The global geothermal energy market was valued at USD 5023.83 million in 2022 and is expected to reach USD 8020.93 million in 2030, with a CAGR of 5.29% during the forecast period 2023-2030.

The geothermal energy market is experiencing a surge driven by two key factors. First, there's a growing demand for reliable electricity across residential, commercial, and industrial sectors. People and businesses simply want uninterrupted power. Second, there's a strong push for sustainable electricity generation. Industries are increasingly seeking ways to reduce their environmental impact, and geothermal energy offers a clean and dependable alternative to fossil fuels.

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Infinium Global Research has released a new report offering a deep dive into the geothermal energy market. This analysis goes beyond basic descriptions, delving into market segments and sub-segments on a global and regional scale. It explores the short-term and long-term trajectory of the market by examining factors that influence growth, both positive (drivers) and negative (restraints). Additionally, the report considers the influence of broader economic trends (macro indicators) to provide a well-rounded picture. In essence, this report serves as a one-stop-shop for understanding current trends, forecasts, and financial projections for the global geothermal energy market.

Market Dynamics

Drivers:

  • Geothermal electricity generation primarily utilizes conventional resources like dry steam and flash plants (single, double, or triple). Binary plants, and combined cycle or hybrid plants are also used. As these high-quality resources become depleted, technology advancements may unlock deeper geothermal potential through Enhanced Geothermal Systems (EGS).
  • While the total installed capacity reached 15,960 MW at the end of 2021, the outlook for 2023-2030 suggests continued growth. Newcomers like Colombia and Taiwan have joined the geothermal power generation club, and existing players are likely adding capacity. The US remains a frontrunner, with its geothermal plants in western states expected to contribute significantly. By 2050, projections suggest a substantial increase in geothermal power output, potentially reaching over 60 gigawatts electric (GWe) across the US, providing reliable, clean energy.

Opportunities

  • Low-temperature geothermal energy (under 300°F or 150°C) offers a significant but underdeveloped resource. While challenges exist in generating electricity, these resources are valuable for direct-use applications like heating buildings and industrial processes. Technological advancements and government initiatives are fostering growth in this sector. The US Department of Energy's 2021 investment highlights this commitment. Looking ahead to 2030, wider adoption of low-temperature geothermal systems is anticipated, particularly in urban areas for heating and cooling large complexes. This could significantly contribute to the global geothermal energy portfolio.
  • In essence, low-temperature geothermal energy presents a promising avenue for expanding clean energy sources, particularly for direct-use applications. With ongoing research and development, this sector is poised for significant growth in the coming decade.

Challenges:

  • The road to geothermal energy development can be lengthy due to hurdles in permitting and staffing. Regulatory agencies, often juggling federal and state involvement, may face limitations in staff funding and expertise. This is particularly true for areas without existing geothermal projects, where staff may lack the familiarity to process applications efficiently. Even experienced offices can encounter delays if geothermal specialists are unavailable due to competing priorities.
  • Furthermore, the success of a project hinges on data gathered during exploration and resource confirmation phases. However, current processes often require subsequent environmental reviews for each development stage, potentially leading to redundancies and delays. These reviews, especially those mandated by the National Environmental Policy Act (NEPA) for projects on federal land, can add significant time and cost to the process. With multiple reviews needed to confirm resource potential, securing financing becomes more challenging. As a consequence, the permitting timeline can stretch from the ideal 1-3 years to a daunting 5-7 years, hindering broader geothermal deployment.

Market Segmentation:

      By Technology (Power Station Type):

  • Dry Steam Power Stations
  • Flash Steam Power Stations
  • Binary Cycle Power Stations

     By Application (End-Use):

  • Residential Heating and Cooling
  • Commercial Heating and Cooling
  • Industrial Applications
  • Other Applications (you can specify examples here if mentioned in the report, like greenhouses or district heating)

Regional Analysis

     Asia-Pacific: Leading the Charge

  • This region is expected to dominate the geothermal energy market due to several factors:
  • Electrification Initiatives: Efforts to bring electricity to underserved communities are creating new demand for geothermal power.
  • India's Green Push: India's strong commitment to clean energy and ambitious renewable energy targets are driving significant growth in the geothermal market. This dedicated effort will likely position India as a key player in the region's geothermal development.

    North America: Emerging Market

  • North America is experiencing rapid growth in the geothermal energy market, fueled by:
  • Strong Residential and Commercial Demand: The increasing energy needs of these sectors are driving investment in geothermal power as a reliable and sustainable source.

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 Competitive Landscape

  • Ormat
  • Enel Spa
  • Calpine
  • Mitsubishi Heavy Industries, LTD.
  • Toshiba America Energy Systems Corporation
  • GEG Power Ltd
  • Turboden S.p.A.
  • EthosEnergy
  • First Gen
  • ElectraTherm

Future outlook

The future of geothermal energy looks promising. The report predicts steady growth in the market, driven by factors like rising energy demands and a focus on renewable sources. This growth will likely be influenced by upcoming trends, such as technological advancements that unlock new geothermal resources. The report also highlights specific investment opportunities (thanks to the IGR analysis) for companies looking to capitalize on this expanding market. With regional breakdowns detailing market leaders, this report provides a roadmap for navigating the geothermal energy landscape in the coming years.

Conclusion:

The report paints a promising picture for the geothermal energy market, forecasting steady growth fueled by rising energy demands and the push for renewable sources. Technological advancements unlocking deeper geothermal potential and wider adoption of low-temperature systems for direct heating are poised to be key drivers. However, challenges like lengthy permitting processes and environmental reviews can hinder wider deployment. Overall, the report offers valuable insights for navigating the geothermal energy landscape, highlighting investment opportunities and detailing regional leaders in this growing clean energy sector.