Market Size of Geothermal Energy Industry
| Study Period | 2020 - 2029 |
| Market Volume (2024) | 15.68 gigawatt |
| Market Volume (2029) | 17.91 gigawatt |
| CAGR (2024 - 2029) | 2.69 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Geothermal Energy Market Analysis
The Geothermal Energy Market size in terms of installed base is expected to grow from 15.68 gigawatt in 2024 to 17.91 gigawatt by 2029, at a CAGR of 2.69% during the forecast period (2024-2029).
- Over the medium term, factors such as the increasing electricity security concerns due to clean and eco-friendly resources. In addition, increasing demand for heating and cooling systems, including ground source heat pumps and district heating, are driving the growth of the geothermal energy market.
- On the other hand, the lucrative market for alternative clean energy sources like solar and wind is likely to hinder the market growth during the forecast period.
- Nevertheless, government-undertaken initiatives such as financial benefits and tax refunds to promote sustainable energy production are estimated to generate numerous growth opportunities for the geothermal energy market during the forecast period.
- North America is expected to be the largest market during the forecast period, with most of the demand coming from countries like the United States, Mexico, etc.
