Geothermal Energy Market Report: Trends, Forecast and Competitive Analysis to 2030

Geothermal Energy Trends and Forecast

The future of the global geothermal energy market looks promising with opportunities in the power generation, residential & commercial, and heating & cooling markets. The global geothermal energy market is expected to reach an estimated $8.9 billion by 2030 with a CAGR of 5.8% from 2024 to 2030. The major drivers for this market are growing awareness of the benefits of geothermal energy, increasing demand for renewable energy, and rising price of fossil fuels.

A more than 150-page report is developed to help in your business decisions.

Geothermal Energy by Segment

The study includes a forecast for the global geothermal energy by technlogy, application, and region.

Geothermal Energy Market by Technlogy [Shipment Analysis by Value from 2018 to 2030]:

• Binary Cycle Plants
• Flash Steam Plants
• Dry Steam Plants
• Ground Source Heat Pumps
• Direct Systems
• Others

Geothermal Energy Market by Application [Shipment Analysis by Value from 2018 to 2030]:

• Power Generation
• Residential Heating and Cooling
• Commercial Heating and Cooling

Geothermal Energy Market by Region [Shipment Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Geothermal Energy Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies geothermal energy companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the geothermal energy companies profiled in this report include-

• Ormat
• Mitsubishi Heavy Industries
• Baker Hughes
• NIBE
• SLB

Geothermal Energy Market Insights

Lucintel forecasts that binary cycle is expected to witness highest growth over the forecast period due to its growing use with high-temperature geothermal resources.

APAC is expected to witness highest growth over the forecast period due to expanding geothermal power generation capacity and government support for geothermal development in the region.

Features of the Global Geothermal Energy Market

Market Size Estimates: Geothermal energy market size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Geothermal energy market size by technlogy, application, and region in terms of value ($B).

Regional Analysis: Geothermal energy market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different technlogies, applications, and regions for the geothermal energy market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the geothermal energy market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q.1 What is the geothermal energy market size?

Answer: The global geothermal energy market is expected to reach an estimated $8.9 billion by 2030.

Q.2 What is the growth forecast for geothermal energy market?

Answer: The global geothermal energy market is expected to grow with a CAGR of 5.8% from 2024 to 2030.

Q.3 What are the major drivers influencing the growth of the geothermal energy market?

Answer: The major drivers for this market are growing awareness of the benefits of geothermal energy, increasing demand for renewable energy, and rising price of fossil fuels.

Q4. What are the major segments for geothermal energy market?

Answer: The future of the geothermal energy market looks promising with opportunities in the power generation, residential & commercial, and heating & cooling markets.

Q5. Who are the key geothermal energy market companies?

Answer: Some of the key geothermal energy companies are as follows:

• Ormat
• Mitsubishi Heavy Industries
• Baker Hughes
• NIBE
• SLB

Q6. Which geothermal energy market segment will be the largest in future?

Answer: Lucintel forecasts that binary cycle is expected to witness highest growth over the forecast period due to its growing use with high-temperature geothermal resources.

Q7. In geothermal energy market, which region is expected to be the largest in next 5 years?

Answer: APAC is expected to witness highest growth over the forecast period due to expanding geothermal power generation capacity and government support for geothermal development in the region.

Q.8 Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the geothermal energy market by technlogy (binary cycle plants, flash steam plants, dry steam plants, ground source heat pumps, direct systems, and others), application (power generation, residential heating and cooling, and commercial heating and cooling), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?