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Geothermal Energy Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033
Geothermal Energy Market
According to The Business Research Company's, The geothermal energy market size has grown strongly in recent years. It will grow from $5.74 billion in 2023 to $6.18 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to early exploration and development, government incentives and policies, environmental concerns, international cooperation, geopolitical factors.
The geothermal energy market size is expected to see strong growth in the next few years. It will grow to $7.94 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to climate change mitigation, electrification of transportation, geothermal heating and cooling, urbanization and industrialization. Major trends in the forecast period include expansion of enhanced geothermal systems, hybrid geothermal systems, geothermal district heating and cooling, decentralization of geothermal power.
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Market Drivers and Trends:
The rising investments in the renewable energy sector are expected to propel the growth of the geothermal energy market going forward. Investments in renewable energy refer to financial commitments made towards developing, deploying, and utilizing sustainable energy sources such as solar, wind, hydroelectric, geothermal, and biomass. It arises due to climate change concerns, advancements in renewable energy technologies, improved efficiency, and lowered costs. Investments are used in geothermal energy to drive various aspects of project development and deployment and harness geothermal resources for sustainable energy production plant construction, operation, and maintenance. For instance, in July 2022, according to reports published by the World Economic Forum, a Switzerland-based non-governmental organization, global energy investment has been growing steadily, averaging a 12% annual increase since 2020, and it is projected to rise by over 8% in 2022, reaching $2.4 trillion. Furthermore, according to the Institute for Energy Economics & Financial Analysis, a US-based nonprofit organization, investments in solar power generation totaled approximately $500 billion in 2022, up $80 billion from the previous year. Therefore, rising investments in the renewable energy sector are driving the growth of the geothermal energy market.
Major companies operating in the geothermal energy market are adopting a strategic partnership approach to provide geothermal energy solutions. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in April 2022, Robinson Oil Corporation, a US-based private-label fuel retailer, partnered with Dandelion Energy, a US-based geothermal heating manufacturer and supplier, to provide homeowners with sustainable and cost-effective geothermal energy. This partnership aims to provide homeowners with sustainable and cost-effective geothermal heating and cooling solutions, allowing Robison to offer its customers the best-in-class geothermal technology while maintaining its reputation as a trusted home comfort company. It aims to provide homeowners in the region with a more environmentally friendly alternative to traditional heating and cooling systems. Additionally, the partnership highlights the increasing demand for geothermal solutions as homeowners and governments look to incentivize the adoption of renewable energy technologies.
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Major Key Players of the Market:
Berkshire Hathaway Energy, Chevron Corporation, Mitsubishi Corporation, Enel Group, Engie SA, Siemens AG, General Electric Group, KEPCO Group, PT. Pertamina Geothermal Energy, Asea Brown Boveri Ltd., Toshiba International Corporation, Calpine Corporation, Tetra Tech Inc., Aboitiz Power Corporation, First Gen Corporation, Ormat Technologies, Energy Development Corporation, EthosEnergy Group, Therma Source LLC, Sarulla Operations Ltd., Turboden S.P.A., Terra-Green Power LLC, Gradient Resources, ElectraTherm, Reykjavik Geothermal
Geothermal Energy Market 2024 Key Insights:
• The Geothermal Energy Market is expected to grow to $7.94 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Driving Growth In The Geothermal Energy Market Through Investments
• Strategic Partnerships Driving Geothermal Energy Solutions
• Asia-Pacific was the largest region in the geothermal energy market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the geothermal energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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