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Geothermal Energy Market Size By Technology (Binary, Single Flash, Double Flash, Triple Flash, Dry, Back Pressure), Industry Analysis Report & Forecast 2023– 2032

  • Report ID: GMI1244
  • Published Date: Mar 2023
  • Report Format: PDF

Geothermal Energy Market Size

Geothermal Energy Market size exceeded USD 62 billion in 2022 and is projected to expand at more than 7.5% CAGR from 2023 to 2032 driven by the increasing deployment of clean energy solutions globally.

Geothermal power is gaining prominence among proven renewable energy choices, as industries transition toward renewable energy owing to a commitment to sustainability and economic concerns. The introduction of clean energy programs, as well as renewable source integration objectives, has increased the deployment of clean energy sources including solar, geothermal, and wind energy. Geothermal energy can be used to provide emission-free power, clean heating, and even co-generate electricity and heat as part of the transition to clean energy. Furthermore, advancements in several energy storage technologies have encouraged the use of renewable energy sources, which is likely to bolster the industry growth.

Geothermal Energy Market

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Additionally, improvements in geothermal systems will make it more feasible to utilize geothermal energy in varied industries. The Department of Energy estimates that by 2050, geothermal energy might produce 90 gigawatts in the United States, up from the current 3.7 gigawatts. In February 2023, the U.S. Department of Energy invested around $75 million in Enhanced Geothermal Systems pilot projects. By achieving the objectives of these projects, geothermal energy will emerge as a clean, economical choice to assist in the U.S. government’s aim of producing 100% carbon-free electricity by 2035. As a result, rising investments in geothermal energy generation are set to promote business growth.

High initial investment to impede industry progression

Due to the high initial costs associated with site discovery, well drilling, and lengthy project development cycles, the installation of geothermal energy power plants restricts the industry expansion. In addition, the technology has a significant level of project risk since drilling and exploratory operations may have an adverse effect on the ecosystem of the region, which is expected to hinder business expansion. However, as the use of geothermal energy increases, favorable government subsidies and other programs, together with improvements in technology and equipment, are slated to help manufacturers overcome the market limitation.

Geothermal Energy Market Analysis

Geothermal Energy Market Share, By Country

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Geothermal energy market in Indonesia is anticipated to reach over 19 billion by 2032. Indonesia is one of the top countries with strong geothermal potential and as Southeast Asian nations promote geothermal energy in a bid to achieve carbon neutrality, geothermal projects are gaining traction and attracting massive foreign investments. To that effect, leading businesses are trying to strengthen and highlight renewable energy initiatives. For instance, in January 2023, INPEX CORPORATION, a Japanese oil company, expanded its geothermal business in Indonesia by partnering with Rajabasa Geothermal Project through INPEX GEOTHERMAL, LTD., a subsidiary created to conduct geothermal business.

In terms of technology, the geothermal energy market from binary segment generated more than USD 15 billion in revenue in 2022 on account of its high efficiency, minimal emissions, and ease of integration with several other energy sources such as hydropower, solar, and others. In February 2022, Pertamina Geothermal Energy completed the building of a binary cycle geothermal power plant at Lahendong, Tomohon, North Sulawesi. This small-scale power plant with a capacity of 0.5 MW offers development prospects for other small-scale PLTPs. Such initiatives are likely to contribute to segment growth through 2032.

Geothermal Energy Market Share

Some key players operating in the geothermal energy industry are:

  • Reykjavik Geothermal
  • Exergy International Srl
  • Ormat Technologies, Inc.
  • Mitsubishi Heavy Industries, Ltd.
  • Enel Green Power S.p.A.
  •  Calpine
  • General Electric
  • Ansaldo Energia
  • Toshiba Corporation
  • and Enertime


 Energy sector operators are seeking to exploit prospec

tive geothermal sources through partnerships and acquisitions. For instance, in July 2022, Enel Green Power collaborated with Vulcan Energy, a developer of lithium chemistry solutions, to undertake projects and research the possibilities for geothermal lithium in Italy. By utilizing Vulcan's expertise, the partnership enabled Enel to advance its geothermal technology, while Vulcan Energy increased its market share in the lithium-ion sector.

The geothermal energy market research report includes in-depth coverage of the industry with estimates & forecasts in terms of “MW” & “USD Million” from 2019 to 2032, for the following segments:

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Market Insights, By Technology

  • Binary
  • Single Flash
  • Dual Flash
  • Triple Flash
  • Dry
  • Back Pressure

The above information has been provided for the following countries:

  • U.S.
  • Mexico
  • Turkey
  • Iceland
  • Italy
  • Germany
  • China
  • Philippines
  • Indonesia
  • New Zealand
  • Japan
  • Kenya
  • Ethiopia
  • Costa Rica
  • El Salvador
  • Nicaragua
  • Guatemala
  • Rest of the world


Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The geothermal energy market size crossed USD 62 billion in 2022 and is poised to record growth at a robust pace of over 7.5% gains through 2032 owing to the growing deployment of clean energy solutions globally.

The binary geothermal technology segment valued at more than USD 15 billion in 2022 driven by its increasing adoption backed by its high efficiency, minimal emissions, and ease of integration with several other energy sources.

The Indonesia market is estimated to reach over 19 billion in revenue by the end of 2032 on account of the rising foreign investment received in the country for the development of geothermal energy.

Reykjavik Geothermal, Exergy International Srl, Ormat Technologies, Inc., Mitsubishi Heavy Industries, Ltd., Enel Green Power S.p.A., Calpine, General Electric, Ansaldo Energia, Toshiba Corporation, and Enertime are some of the top firms operating in the industry.

Geothermal Energy Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 14
  • Tables & Figures: 258
  • Countries covered: 17
  • Pages: 220
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