Press release
Geothermal Energy Market Size Expected to Reach $13.56 billion by 2030
The global [https://www.marketsandmarkets.com/Market-Reports/geothermal-energy-market-205152720.html#utm_source=abnewswire.com&utm_medium=Referral&utm_campaign=PaidPR] is projected to grow from estimated USD 9.81 billion in 2024 to USD 13.56 billion by 2030, at a CAGR of 5.3% during the forecast period. Increasing use of geothermal energy for power generation, favourable government policy, and increasing demand for ground source geothermal heat pumps due to the increase in heating costs are the major driving factors for the Geothermal Energy Market.
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Binary cycle plant estimated to account for largest share of geothermal market during forecast period
By technology, the Geothermal Energy Market has been segmented into binary cycle plants, flash steam plants, dry steam plants, ground source heat pumps, direct systems, and others. The binary cycle segment is dominating the overall market due to its increasing adoption of renewable energy for power generation in medium-temperature reservoirs. Binary plants are typically used for geothermal resources with temperatures between 100 degrees C and 170 degrees C. They are currently the most popular type of geothermal power plant. Their popularity comes from their ability to work well with lower-temperature water sources, making them ideal for binary cycle installations. Moreover, binary plants release almost no emissions besides steam.
Low temperature segment to account for largest market share during forecast period
Based on temperature, the Geothermal Energy Market has been split into low, medium, and high temperature. The low temperature segment is estimated to account for the largest share of the overall Geothermal Energy Market in 2024. It is used in electricity generation or for combined heat and power. The development of binary cycle technology has enabled the exploitation of low-temperature geothermal reservoirs, opening up many new regions for geothermal development. This is likely to boost the growth of the market.
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Asia Pacific to be largest Geothermal Energy Market during forecast period
Asia Pacific is the largest Geothermal Energy Market in 2024. The market in the region is also projected to register the highest growth during the forecast period. In Asia Pacific, various countries are currently focused on geothermal energy to meet the increasing demand for electricity and to achieve the goal of net-zero CO2 emissions. Hence, there are huge investments from both governments and private companies.
Geothermal resources are abundant in Asia Pacific countries such as Indonesia and New Zealand. These resources can be utilized as climate-friendly energy sources in all weather. Currently, China is the largest user of geothermal heat pumps. The country uses geothermal energy mainly for district heating and space heating applications. Indonesia has commissioned many geothermal power plants in the past decade, which has enabled the country to meet its energy needs.
Companies such as Ormat (US), Mitsubishi Heavy Industries, Ltd. (Japan), and SLB (US) are leading the Geothermal Energy Market.
Ormat
Ormat is one of the leading vertically integrated companies primarily engaged in the geothermal energy business. The company conducts its operations through three business segments, namely, Electricity, Product, and Energy Storage. Its Electricity business segment develops, builds, owns, and operates geothermal, solar PV, and recovered energy-based power plants in the US and geothermal power plants in other countries. The Electricity segment provides geothermal and recovered energy-based electricity generation and remote power units. The company also operates as an EPC contractor for geothermal and recovered energy power plants on a turnkey basis. Ormat operates in over 100 countries across Europe, North America, South America, Asia, and the Middle East & Africa.
Mitsubishi Heavy Industries
Mitsubishi Heavy Industries is a Japanese multinational corporation specializing in shipbuilding, transportation systems, commercial aircraft, and power systems. The company offered its products and services to various end-use industries, such as energy, marine, automotive, defense, transportation, environment, and aerospace. It operates its business through four segments, namely, Energy Systems, Aircraft Defence & Space, Logistics, Thermal & Drive Systems, and Plants & Infrastructure Management. Through its Energy Systems business sector, the company provides geothermal energy systems and services. It also offers thermal power generation systems (gas turbine combined cycle and steam power), nuclear power generation systems (light-water reactors, nuclear fuel cycle & advanced solutions), wind power generators, engines for aircraft, compressors, air quality control systems, marine machinery, and renewable energy solutions. The company offers geothermal energy systems through the Mitsubishi Power and Turboden subsidiaries.
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