Market Size of Asia-Pacific Geothermal Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Geothermal Energy Market Analysis
The Asia-Pacific geothermal energy market is expected to grow with a CAGR of around 7% during the forecast period. The COVID-19 pandemic affected the market adversely as many geothermal drilling projects as well as power plant projects got delayed or halted due to the movement restrictions. As an example, the East Nusa Tenggara geothermal plant in Indonesia was expected to get commissioned in February 2020, but the developers had to shift the completion time to 2021 due to the delays. The Asia-Pacific geothermal energy market is expected to grow in the coming years due to the stability in the geothermal power supply, which is more than other renewables, and the technological advancements happening in the recent picture for its better commercialization. However, the higher exploration cost for geothermal exploration for various applications is expected to impede the market growth in the near future.
- Binary geothermal power plants are expected to have significant growth during the forecast period due to better performance as compared to other power plant types.
- Many countries in the region conduct frequent conferences to negotiate ideas for geothermal market development, which creates ample opportunities for the market growth. As an example, for the last seven years, the Indonesian Geothermal Association (INAGA), the premier association for the Geothermal industry in Indonesia, has been hosting the Indonesia International Geothermal Convention & Exhibition (IIGCE) in Jakarta Convention Center. And now, the eighth convention is all set to take place in September 2022.
- Indonesia is likely to grow at a faster pace in the regional geothermal energy market during the forecast period due to the various plans fabricated for new geothermal power plants in the country.
