential Heating and Cooling, Commercial Heating and Cooling), End-users (Commercial, Residential, Industrial), Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2032.
Market Insights
The global geothermal energy market size is valued to be USD xx million in 2023 and is expected to reach USD xx million by 2032, and it is expected to register a CAGR of xx% over the forecast period 2024-2032.
Geothermal energy is the heat derived from the Earth's internal processes, which are principally caused by the natural decay of radioactive elements in the core. This sustainable energy source produces electricity and direct heating by using thermal energy that is stored beneath the surface of the Earth. The geothermal energy market includes the exploration, extraction, and usage of geothermal resources for a variety of applications such as power generation, direct-use heating, and heat pumps. It includes drilling technology, geothermal power plants, and supporting infrastructure. The market is driven by the growing need for low-carbon and sustainable energy solutions, technical developments, and government initiatives that encourage the reduction of greenhouse gas emissions and the use of fossil fuels. Developers, equipment makers, and service providers that are committed to increasing the viability and efficiency of geothermal energy projects.
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Market Dynamics
DRIVERS
- Increasing energy demand and need for sustainable energy sources.
- Environmental benefits over fossil fuels.
RESTRAINTS
- High initial capital costs for geothermal plants.
- Limited availability of suitable geothermal resources.
OPPORTUNITIES
- Expansion in untapped geothermal regions.
- Integration of geothermal energy with other renewable sources.
CHALLENGES
- Technical difficulties in geothermal exploration and drilling.
- Regulatory and permitting issues.
SEGMENTATION
- Type
- Binary Cycle Power Stations
- Flash Steam Power Stations
- Dry Steam Power Stations
- Technology
- Binary Cycle Plants
- Flash Steam Plants
- Dry Steam Plants
- Ground Source Heat Pumps
- Direct Systems
- Others
- Power Outlook
- Upto 5MW
- Above 5 MW
- Temperature
- Low Temperature (Up to 900C)
- Medium Temperature (900C – 1500C)
- High Temperature (Above 1500C)
- Application
- Power Generation
- Residential Heating and Cooling
- Commercial Heating and Cooling
- End-users
- Commercial
- Residential
- Industrial
The respective global report is completely customizable specific to regions (North America, Europe, Asia-Pacific, South America, Middle East and Africa), countries, and segments as per the client requirements.
REGIONAL SEGMENTATION
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- The Netherlands
- Belgium
- Turkey
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Malaysia
- Australia
- Thailand
- Philippines
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Chile
- Colombia
- Rest of South America
- Middle East and Africa
- Kingdom of Saudi Arabia
- South Africa
- U.A.E.
- Egypt
- Rest of Middle East and Africa
KEY MARKET PLAYERS
- Turboden S.p.A.
- Alterra Power Corporation
- TAS Energy
- Atlas Copco Group
- Exergy
- Toshiba Corporation
- Mitsubishi Heavy Industries
- General Electric
- Ansaldo Energia
- Ormat Technologies
Table OF CONTENTS
- SECTION 1 - INTRODUCTION
- 1.1 Taxonomy
- 1.2 Market Overview
- 1.3 Currency and Limitations
- 1.3.1 Currency
- 1.3.2 Limitations
- 1.4 Key Competitors
- SECTION 2 - RESEARCH METHODOLOGY
- 2.1 Research Approach
- 2.2 Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research
- 2.3 Market Assessment
- 2.3.1 Market Size Estimation
- 2.3.2 Bottom-up Approach
- 2.3.3 Top-down Approach
- 2.3.4 Growth Forecast
- 2.4 Market Study Assumptions
- 2.5 Data Sources
- SECTION 3 - EXECUTIVE SUMMARY
- 3.1 Global Geothermal Energy Market, by Type
- 3.2 Global Geothermal Energy Market, by Technology
- 3.3 Global Geothermal Energy Market, by Power Outlook
- 3.4 Global Geothermal Energy Market, by Temperature
- 3.5 Global Geothermal Energy Market, by Application
- 3.6 Global Geothermal Energy Market, by End-users
- 3.8 Global Geothermal Energy Market, by Geography
- 3.9 Market Position Grid
- SECTION 4 - PREMIUM INSIGHTS
- 4.1 Regulatory Framework
- 4.1.1 Standards
- 4.1.2 Regulatory Landscape
- 4.2 Value Chain Analysis
- 4.3 Supply Chain Analysis
- 4.4 COVID-19 Impact
- 4.5 Russia-Ukraine War Impact
- 4.6 PORTER's Five Force Analysis
- 4.7 PESTLE Analysis
- 4.8 SWOT Analysis
- 4.9 Go to Market Strategy
- 4.10 Opportunity Orbit
- 4.11 Multivariate Modelling
- 4.12 Pricing Analysis
- SECTION 5 - MARKET DYNAMICS
- 5.1 Trends
- 5.1.1 Increasing adoption of renewable energy sources.
- 5.1.2 Technological advancements in geothermal energy extraction.
- 5.1.3 Trend 3
- 5.2 Drivers
- 5.2.1 Increasing energy demand and need for sustainable energy sources.
- 5.2.2 Environmental benefits over fossil fuels.
- 5.2.3 Driver 3
- 5.2.4 Driver 4
- 5.3 Restraints
- 5.3.1 High initial capital costs for geothermal plants.
- 5.3.2 Limited availability of suitable geothermal resources.
- 5.3.3 Restraint 3
- 5.4 Opportunities
- 5.4.1 Expansion in untapped geothermal regions.
- 5.4.2 Integration of geothermal energy with other renewable sources.
- 5.4.3 Opportunity 3
- 5.4.4 Opportunity 4
- 5.5 Challenges
- 5.5.1 Technical difficulties in geothermal exploration and drilling.
- 5.5.2 Regulatory and permitting issues.
- 5.5.3 Challenge 3
- SECTION 6 - GLOBAL GEOTHERMAL ENERGY MARKET, BY TYPE
- 6.1 Type Summary
- 6.2 Market Attractive Index
- 6.3 Global Geothermal Energy Market, by Type (2019-2032)
- SECTION 7 - GLOBAL GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY
- 7.1 Technology Summary
- 7.2 Market Attractive Index
- 7.3 Global Geothermal Energy Market, by Technology (2019-2032)
- SECTION 8 - GLOBAL GEOTHERMAL ENERGY MARKET, BY POWER OUTLOOK
- 8.1 Power Outlook Summary
- 8.2 Market Attractive Index
- 8.3 Global Geothermal Energy Market, by Power Outlook (2019-2032)
- SECTION 9 - GLOBAL GEOTHERMAL ENERGY MARKET, BY TEMPERATURE
- 9.1 Temperature Summary
- 9.2 Market Attractive Index
- 9.3 Global Geothermal Energy Market, by Temperature (2019-2032)
- SECTION 10 - GLOBAL GEOTHERMAL ENERGY MARKET, BY APPLICATION
- 10.1 Application Summary
- 10.2 Market Attractive Index
- 10.3 Global Geothermal Energy Market, by Application (2019-2032)
- SECTION 11 - GLOBAL GEOTHERMAL ENERGY MARKET, BY END-USERS
- 11.1 End-users Summary
- 11.2 Market Attractive Index
- 11.3 Global Geothermal Energy Market, by End-users (2019-2032)
- SECTION 15 - GLOBAL GEOTHERMAL ENERGY MARKET, BY GEOGRAPHY
- 11.1 Regional Summary
- 11.2 Market Attractive Index
- 11.3 Global Geothermal Energy Market, by Geography (2019-2032)
- SECTION 12 - NORTH AMERICA GEOTHERMAL ENERGY MARKET
- 12.1 North America Summary
- 12.2 Market Attractive Index
- 12.3 North America Geothermal Energy Market, by Type (2019-2032)
- 12.4 North America Geothermal Energy Market, by Technology (2019-2032)
- 12.5 North America Geothermal Energy Market, by Power Outlook (2019-2032)
- 12.6 North America Geothermal Energy Market, by Temperature (2019-2032)
- 12.7 North America Geothermal Energy Market, by Application (2019-2032)
- 12.8 North America Geothermal Energy Market, by End-users (2019-2032)
- 12.9 North America Geothermal Energy Market, by Country (2019-2032)
- 12.9.1 U.S.
- 12.9.2 Canada
- 12.9.3 Mexico
- 12.9.4 Rest of North America
- SECTION 13 - EUROPE GEOTHERMAL ENERGY MARKET
- 13.1 Europe Summary
- 13.2 Market Attractive Index
- 13.3 Europe Geothermal Energy Market, by Type (2019-2032)
- 13.4 Europe Geothermal Energy Market, by Technology (2019-2032)
- 13.5 Europe Geothermal Energy Market, by Power Outlook (2019-2032)
- 13.6 Europe Geothermal Energy Market, by Temperature (2019-2032)
- 13.7 Europe Geothermal Energy Market, by Application (2019-2032)
- 13.8 Europe Geothermal Energy Market, by End-users (2019-2032)
- 13.9 Europe Geothermal Energy Market, by Country (2019-2032)
- 13.9.1 Germany
- 13.9.2 U.K.
- 13.9.3 France
- 13.9.4 Italy
- 13.9.5 Spain
- 13.9.6 Russia
- 13.9.7 The Netherlands
- 13.9.8 Belgium
- 13.9.9 Turkey
- 13.9.10 Rest of Europe
- SECTION 14 - ASIA-PACIFIC GEOTHERMAL ENERGY MARKET
- 14.1 Asia-Pacific Summary
- 14.2 Market Attractive Index
- 14.3 Asia-Pacific Geothermal Energy Market, by Type (2019-2032)
- 14.4 Asia-Pacific Geothermal Energy Market, by Technology (2019-2032)
- 14.5 Asia-Pacific Geothermal Energy Market, by Power Outlook (2019-2032)
- 14.6 Asia-Pacific Geothermal Energy Market, by Temperature (2019-2032)
- 14.7 Asia-Pacific Geothermal Energy Market, by Application (2019-2032)
- 14.8 Asia-Pacific Geothermal Energy Market, by End-users (2019-2032)
- 14.9 Asia-Pacific Geothermal Energy Market, by Country (2019-2032)
- 14.9.1 China
- 14.9.2 India
- 14.9.3 Japan
- 14.9.4 South Korea
- 14.9.5 Singapore
- 14.9.6 Malaysia
- 14.9.7 Australia
- 14.9.8 Thailand
- 14.9.9 Philippines
- 14.9.10 Rest of Asia-Pacific
- SECTION 15 - SOUTH AMERICA GEOTHERMAL ENERGY MARKET
- 15.1 South America Summary
- 15.2 Market Attractive Index
- 15.3 South America Geothermal Energy Market, by Type (2019-2032)
- 15.4 South America Geothermal Energy Market, by Technology (2019-2032)
- 15.5 South America Geothermal Energy Market, by Power Outlook (2019-2032)
- 15.6 South America Geothermal Energy Market, by Temperature (2019-2032)
- 15.7 South America Geothermal Energy Market, by Application (2019-2032)
- 15.8 South America Geothermal Energy Market, by End-users (2019-2032)
- 15.9 South America Geothermal Energy Market, by Country (2019-2032)
- 15.9.1 Brazil
- 15.9.2 Argentina
- 15.9.3 Chile
- 15.9.4 Colombia
- 15.9.5 Rest of South America
- SECTION 16 - MIDDLE EAST AND AFRICA GEOTHERMAL ENERGY MARKET
- 16.1 Middle East and Africa Summary
- 16.2 Market Attractive Index
- 16.3 Middle East and Africa Geothermal Energy Market, by Type (2019-2032)
- 16.4 Middle East and Africa Geothermal Energy Market, by Technology (2019-2032)
- 16.5 Middle East and Africa Geothermal Energy Market, by Power Outlook (2019-2032)
- 16.6 Middle East and Africa Geothermal Energy Market, by Temperature (2019-2032)
- 16.7 Middle East and Africa Geothermal Energy Market, by Application (2019-2032)
- 16.8 Middle East and Africa Geothermal Energy Market, by End-users (2019-2032)
- 16.9 Middle East and Africa Geothermal Energy Market, by Country (2019-2032)
- 16.9.1 Kingdom of Saudi Arabia
- 16.9.2 South Africa
- 16.9.3 U.A.E.
- 16.9.4 Egypt
- 16.9.5 Rest of Middle East and Africa
- SECTION 17 - COMPANY SHARE ANALYSIS
- 17.1 Global Geothermal Energy Market, Company Share Analysis
- 17.2 North America Geothermal Energy Market, Company Share Analysis
- 17.3 Europe Geothermal Energy Market, Company Share Analysis
- 17.4 Asia-Pacific Geothermal Energy Market, Company Share Analysis
- SECTION 18 - COMPANY PROFILES
- 18.1 Turboden S.p.A.
- 18.1.1 Company Snapshot
- 18.1.2 Financial Overview
- 18.1.3 Product Portfolio
- 18.1.4 Recent Developments
- 18.2 Alterra Power Corporation
- 18.2.1 Company Snapshot
- 18.2.2 Financial Overview
- 18.2.3 Product Portfolio
- 18.2.4 Recent Developments
- 18.3 TAS Energy
- 18.3.1 Company Snapshot
- 18.3.2 Financial Overview
- 18.3.3 Product Portfolio
- 18.3.4 Recent Developments
- 18.4 Atlas Copco Group
- 18.4.1 Company Snapshot
- 18.4.2 Financial Overview
- 18.4.3 Product Portfolio
- 18.4.4 Recent Developments
- 18.5 Exergy
- 18.5.1 Company Snapshot
- 18.5.2 Financial Overview
- 18.5.3 Product Portfolio
- 18.5.4 Recent Developments
- 18.6 Toshiba Corporation
- 18.6.1 Company Snapshot
- 18.6.2 Financial Overview
- 18.6.3 Product Portfolio
- 18.6.4 Recent Developments
- 18.7 Mitsubishi Heavy Industries
- 18.7.1 Company Snapshot
- 18.7.2 Financial Overview
- 18.7.3 Product Portfolio
- 18.7.4 Recent Developments
- 18.8 General Electric
- 18.8.1 Company Snapshot
- 18.8.2 Financial Overview
- 18.8.3 Product Portfolio
- 18.8.4 Recent Developments
- 18.9 Ansaldo Energia
- 18.9.1 Company Snapshot
- 18.9.2 Financial Overview
- 18.9.3 Product Portfolio
- 18.9.4 Recent Developments
- 18.10 Ormat Technologies
- 18.10.1 Company Snapshot
- 18.10.2 Financial Overview
- 18.10.3 Product Portfolio
- 18.10.4 Recent Developments
- SECTION 19 - RELATED REPORTS
- SECTION 20 - DISCLAIMER
RESEARCH METHODOLOGY
The research methodology employed in Uniprism Market Research involves four basic steps namely research and data collection, data pre-processing, modeling and forecasting, quality assurance and output.
RESEARCH AND DATA COLLECTION
A tripod model research technique is followed for research and data collection in which various approaches such as primary research, secondary research, and product mapping are considered.
Primary research basically involves the process of conducting personalized interviews with market related professionals of major market players, investors, distributors, vendors and many more.
The secondary research include data published by government, annual reports, press releases, investor presentations of companies, white papers, certified publications, annual manufacturing limit of the respective industries related to the market, production consumption analysis of certain products respective to the market and many more.
Below mention are few of the sources which we have considered while estimating the market size:
For instance,
- Research articles published on Technium
- Science and MDPI
- Research publications by government approved associations and societies
Product mapping means the process of mapping the list of products that a key player contributes to the market as well as estimating the revenue of those products in order to define the Global Company share analysis of the respective Global Company in global, regional, and country level markets.
DATA PRE-PROCESSING
The term "data pre-processing" refers to the collection of procedures and methods used to clean, modify, and make ready for analysis the raw data gathered during research and data collection. The completion of this phase is necessary to guarantee that the data are reliable, consistent, and appropriate for statistical analysis and other data-driven tasks. The data pre-processing ensures that the information gathered from research and data collection is comparable and expressed in standard units, by the integration of missing data pointers and algorithmic approaches.
MODELING AND FORECASTING
The process of developing mathematical, statistical, or computational representations of real-world occurrences or relationships is known as modelling. These models are intended to replicate and explain market interactions, interdependence, and dynamics. These models are used by Uniprism Market Research to acquire a better knowledge of numerous market characteristics such as customer preferences, pricing elasticity, competition dynamics, and more. Depending on the individual study aims, many types of models are utilized, such as regression models, econometric models, decision tree models, and machine learning models.
Forecasting is the process of predicting future market conditions, trends, and occurrences using past data and models. Forecasting is used by Uniprism Market Research to estimate future sales, demand for products or services, market growth, and other important performance metrics. Forecasting accurately can assist organizations in making educated decisions about resource allocation, pricing, inventory management, and marketing tactics.
We create standardized bottom-up or top-down models that scale by leveraging data science and machine learning technology. All our market models consider the unique market characteristics of each country. Forecasting is based on major market indicators and a combination of traditional methodologies, such as exponential smoothing, time series analysis, regression analysis, and more modern techniques such as machine learning algorithms are all forecasting methodologies. The method chosen is determined on the nature of the data and the specific forecasting aims.
QUALITY ASSURANCE AND OUTPUT
Quality assurance and output involves the process of validation, adjustments, further publications of key market indicators. Extensive plausibility and consistency tests are performed on derived time series to ensure the high degree of quality of our market analysis. This quality assurance procedure also includes rigorous inspection, validation, and editing by an experienced management team to assure the dependability of the published data.