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Geothermal Energy Market to Grow Due to High Demand for Clean Energy

November 08, 2022 | Energy & Power

The global geothermal energy market size is anticipated to show strong progress by reaching USD 95.82 billion by 2029 at a CAGR of 6.3% during the forecast period. Fortune Business Insights™ in its report titled “Geothermal Energy Market Size, Share & COVID-19 Impact Analysis, By Type (Binary Cycle, Flash, and Dry Steam), By Application (Industrial, Commercial, Residential, and Others), and Regional Forecast, 2022-2029” observes that the market size in 2021 stood at USD 59.40 billion and USD 62.65 billion in 2022. Many uses of geothermal energy, such as heating, cooling, and electricity, is expected to boost the market progress. Technological developments in this type of energy have led to capturing of the energy in higher volumes. Growing need for clean energy resources globally is driving the growth for the market.

Acquisition of Gumuskoy Geothermal Energy Power Plant Announced by Albioma and Egesim to Thrust Market Growth

In January 2021, Albioma announced the acquisition of 75% of Gumuskoy geothermal energy power plant and remaining 25% was acquired by Egesim. The acquisition paved the way for the expansion of its renewable business along with solar and biomass energy of Albioma. This acquisition is anticipated to drive the geothermal energy market growth. The acquisition was aimed to offer their products in a range of popular colors and styles to an expanded customer base.

Rise in Need for Heating Requirements to Foster Market Development

Rise in the population has led to rise in energy requirements as well, which is expected to aid market growth. Construction activities in residential and commercial sectors are projected to surge the demand for geothermal energy. Geothermal sources of energy are convenient in nature and are useful for district heating, which is anticipated to propel market growth. Increase in the number of construction activities and heating requirements is expected to result in the demand for renewable sources of energy.  

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Need for Clean Energy Sources to Boost Market Trajectory

There has been an increase in the demand for electricity, which is generated from clean sources of energy. Electricity demand in Mexico is set to grow by 3.5% over the study period. The country also generated 86.27 Terawatt hours, which is 26.7% of electricity from clean energy sources in 2021. Potential of the geothermal sector and growing need for renewable power requirements are expected to drive market growth.

Market Players Adopted Expansion Strategies to Meet Energy Demand

Key players of the market have opted for expansion, partnership, and acquisition strategies. For example, in May 2021, Ormat Technologies announced the acquisition of TG Geothermal Portfolio, a subsidiary of Terra-Gen. The acquisition was valued at USD 171 million. With this acquisition, Ormat Technologies had 1,100 MW installed capacity. Expansion strategy, such as expansion of capacity and innovation, is one of the major goals of companies.

Notable Industry Development

  • March 2022: Baker Hughes announced its investment in GreenFire Energy Inc. Both the companies have planned a strategic expansion for geothermal development. In addition, companies will also collaborate on various project developments, system installations, and project feasibility analysis.    

List of Key Companies Profiled in the Report:

  • Ormat Technologies Inc. (U.S.)

  • Calpine (U.S.)

  • Mitsubishi Corporation (Japan)

  • Enel Green Power North America Inc. (U.S.)

  • EthosEnergy (U.S.)

  • GEG Power (Iceland)

  • ElectraTherm (U.S.)

  • Toshiba International Corporation (U.S.)

  • First Gen Corporation (Philippines)

  • Berkshire Hathaway Energy (U.S.)

  • Turboden S.p.A. (Italy)

  • Reykjavik Geothermal (Iceland)

Further Report Findings

  • The market in Asia Pacific is expected to hold the highest part in the geothermal energy market share due to requirement of high volumes of energy. The market in the region stood at USD 21.80 billion in 2021 owing to high generation of electricity.

  • North America is projected to show noteworthy growth due to dominating residential and commercial sectors.

  • Europe is anticipated to have second-largest share in the market due to various energy projects in the development phase.

  • Growth in Latin America is driven by increasing consumption from industrial, commercial, and residential sectors.  

Table of Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Billion) and Volume (MW)


By Type, Application, and Region

By Type

  • Binary Cycle

  • Flash

  • Dry Steam

By Application

  • Residential

  • Commercial

  • Industrial

  • Others

By Geography

  • North America (By Type, By Application, By Country)

    • U.S. (By Type)

  • Europe (By Type, By Application, By Country)

    • Turkey (By Type)

    • Iceland (By Type)

    • Italy (By Type)

    • Rest of Europe (By Type)

  • Asia Pacific (By Type, By Application, By Country)

    • Philippines (By Type)

    • Indonesia (By Type)

    • New Zealand (By Type)

    • Rest of Asia Pacific (By Type)

  • Latin America (By Type, By Application, By Country)

    • Costa Rica (By Type)

    • Mexico (By Type)

    • El Salvador (By Type)

    • Rest of Latin America (By Type)

  • Middle East & Africa (By Type, By Application, By Country)

    • Kenya (By Type)

    • Rest of Middle East & Africa (By Type)

Global Geothermal Energy Market
  • PDF
  • 2023
  • 2019-2022
  • 237


  • 4850

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