Geothermal Energy Market Segmentation by Plant Type (Dry Steam Plants, Flash Steam Plants, Binary Cycle Power Plants, and Others); by End-User (Industrial, Commercial, and Others) – Global Demand Analysis & Opportunity Outlook 2030

Buy Now Report ID: 3285 | Published Date: Feb 09, 2023

Global Geothermal Energy Market Regional Synopsis

Regionally, the global geothermal energy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe region is estimated to witness highest CAGR over the forecast period on the back of presence of various geothermal reservoirs in the countries, such as, Iceland, Italy and Turkey, among others. Moreover, government initiatives to promote the use of geothermal energy is anticipated to boost the regional market growth.

The market in the North America region is estimated to hold the largest share over the forecast period owing to the presence of large number of geothermal power plants in the United States and Canada, backed by the favorable climatic conditions in the region. According to the report of the U.S. Energy Information Administration (EIA), in 2020, seven states of US have geothermal power plants, generating more than 17 billion kilowatt per hours (kWh) energy, which amounted to 0.4% of the total U.S. utility-scale electricity generation.

Global Geothermal Energy Market

Get more information on this reportDownload Sample PDF

The global geothermal energy market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Global Geothermal Energy Market
Get more information on this report: Request Free Sample PDF

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Market Segmentation


Our in-depth analysis of the global geothermal energy market includes the following segments:

By Plant Type

  • Dry Steam Plants
  • Flash Steam Plants
  • Binary Cycle Power Plants
  • Others

By End User

  • Industrial
  • Commercial
  • Others

Growth Drivers

  • Stable and Independent Renewable Source of Energy
  • Increasing Government Initiatives to Promote Geothermal Energy Adoption


  • Limited to Specific Landscapes
  • High Cost of Installation of Power Plant

Electricity Consumption
Get more information on this report: Request Free Sample PDF

Top Featured Companies Dominating the Market

    • Siemens AG
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • GE Group
    • Enel Spa
    • Ormat Technologies, Inc.
    • KEPCO Group
    • ABB Ltd
    • Mitsubishi Power, Ltd.
    • Engie SA
    • Tetra Tech, Inc.
    • First Gen Corporation


In The News

  • May 2021: Ormat Technologies Inc. announced a 15-year power purchase agreement for geothermal power with Clean Power Alliance, the fifth largest power provider in California.


Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Author Credits:  Payel Roy, Dhruv Bhatia

Key Questions Answered in the Report

1) What are the major factors driving the growth of the geothermal energy market?

Ans: Rising demand for renewable energy and stable nature of geothermal sources are the key factors driving market growth.

2) What would be the CAGR of geothermal energy market over the forecast period?

Ans: The market is anticipated to attain a ~4% CAGR over the forecast period, i.e., 2022-2030.

3) What are the challenges affecting the geothermal energy market growth?

Ans: High capital investment is the major challenge that is estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of geothermal energy market in future?

Ans: The market in the North America region will provide ample growth opportunities owing to the increasing number of geothermal powerplants and favorable landscape in the region.

5) Who are the major players dominating the geothermal energy market?

Ans: The major players dominating the geothermal energy market are Siemens AG, GE group, KEPCO Group, ABB Ltd, Mitsubishi Power, Ltd., Engie SA, First Gen Corporation, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the geothermal energy market?

Ans: The market is segmented by plant type, end-user, and by region.

8) Which segment under the plant type segment captures the largest market size in the geothermal energy market?

Ans: The binary cycle power plants segment is anticipated to hold the largest market share owing to its feature of operating even in a low-temperature reservoir.

Let Us Hear About Your Requirements:

Submit Your Request For Proposal (RFP)

 Request Free Sample Copy