지열발전 시장 : 컴포넌트별, 유형별, 발전소 규모별, 사이트별, 배포 유형별, 용도별, 산업 분야별 - 세계 예측(2025-2030년)

The Geothermal Power Generation Market was valued at USD 7.74 billion in 2023 and is projected to grow to USD 8.28 billion in 2024, with a CAGR of 7.53%, reaching USD 12.87 billion by 2030.

In recent years, the energy landscape has experienced a discernible shift as the quest for sustainable and resilient power solutions intensifies. Geothermal power generation stands at the forefront of this renewable revolution, offering a reliable and eco-friendly alternative to traditional energy sources. This report introduces the essential elements of geothermal power, exploring how naturally occurring heat from the earth is harnessed to generate power sustainably and efficiently. As decision-makers navigate an increasingly complex market, an in-depth understanding of the technological and operational aspects of geothermal energy is paramount for both short and long-term strategic planning.

The content herein lays the foundation for a comprehensive analysis of the various dimensions that affect the geothermal market. It unravels the technological innovations, market dynamics, and regulatory influences that have gradually redefined the sector. Industry experts recognize that geothermal power generation is not merely a conventional energy alternative; it is a catalyst for economic growth, environmental stewardship, and socio-political stability. Furthermore, the report underscores the intrinsic value of geothermal energy in mitigating climate change, enhancing grid stability, and promoting energy independence. As the narrative unfolds, readers are invited to explore the multidimensional facets of geothermal power, including its operational challenges and the vast opportunities that lie ahead.

Transformative Shifts in the Landscape

The global energy sector is undergoing transformative shifts driven by an increasing demand for clean energy solutions and innovative technologies. Geothermal power generation has emerged as a critical component in this transition, reshaping the conventional paradigms of energy supply and consumption. Recent advancements in drilling techniques, reservoir management, and efficient power conversion methods have collectively redefined the parameters of geothermal operations. This evolution is marked by rapid technological breakthroughs and strategic investments that have both reduced operational costs and enhanced energy output.

Market evolution is also significantly influenced by supportive governmental policies and international agreements that incentivize the development of renewable energy sources. Diverse stakeholders, including regulators, private investors, and academic institutions, are converging around geothermal technology to address the growing global need for reliable and low-emission energy. Moreover, radical improvements in simulation and analytical tools have enabled better forecasting of geothermal resource potential, further encouraging investment in this domain. The continuous integration of digital solutions in monitoring and operational processes has likewise driven operational efficiencies, making geothermal power a more attractive option relative to its conventional counterparts.

As industry veterans and emerging market players seek new avenues for expansion, the confluence of technological progress and regulatory support is anticipated to propel the geothermal market into a period of significant growth. This transformation is not merely limited to technological advancements but extends to the structural realignment within energy portfolios worldwide, emphasizing the strategic importance of sustainable, long-term investments in renewable energy.

Key Segmentation Insights

A comprehensive understanding of the geothermal market necessitates detailed segmentation analysis to reveal underlying patterns and opportunities. The market is studied from multiple dimensions where segmentation based on components examines key elements such as generators, heat exchangers, heat pumps, separators, and turbines. This granular categorization enhances clarity regarding the technological infrastructure fueling geothermal systems. Similarly, segmentation based on type differentiates among binary cycle, dry steam, and flash steam approaches, each with distinct operational characteristics and efficiency profiles that collectively shape the market dynamics.

Further, segmentation based on power plant size investigates variations among large-scale plants, medium-scale plants, and small-scale plants. This perspective provides valuable insights into the scale-related operational challenges and investment requirements that vary with each plant size, offering a nuanced understanding of cost dynamics and logistical feasibility. Additionally, segmentation based on site distinguishes between offshore and onshore setups, illuminating location-specific benefits and potential hurdles, such as environmental concerns or accessibility issues. The deployment type segmentation, which differentiates between new deployments and retrofit & modernization scenarios, sheds light on evolving investment strategies and technological upgrades in an increasingly competitive market environment.

The application segmentation adds another layer of complexity by examining areas including district heating, food processing, gold extraction, irrigation, and milk pasteurizing processes. This aspect underscores the versatility and adaptability of geothermal power across various industry needs, establishing its role beyond conventional electricity generation. On top of this, segmentation based on industry verticals explores the market based on commercial, industrial, and residential usage. Within the industrial category, deeper analysis explores sub-segments such as agriculture, chemical processes, fish farming & aquaculture, food & beverage production, mining, paper & pulp operations, and power & energy systems. These segmentations together paint a comprehensive picture of the diverse market landscape, highlighting the multifaceted applications and strategic opportunities inherent in the geothermal power generation sector.

Based on Component, market is studied across Generator, Heat Exchanger, Heat Pump, Separator, and Turbine.

Based on Type, market is studied across Binary Cycle, Dry Steam, and Flash Steam.

Based on Power Plant Size, market is studied across Large-scale Plants, Medium-scale Plants, and Small-scale Plants.

Based on Site, market is studied across Offshore and Onshore.

Based on Deployment Type, market is studied across New Deployments and Retrofit & Modernization.

Based on Application, market is studied across District Heating, Food Processing, Gold Extraction, Irrigation, and Milk Pasteurizing.

Based on Industry Verticals, market is studied across Commercial, Industrial, and Residential. The Industrial is further studied across Agriculture, Chemical, Fish Farming & Aquaculture, Food & Beverage, Mining, Paper & Pulp, and Power & Energy.

Key Regional Insights

Regional analysis reveals significant variations in market development and growth potential across different parts of the world. In the Americas, robust policy frameworks and sustained investments in renewable infrastructure have contributed to notable progress in geothermal energy implementations. The region benefits from vast untapped resources, technological innovation, and collaboration between public and private stakeholders. In the Europe, Middle East & Africa region, policy reforms and strategic initiatives aimed at reducing carbon emissions have spurred interest in geothermal projects, leading to a steady increase in adoption rates. This dynamic is supported by progressive regulatory environments that promote energy diversification in a traditionally fossil-fuel-dominated landscape.

The Asia-Pacific region, on the other hand, boasts significant geothermal potential, driven by its expansive geothermal reserves and rapid industrialization. The strong emphasis on energy security and economic growth in these markets has resulted in notable investments in geothermal technology. As nations within this region aim to bolster their renewable energy portfolios, the ongoing infrastructural developments and supportive government measures are expected to drive market expansion. These regional insights collectively illustrate that while every geographic zone confronts unique challenges and regulatory conditions, there is a unifying trend towards increased adoption and development of geothermal power generation worldwide.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

Key Companies Insights

The geothermal energy landscape is populated by a diverse array of industry leaders and innovative newcomers who have significantly influenced technology advancement and market expansion. Companies such as ABB Ltd., Aboitiz Power Corporation, Altarock Energy Inc., and Ansaldo Energia S.p.A. have been instrumental in driving engineering innovations and pushing the boundaries of power generation capabilities. Other players like Atlas Copco Group, Baker Hughes Company, and Berkshire Hathaway Energy Company have provided strategic investments and operational excellence that have augmented the efficiency and reliability of geothermal installations.

Generous contributions also come from industry stalwarts including Calpine Corporation, Carrier Global Corporation, CeraPhi Energy, Climatemaster, Inc., and Contact Energy Limited, all of which have refined the technological design and environmental compatibility of geothermal systems. Further bolstering the sector are international engineering and consulting firms like COWI A/S, Cyrq Energy Inc., and Eavor Technologies Inc., which lend expertise in resource management and innovative project planning. Esteemed organizations such as Enel S.p.A., Engie SA, Exergy International SRL, and Fervo Energy provide pivotal insights into market trends and emerging technologies. In addition, First Gen Corporation, Fuji Electric Co., Ltd, General Electric Company, and Geothermal Engineering Ltd. contribute to an aggressive strategy of technological adoption and process optimization within the sector.

Additional industry leaders such as Halliburton Energy Services, Inc., Hitachi, Ltd., Holtec International, and JFE Engineering Corporation further underscore the sector's commitment to sustainable growth and technological diversification. This is complemented by companies like Kenya Electricity Generating Company Limited, Mitsubishi Heavy Industries, Ltd., Ormat Technologies, Inc., and PT Pertamina Geothermal Energy Tbk, which are essential in bridging regional differences in market maturity. Emerging innovators such as Quaise Energy, Reykjavik Geothermal, and Schlumberger Limited, along with established giants like Siemens AG, Sumitomo Corporation, Tetra Tech, Inc., Thermax Limited, Toshiba Corporation, and Yokogawa Electric Corporation, collectively provide a robust ecosystem that supports research, development, and scalable deployment strategies in geothermal power generation. These companies exemplify the global momentum and collaborative spirit that are driving the future of renewable energy.

The report delves into recent significant developments in the Geothermal Power Generation Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Aboitiz Power Corporation, Altarock Energy Inc., Ansaldo Energia S.p.A., Atlas Copco Group, Baker Hughes Company, Berkshire Hathaway Energy Company, Calpine Corporation, Carrier Global Corporation, CeraPhi Energy, Climatemaster, Inc., Contact Energy Limited, COWI A/S, Cyrq Energy Inc., Eavor Technologies Inc., Enel S.p.A., Engie SA, Exergy International SRL, Fervo Energy, First Gen Corporation, Fuji Electric Co., Ltd, General Electric Company, Geothermal Engineering Ltd., Halliburton Energy Services, Inc., Hitachi, Ltd., Holtec International, JFE Engineering Corporation, Kenya Electricity Generating Company Limited, Mitsubishi Heavy Industries, Ltd., Ormat Technologies, Inc., PT Pertamina Geothermal Energy Tbk, Quaise Energy, Reykjavik Geothermal, Schlumberger Limited, Siemens AG, Sumitomo Corporation, Tetra Tech, Inc., Thermax Limited, Toshiba Corporation, and Yokogawa Electric Corporation. Actionable Recommendations for Industry Leaders

For leaders in the geothermal sector, the evolving market presents both considerable challenges and exciting opportunities. A proactive strategic approach is essential to harness the full potential of geothermal technologies. It is imperative to invest in advanced research and development, particularly in optimizing drilling methods, enhancing reservoir monitoring, and improving efficiency in power conversion systems. By prioritizing innovation and collaboration with technology experts, industry leaders can mitigate operational risks and deliver more reliable power outputs.

Moreover, staying abreast of regulatory changes is vital. Industry executives should work closely with policy-makers to advocate for supportive regulatory frameworks and incentives that facilitate project development and reduce operational uncertainties. Leveraging digital tools and big data analytics can drive efficiency across the board, from resource assessment to maintenance management. Business leaders are advised to integrate digital transformation strategies into their operational blueprint, thereby enabling real-time monitoring and predictive maintenance that can significantly reduce downtime and escalate productivity.

From an investment perspective, exploring opportunities in retrofit and modernization projects can yield significant returns. By modernizing existing facilities with the latest technologies, companies can enhance performance while reducing environmental impacts. Additionally, diversifying the deployment portfolio by targeting both large-scale and small-scale plants can help balance risk while maximizing revenue streams. Emphasis on strategic partnerships and collaborations, especially in regions with untapped geothermal potential, can further strengthen market positioning.

Finally, effective risk management and contingency planning are indispensable. Given the dynamic nature of geothermal projects, having robust strategies to address potential delays, environmental challenges, and technological disruptions is key. These recommendations are crafted to provide a clear roadmap for decision-makers, ensuring that investments in geothermal power generation are not only sustainable but also geographically and technologically diversified.

Conclusion

In conclusion, the geothermal power generation sector holds remarkable promise as a major contributor to the global renewable energy mix. The comprehensive analysis reveals that, by leveraging technological innovations, strategic investments, and supportive regulatory environments, the geothermal market is positioned for steady growth. The multi-dimensional segmentation approach provides valuable insights into the various components and applications that characterize the market, while regional evaluations underscore both commonalities and distinctive market trends across Americas, Europe, Middle East & Africa, and Asia-Pacific.

Moreover, the detailed evaluation of leading companies across the sector demonstrates the robust framework within which geothermal power generation is evolving. These organizations have not only refined technological approaches but have also contributed significantly to streamlining the market's growth traction. Industry leaders are encouraged to adopt a holistic approach that integrates technological advancement with agile market strategies. By focusing on data-driven decision-making, embracing digital transformation, and actively engaging in collaborative efforts, stakeholders can secure sustainable growth and maintain competitive advantage.

This report serves to remind us that in an era marked by rapid environmental and technological transformation, geothermal power generation is more than a mere alternative; it is a cornerstone of future energy strategies. The insights provided herein lay the groundwork for strategic initiatives that can accelerate the transition to a cleaner, more efficient energy paradigm. Ultimately, the commitment to innovation and sustainability in the geothermal sector will play a pivotal role in shaping the energy narrative for decades to come.

Table of Contents

1. Preface

• 1.1. Objectives of the Study
• 1.2. Market Segmentation & Coverage
• 1.3. Years Considered for the Study
• 1.4. Currency & Pricing
• 1.5. Language
• 1.6. Stakeholders

2. Research Methodology

• 2.1. Define: Research Objective
• 2.2. Determine: Research Design
• 2.3. Prepare: Research Instrument
• 2.4. Collect: Data Source
• 2.5. Analyze: Data Interpretation
• 2.6. Formulate: Data Verification
• 2.7. Publish: Research Report
• 2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

• 5.1. Market Dynamics
  • 5.1.1. Drivers
    • 5.1.1.1. Growing energy demand due to rapid industrialization and urbanization
    • 5.1.1.2. Government-supportive policies and initiatives for renewable energy projects
  • 5.1.2. Restraints
    • 5.1.2.1. Significant upfront costs associated with geothermal power generation
  • 5.1.3. Opportunities
    • 5.1.3.1. Continuous improvements in drilling and exploration technologies
    • 5.1.3.2. Increasing number of partnerships and investments in geothermal power generation
  • 5.1.4. Challenges
    • 5.1.4.1. Stringent environmental issues associated with geothermal power generation
• 5.2. Market Segmentation Analysis
  • 5.2.1. Component: Increasing usage of turbines in geothermal power generation for efficiency and reliability
  • 5.2.2. Type: Burgeoning adoption of the binary cycle systems owing to their flexibility allow operation with lower temperature resources
  • 5.2.3. Power plant size: Adoption of medium-scale geothermal plants for regional energy production
  • 5.2.4. Site: Increasing demand for onshore geothermal power due to their accessibility
  • 5.2.5. Deployment type: Adoption of new deployments to reduce carbon emission
  • 5.2.6. Application: Increasing usage of geothermal power generation in food processing for sustainable food production
  • 5.2.7. Industry Verticals: Rising demand for geothermal power generation in the commercial sector for heating and cooling systems
• 5.3. Porter's Five Forces Analysis
  • 5.3.1. Threat of New Entrants
  • 5.3.2. Threat of Substitutes
  • 5.3.3. Bargaining Power of Customers
  • 5.3.4. Bargaining Power of Suppliers
  • 5.3.5. Industry Rivalry
• 5.4. PESTLE Analysis
  • 5.4.1. Political
  • 5.4.2. Economic
  • 5.4.3. Social
  • 5.4.4. Technological
  • 5.4.5. Legal
  • 5.4.6. Environmental

6. Geothermal Power Generation Market, by Component

• 6.1. Introduction
• 6.2. Generator
• 6.3. Heat Exchanger
• 6.4. Heat Pump
• 6.5. Separator
• 6.6. Turbine

7. Geothermal Power Generation Market, by Type

• 7.1. Introduction
• 7.2. Binary Cycle
• 7.3. Dry Steam
• 7.4. Flash Steam

8. Geothermal Power Generation Market, by Power Plant Size

• 8.1. Introduction
• 8.2. Large-scale Plants
• 8.3. Medium-scale Plants
• 8.4. Small-scale Plants

9. Geothermal Power Generation Market, by Site

• 9.1. Introduction
• 9.2. Offshore
• 9.3. Onshore

10. Geothermal Power Generation Market, by Deployment Type

• 10.1. Introduction
• 10.2. New Deployments
• 10.3. Retrofit & Modernization

11. Geothermal Power Generation Market, by Application

• 11.1. Introduction
• 11.2. District Heating
• 11.3. Food Processing
• 11.4. Gold Extraction
• 11.5. Irrigation
• 11.6. Milk Pasteurizing

12. Geothermal Power Generation Market, by Industry Verticals

• 12.1. Introduction
• 12.2. Commercial
• 12.3. Industrial
  • 12.3.1. Agriculture
  • 12.3.2. Chemical
  • 12.3.3. Fish Farming & Aquaculture
  • 12.3.4. Food & Beverage
  • 12.3.5. Mining
  • 12.3.6. Paper & Pulp
  • 12.3.7. Power & Energy
• 12.4. Residential

13. Americas Geothermal Power Generation Market

• 13.1. Introduction
• 13.2. Argentina
• 13.3. Brazil
• 13.4. Canada
• 13.5. Mexico
• 13.6. United States

14. Asia-Pacific Geothermal Power Generation Market

• 14.1. Introduction
• 14.2. Australia
• 14.3. China
• 14.4. India
• 14.5. Indonesia
• 14.6. Japan
• 14.7. Malaysia
• 14.8. Philippines
• 14.9. Singapore
• 14.10. South Korea
• 14.11. Taiwan
• 14.12. Thailand
• 14.13. Vietnam

15. Europe, Middle East & Africa Geothermal Power Generation Market

• 15.1. Introduction
• 15.2. Denmark
• 15.3. Egypt
• 15.4. Finland
• 15.5. France
• 15.6. Germany
• 15.7. Israel
• 15.8. Italy
• 15.9. Netherlands
• 15.10. Nigeria
• 15.11. Norway
• 15.12. Poland
• 15.13. Qatar
• 15.14. Russia
• 15.15. Saudi Arabia
• 15.16. South Africa
• 15.17. Spain
• 15.18. Sweden
• 15.19. Switzerland
• 15.20. Turkey
• 15.21. United Arab Emirates
• 15.22. United Kingdom

16. Competitive Landscape

• 16.1. Market Share Analysis, 2023
• 16.2. FPNV Positioning Matrix, 2023
• 16.3. Competitive Scenario Analysis
  • 16.3.1. XGS Energy acquired Capuano Engineering to enhance geothermal technology with a Thermal Reach Enhancement system and USD 20 million funding
  • 16.3.2. Zanskar Geothermal & Minerals, Inc. acquired the Lightning Dock geothermal power plant in New Mexico
  • 16.3.3. SLB and Ormat Technologies, Inc. partner to deliver comprehensive geothermal solutions
  • 16.3.4. Western Energy and Mitsubishi Gas Chemical Company signed an MoU to accelerate geothermal power growth, enhancing renewable energy and trade ties for a sustainable future
  • 16.3.5. Google LLC partnered with Berkshire Hathaway's NV Energy to power Nevada data centers with 115 megawatts of geothermal electricity
  • 16.3.6. Kyuden Mirai Energy announced the construction of the 4990 kW Kirishima Eboshi-dake geothermal power plant
  • 16.3.7. Energy Development Corporation launched the USD 120 million Palayan Bayan binary geothermal power plant in Albay
  • 16.3.8. Aboitiz Renewables Inc. accelerates sustainable growth with significant investments in the launching of solar and geothermal projects
  • 16.3.9. Fervo Energy secures USD 244 million funding led by Devon Energy to scale next-gen geothermal tech globally, aiming for cost-efficiency and enhanced productivity
  • 16.3.10. Ormat Technologies acquired Geothermal and Solar Assets for USD 271 Million from Enel Green Power North America (EGPNA), a subsidiary of Enel SpA (ENEL.MI), to expand its energy-renewable portfolio
• 16.4. Strategy Analysis & Recommendation
  • 16.4.1. Mitsubishi Corporation
  • 16.4.2. Toshiba Corporation
  • 16.4.3. ABB Ltd.
  • 16.4.4. Berkshire Hathaway Energy Company

Companies Mentioned

• 1. ABB Ltd.
• 2. Aboitiz Power Corporation
• 3. Altarock Energy Inc.
• 4. Ansaldo Energia S.p.A.
• 5. Atlas Copco Group
• 6. Baker Hughes Company
• 7. Berkshire Hathaway Energy Company
• 8. Calpine Corporation
• 9. Carrier Global Corporation
• 10. CeraPhi Energy
• 11. Climatemaster, Inc.
• 12. Contact Energy Limited
• 13. COWI A/S
• 14. Cyrq Energy Inc.
• 15. Eavor Technologies Inc.
• 16. Enel S.p.A.
• 17. Engie SA
• 18. Exergy International SRL
• 19. Fervo Energy
• 20. First Gen Corporation
• 21. Fuji Electric Co., Ltd
• 22. General Electric Company
• 23. Geothermal Engineering Ltd.
• 24. Halliburton Energy Services, Inc.
• 25. Hitachi, Ltd.
• 26. Holtec International
• 27. JFE Engineering Corporation
• 28. Kenya Electricity Generating Company Limited
• 29. Mitsubishi Heavy Industries, Ltd.
• 30. Ormat Technologies, Inc.
• 31. PT Pertamina Geothermal Energy Tbk
• 32. Quaise Energy
• 33. Reykjavik Geothermal
• 34. Schlumberger Limited
• 35. Siemens AG
• 36. Sumitomo Corporation
• 37. Tetra Tech, Inc.
• 38. Thermax Limited
• 39. Toshiba Corporation
• 40. Yokogawa Electric Corporation