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Global Geothermal Energy Market to reach USD XX billion by the end of 2030.

Global Geothermal Energy Market Size study & Forecast, by Technology (Binary Cycle Plants, Flash Steam Plants, Dry Steam Plants, Others), by Temperature (Low Temperature, Medium Temperature, High Temperature), by Application (Power Generation, Residential Heating and Cooling, Commercial Heating and Cooling) and Regional Analysis, 2023-2030

Product Code: EPPGS-79679542
Publish Date: 20-02-2024
Page: 200

Global Geothermal Energy Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% during the forecast period 2023-2030. Geothermal energy is a renewable energy source derived from the heat stored beneath the Earth’s surface. This heat originates from the natural radioactive decay of elements in the Earth’s crust, along with the heat that was trapped during the planet’s formation. Geothermal energy can be harnessed for various applications, including electricity generation and direct-use applications. The key factors driving the market growth are the rising use of geothermal energy for power generation, surging demand for ground source/geothermal heat pumps, and growing focus on addressing the climate crisis and reducing greenhouse gas emissions that are anticipated to support the market growth during the forecast period 2023-2030.

Additionally, the rising adoption of Geothermal in industrial sectors is anticipated to create a lucrative demand for the market over the projected period. For instance, in Feb. 2021, Turboden SpA, a subsidiary of Mitsubishi Heavy Industries Ltd (MHI) and Mitsubishi Power Ltd, collaboratively disclosed securing a contract for the supply of 29 megawatts (MW) of binary cycle power generation equipment. The designated installation site for this equipment is the geothermal power plant situated in Palawan, Philippines, operated by the Energy Development Corporation (EDC). Moreover, the emergence of advanced technologies and rise of Geothermal 2.0, and the co-production and conversion of oil and gas wells for geothermal energy are anticipated to create lucrative opportunities for the market during the projected year. However, the high growth of solar, wind, gas, and other alternative renewable energy sources, and the lack of exploration and drilling techniques required to identify and develop undiscovered geothermal resources stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Geothermal Energy Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the cohesive government’s financial incentives, tax credits, and supportive policies, increasing public awareness and acceptance of renewable energy sources, including geothermal, and the presence of key market players. Whereas, the Asia Pacific is expected to grow at the fastest growth rate over the forecast period, owing to factors such as the increasing energy demand, supportive government policies, advances in geothermal exploration, drilling technologies, plant efficiency, and increasing awareness of the benefits of geothermal energy.

Major market player included in this report are:
Ormat Technologies Inc. (U.S.)
Turboden S.p.A. (Italy)
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.)

Recent Developments in the Market:
Ø In July 2022, Ormat has successfully initiated the operational phase of the Casa Diablo-IV (CD4) 30 MW geothermal power plant. Currently, the facility is actively providing 7 MW of geothermal power to Silicon Valley Clean Energy and Central Coast Community Energy through 10-year power purchase agreements (PPAs). Additionally, under a long-term 25-year agreement, the CD4 plant is contributing an extra 16 MW of geothermal power to the Southern California Public Power Authority.

Global Geothermal Energy Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Technology, Temperature, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Technology:
Binary Cycle Plants
Flash Steam Plants
Dry Steam Plants
Ground Source Heat Pumps
Direct Systems
By Temperature:
Low Temperature (Up to 900C)
Medium Temperature (900C – 1500C)
High Temperature (Above 1500C)
By Application:
Power Generation
Residential Heating and Cooling
Commercial Heating and Cooling

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Geothermal Energy Market, by Region, 2020-2030 (USD Billion)
1.2.2. Geothermal Energy Market, by Technology, 2020-2030 (USD Billion)
1.2.3. Geothermal Energy Market, by Temperature, 2020-2030 (USD Billion)
1.2.4. Geothermal Energy Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Geothermal Energy Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Geothermal Energy Market Dynamics
3.1. Geothermal Energy Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Rising use of geothermal energy for power generation Surging demand for ground source/geothermal heat pumps Growing focus on addressing climate crisis and reducing greenhouse gas emissions
3.1.2. Market Challenges High growth of solar, wind, gas, and other alternative renewable energy sources Lack of exploration and drilling techniques required to identify and develop undiscovered geothermal resources
3.1.3. Market Opportunities Emergence of advanced technologies and rise of Geothermal 2.0 Co-production and conversion of oil and gas wells for geothermal energy
Chapter 4. Global Geothermal Energy Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Geothermal Energy Market, by Technology
5.1. Market Snapshot
5.2. Global Geothermal Energy Market by Technology, Performance – Potential Analysis
5.3. Global Geothermal Energy Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
5.4. Geothermal Energy Market, Sub Segment Analysis
5.4.1. Binary Cycle Plants
5.4.2. Flash Steam Plants
5.4.3. Dry Steam Plants
5.4.4. Ground Source Heat Pumps
5.4.5. Direct Systems
5.4.6. Others
Chapter 6. Global Geothermal Energy Market, by Temperature
6.1. Market Snapshot
6.2. Global Geothermal Energy Market by Temperature, Performance – Potential Analysis
6.3. Global Geothermal Energy Market Estimates & Forecasts by Temperature 2020-2030 (USD Billion)
6.4. Geothermal Energy Market, Sub Segment Analysis
6.4.1. Low Temperature (Up to 900C)
6.4.2. Medium Temperature (900C – 1500C)
6.4.3. High Temperature (Above 1500C)
Chapter 7. Global Geothermal Energy Market, by Application
7.1. Market Snapshot
7.2. Global Geothermal Energy Market by Application, Performance – Potential Analysis
7.3. Global Geothermal Energy Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4. Geothermal Energy Market, Sub Segment Analysis
7.4.1. Power Generation
7.4.2. Residential Heating and Cooling
7.4.3. Commercial Heating and Cooling
Chapter 8. Global Geothermal Energy Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Geothermal Energy Market, Regional Market Snapshot
8.4. North America Geothermal Energy Market
8.4.1. U.S. Geothermal Energy Market Technology breakdown estimates & forecasts, 2020-2030 Temperature breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Geothermal Energy Market
8.5. Europe Geothermal Energy Market Snapshot
8.5.1. U.K. Geothermal Energy Market
8.5.2. Germany Geothermal Energy Market
8.5.3. France Geothermal Energy Market
8.5.4. Spain Geothermal Energy Market
8.5.5. Italy Geothermal Energy Market
8.5.6. Rest of Europe Geothermal Energy Market
8.6. Asia-Pacific Geothermal Energy Market Snapshot
8.6.1. China Geothermal Energy Market
8.6.2. India Geothermal Energy Market
8.6.3. Japan Geothermal Energy Market
8.6.4. Australia Geothermal Energy Market
8.6.5. South Korea Geothermal Energy Market
8.6.6. Rest of Asia Pacific Geothermal Energy Market
8.7. Latin America Geothermal Energy Market Snapshot
8.7.1. Brazil Geothermal Energy Market
8.7.2. Mexico Geothermal Energy Market
8.8. Middle East & Africa Geothermal Energy Market
8.8.1. Saudi Arabia Geothermal Energy Market
8.8.2. South Africa Geothermal Energy Market
8.8.3. Rest of Middle East & Africa Geothermal Energy Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Ormat Technologies Inc. (U.S.) Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. Turboden S.p.A. (Italy)
9.3.3. Mitsubishi Corporation (Japan)
9.3.4. Enel Green Power North America Inc. (U.S.)
9.3.5. EthosEnergy (U.S.)
9.3.6. GEG Power (Iceland)
9.3.7. ElectraTherm (U.S.)
9.3.8. Toshiba International Corporation (Japan)
9.3.9. First Gen Corporation (Philippines)
9.3.10. Berkshire Hathaway Energy (U.S.)
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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