← 產業報告目錄
Geothermal Energy Market by Application (Power generation, Residential & Commercial Heating and Cooling), Temperature (Low, Medium, & High temperature), Technology (Binary and Flash Cycle Plant, Dry Steam Plant, Ground Source Heat Pumps, Direct Systems), and Region - Global Forecast to 2030
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報告摘要
The geothermal energy market is estimated to reach USD 13.56 billion by 2030 at a CAGR of 5.3% during the forecast period. The need for renewable power generation, increasing adoption of ground source heat pumps (GHP), and favorable government policies are the major factors driving the market for geothermal energy.
“Flash steam plants segment is projected to register the highest CAGR during the forecast period.”
By technology, the geothermal energy market has been segmented into binary cycle plants, flash steam plants, dry steam plants, ground source heat pumps, direct systems, and others. The flash steam plants segment is expected to grow at the highest CAGR during the forecast period. Flash steam plants vary in size depending on whether they are single (0.2-80 MW), double (2-110 MW), or triple-flash (60- 150 MW) plants. It produces about 27 kg/MWh of CO2 emissions, while a binary power plant produces zero CO2 emissions. The favorable government policies and the developed technology of dry steam plants are expected to drive the overall geothermal energy market.
“Power generation is expected to be the largest application during the forecast period.”
By application, the geothermal energy market has been segmented into power generation, residential heating and cooling, commercial heating and cooling, and others. The power generation segment is expected to be the largest application of geothermal energy during the forecast period due to the increasing demand for sustainable energy in every sector. Geothermal energy is preferred over other renewable forms of energy, such as wind, solar, and hydropower, for power generation.
“North America is estimated to be the second-largest market during the forecast period.”
North America is anticipated to be the second-largest geothermal energy market. The market in the region is driven by technological advancements in geologically favorable regions and a strong emphasis by countries on utilizing geothermal resources for electricity generation and other applications. Additionally, rising investments in new geothermal projects across the region are expected to further accelerate market growth. Innovation, strategic focus, and increased funding position North America as a key player in the global geothermal energy sector.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1 - 11%, Tier 2 - 85%, and Tier 3 - 24%
By Designation: C-Level - 30%, Managers - 25%, and Others - 45%
By Region: North America - 33%, Europe - 27%, Asia Pacific - 20%, Middle East & Africa - 12%, and South America - 18%
Note: The tiers of the companies are defined based on their total revenues as of 2024. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The geothermal energy market is dominated by a few major players that have a wide geographical presence. The leading players in the geothermal energy market are Ormat (US), MITSUBISHI HEAVY INDUSTRIES LTD. (Japan), GE Vernova (US), Ansaldo Energia (Italy), Fuji Electric Co., Ltd. (Japan), Toshiba Energy Systems & Solutions Corporation (Japan), Siemens AG (Germany), EXERGY INTERNATIONAL SRL (Italy), SLB (US), Halliburton (US), NOV (US), Weatherford (US), Welltec (Denmark), MANNVIT (Iceland), NIBE Group (Sweden), and others. The study includes an in-depth competitive analysis of these key players in the geothermal energy market, with their company profiles, recent developments, and key market strategies.
Research Coverage:
The report defines, describes, and forecasts the global geothermal energy market by application (Power Generation, Residential & Commercial Heating and Cooling), Temperature (Low, Medium, and High Temperature), Technology (Binary and Flash Cycle Plant, Dry Steam Plant, Ground Source Heat Pumps, Direct Systems), and Region. The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the geothermal energy market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; contracts, partnerships, agreements, mergers & acquisitions; and recent developments associated with the geothermal energy market.
Key Benefits of Buying the Report
• Analysis of key drivers (Surging demand for ground source/geothermal heat pumps, Favorable government policies and initiatives, Use of geothermal energy for power generation, and Global focus on addressing climate crisis and reducing greenhouse gas emissions), restraints (High growth of solar, wind, gas, and other alternative renewable energy source, Lack of exploration and drilling techniques required to identify and develop undiscovered geothermal resources, Expensive geothermal well drilling leading to high upfront project costs.), opportunities (Emergence of advanced technologies, Geothermal potential for low- and medium-temperature resources, Mineral extraction using geothermal energy) and challenges (Multiple environmental reviews and assessments associated with geothermal projects, Absence of geothermal professionals, consultants, and businesses) influencing the growth of the geothermal energy market.
• Product Development/Innovation: Rapid development and innovation in geothermal energy, particularly through advancements in Enhanced Geothermal Systems (EGS), closed-loop, and supercritical geothermal technologies, expand access to the Earth’s heat resources. European projects like EnBW’s CASCADE, recognized for pioneering lithium extraction from geothermal brines, demonstrate how geothermal can simultaneously support energy and critical mineral supply chains. Innovations in the oil & gas sector, such as repurposing hydrocarbon wells for geothermal heating and improving drilling efficiency with advanced cooling techniques, are lowering costs and accelerating deployment. These breakthroughs position geothermal as a reliable, sustainable, and versatile solution for decarbonization and energy security.
• Market Development: Mitsubishi Heavy Industries Ltd. (Japan), via its Mitsubishi Power division, secured a contract in October 2024 to retrofit the Darajat Geothermal Power Plant in Indonesia with a new steam turbine, boosting its output from 121 to 129 MW.
• Market Diversification: Ormat Technologies completed its acquisition of the Blue Mountain geothermal power plant (20 MW) in Nevada from Cyrq Energy for USD 88 million in June 2025, a move that immediately strengthens its electricity generation portfolio. The plant, originally built with Ormat technology, currently operates under a power purchase agreement with NV Energy, which is set to expire at the end of 2029. Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players, such as Ormat (US), MITSUBISHI HEAVY INDUSTRIES LTD. (Japan), GE Vernova (US), Ansaldo Energia (Italy), Fuji Electric Co., Ltd. (Japan), Toshiba Energy Systems & Solutions Corporation (Japan), Siemens AG (Germany), EXERGY INTERNATIONAL SRL (Italy), SLB (US), Halliburton (US), NOV (US), Weatherford (US), WELLTEC (Denmark), MANNVIT (Iceland), and NIBE Group (Sweden), are conducted.
目錄 Table of Contents
1 INTRODUCTION 23
1.1 STUDY OBJECTIVES 23
1.2 MARKET DEFINITION 23
1.3 MARKET SCOPE 24
1.3.1 GEOTHERMAL ENERGY MARKET: SEGMENTATION 24
1.4 INCLUSIONS & EXCLUSIONS 25
1.4.1 GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY:
INCLUSIONS & EXCLUSIONS 25
1.4.2 GEOTHERMAL ENERGY MARKET, BY TEMPERATURE:
INCLUSIONS & EXCLUSIONS 25
1.4.3 GEOTHERMAL ENERGY MARKET, BY APPLICATION:
INCLUSIONS & EXCLUSIONS 26
1.5 YEARS CONSIDERED 26
1.6 UNIT CONSIDERED 26
1.7 CURRENCY CONSIDERED 27
1.8 SUMMARY OF CHANGES 27
1.9 LIMITATIONS 27
1.10 STAKEHOLDERS 28
2 RESEARCH METHODOLOGY 29
2.1 RESEARCH DATA 29
2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 30
2.2.1 SECONDARY DATA 31
2.2.1.1 Key data from secondary sources 31
2.2.2 PRIMARY DATA 31
2.2.2.1 Key data from primary sources 32
2.2.2.2 Breakdown of primaries 33
2.3 SCOPE 33
2.4 MARKET SIZE ESTIMATION 35
2.4.1 DEMAND-SIDE ANALYSIS 35
2.4.1.1 Calculation 35
2.4.1.2 Assumptions 36
2.4.2 SUPPLY-SIDE ANALYSIS 36
2.4.3 FORECAST 38
3 EXECUTIVE SUMMARY 39
4 PREMIUM INSIGHTS 43
4.1 ATTRACTIVE OPPORTUNITIES FOR GEOTHERMAL ENERGY MARKET PLAYERS 43
4.2 GEOTHERMAL ENERGY MARKET, BY REGION 44
4.3 GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY 44
4.4 GEOTHERMAL ENERGY MARKET, BY TEMPERATURE 45
4.5 GEOTHERMAL ENERGY MARKET, BY APPLICATION 45
5 MARKET OVERVIEW 46
5.1 INTRODUCTION 46
5.2 MARKET DYNAMICS 46
5.2.1 DRIVERS 47
5.2.1.1 Surging demand for ground source/geothermal heat pumps 47
5.2.1.2 Government policies and initiatives 48
5.2.1.3 Use of geothermal energy for power generation 48
5.2.2 RESTRAINTS 49
5.2.2.1 Growing use of solar, wind, gas, and other alternative renewable energy sources 49
5.2.2.2 Limited exploration and drilling techniques to identify and develop undiscovered geothermal resources 50
5.2.2.3 Expensive geothermal well drilling, leading to high upfront
project costs 51
5.2.3 OPPORTUNITIES 52
5.2.3.1 Co-production and conversion of oil & gas wells for geothermal energy 52
5.2.3.2 Geothermal potential for low- and medium-temperature resources 53
5.2.3.3 Decarbonization and energy security 53
5.2.4 CHALLENGES 54
5.2.4.1 Resource uncertainty and exploration risk 54
5.2.4.2 Absence of geothermal professionals, consultants, and businesses 54
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 55
5.3.1 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR GEOTHERMAL ENERGY SYSTEM PROVIDERS 55
5.4 ECOSYSTEM ANALYSIS 56
5.5 SUPPLY CHAIN ANALYSIS 58
5.5.1 SUPPLY CHAIN ANALYSIS OF GEOTHERMAL COMBINED HEAT AND POWER GENERATION 59
5.5.1.1 Exploration & feasibility 59
5.5.1.2 Development 60
5.5.1.3 Drilling 60
5.5.1.4 Front-end engineering and design (FEED) 60
5.5.1.5 Manufacturing 60
5.5.1.6 Construction/Engineering, procurement, and construction (EPC) 60
5.5.1.7 Operations and maintenance 60
5.5.2 SUPPLY CHAIN ANALYSIS OF GEOTHERMAL ENERGY MARKET FOR GROUND SOURCE/GEOTHERMAL HEAT PUMPS 61
5.5.2.1 Raw material suppliers 61
5.5.2.2 Original equipment manufacturers (OEMs) 61
5.5.2.3 Distributors 61
5.5.2.4 End users 61
5.6 KEY CONFERENCES & EVENTS, 2025–2026 62
5.7 REGULATORY LANDSCAPE 63
5.7.1 CODES, POLICIES, AND REGULATIONS RELATED TO GEOTHERMAL ENERGY SYSTEMS 63
5.7.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 69
5.8 PATENT ANALYSIS 73
5.9 PORTER’S FIVE FORCES ANALYSIS 75
5.9.1 THREAT OF SUBSTITUTES 76
5.9.2 BARGAINING POWER OF SUPPLIERS 76
5.9.3 BARGAINING POWER OF BUYERS 76
5.9.4 THREAT OF NEW ENTRANTS 76
5.9.5 INTENSITY OF COMPETITIVE RIVALRY 77
5.10 CASE STUDY ANALYSIS 77
5.10.1 NEED FOR PRECISE RESERVOIR MANAGEMENT 77
5.10.1.1 Problem statement 77
5.10.1.2 Solution 77
5.10.2 ELDERLY ACCOMMODATION CENTER IN MEUNG SUR LOIRE, FRANCE, USES GEOTHERMAL ENERGY FOR HEATING AND COOLING 77
5.10.2.1 Problem statement 77
5.10.2.2 Solution 77
5.10.3 FEASIBILITY OF GEOTHERMAL POWER IN NEW MARKETS AND CONTRIBUTION TO LOCAL DECARBONIZATION 78
5.10.3.1 Problem statement 78
5.10.3.2 Solution 78
5.11 GEOTHERMAL RESOURCES 78
5.11.1 GEOTHERMAL HEAT-PUMP RESOURCES 78
5.11.2 HYDROTHERMAL RESOURCES 78
5.11.3 UNCONVENTIONAL RESOURCES (ENHANCED GEOTHERMAL SYSTEMS) 79
5.12 TECHNOLOGY ANALYSIS 79
5.12.1 ENHANCED GEOTHERMAL RESOURCES 79
5.12.2 ADVANCED GEOTHERMAL RESOURCES 79
5.12.3 CLOSED-LOOP GEOTHERMAL ENERGY 80
5.12.4 DISPATCHABLE GEOTHERMAL PLANTS 80
5.12.5 UNDERGROUND THERMAL ENERGY STORAGE 80
5.13 TRADE ANALYSIS 80
5.13.1 EXPORT SCENARIO 80
5.13.2 IMPORT SCENARIO 82
5.14 KEY STAKEHOLDERS & BUYING CRITERIA 83
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 83
5.14.2 BUYING CRITERIA 83
5.15 AVERAGE CAPITAL EXPENDITURE PRICING ANALYSIS, BY REGION 84
5.16 IMPACT OF GEN AI/AI ON GEOTHERMAL ENERGY MARKET 85
5.16.1 ADOPTION OF GEN AI/AI IN GEOTHERMAL ENERGY MARKET 85
5.16.2 IMPACT OF GEN AI/AI, BY APPLICATION 86
5.16.3 IMPACT OF GEN AI/AI ON GEOTHERMAL ENERGY MARKET, BY REGION 86
5.17 GLOBAL MACROECONOMIC OUTLOOK 87
5.17.1 INTRODUCTION 87
5.17.2 GDP TRENDS AND FORECAST 87
5.17.3 IMPACT OF INFLATION ON GEOTHERMAL ENERGY MARKET 88
5.18 IMPACT OF 2025 US TARIFF – OVERVIEW 88
5.18.1 INTRODUCTION 88
5.18.2 KEY TARIFF RATES 89
5.18.3 IMPACT ON REGION 90
5.18.3.1 North America 90
5.18.3.2 Europe 90
5.18.3.3 Asia Pacific 90
5.18.3.4 ROW 91
6 GEOTHERMAL ENERGY MARKET, BY APPLICATION 92
6.1 INTRODUCTION 93
6.2 POWER GENERATION 94
6.2.1 SURGING DEMAND FOR SUSTAINABLE ENERGY TO DRIVE MARKET 94
6.3 RESIDENTIAL HEATING & COOLING 95
6.3.1 HIGH ENERGY COST TO PROMPT RESIDENTIAL SECTOR TO ADOPT GEOTHERMAL ENERGY 95
6.4 COMMERCIAL HEATING & COOLING 96
6.4.1 ADOPTION OF GEOTHERMAL ENERGY BY SMALL BUSINESSES
TO PROPEL MARKET 96
6.5 OTHERS 97
7 GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY 99
7.1 INTRODUCTION 100
7.2 BINARY CYCLE PLANTS 101
7.2.1 ABILITY TO UTILIZE MEDIUM TEMPERATURE RESERVOIRS TO DRIVE MARKET 101
7.3 DRY STEAM PLANTS 102
7.3.1 HIGH-TEMPERATURE & VOLCANICALLY ACTIVE RESERVOIRS
TO DRIVE MARKET 102
7.4 FLASH STEAM PLANTS 103
7.4.1 MATURE & EFFICIENT TECHNOLOGY OF FLASH STEAM PLANTS TO SUPPORT MARKET GROWTH 103
7.5 GROUND SOURCE HEAT PUMPS 104
7.5.1 LOW OPERATIONAL COST AND HIGH EFFICIENCY TO PROPEL ADOPTION 104
7.6 DIRECT SYSTEMS 105
7.6.1 SIMPLICITY AND EFFICIENCY OF DIRECT-USE SYSTEMS TO FUEL DEMAND 105
7.7 OTHER TECHNOLOGIES 106
8 GEOTHERMAL ENERGY MARKET, BY TEMPERATURE 108
8.1 INTRODUCTION 109
8.2 LOW TEMPERATURE (LESS THAN 90°C) 110
8.2.1 LOW-TEMPERATURE GEOTHERMAL RESOURCES USED FOR DIRECT APPLICATIONS 110
8.3 MEDIUM TEMPERATURE (90–150°C) 111
8.3.1 MEDIUM-TEMPERATURE FIELDS INCREASINGLY USED FOR ELECTRICITY GENERATION 111
8.4 HIGH TEMPERATURE (ABOVE 150°C) 112
8.4.1 HIGH-TEMPERATURE GEOTHERMAL ENERGY FOUND IN VOLCANIC AND SEISMICALLY ACTIVE REGIONS 112
9 GEOTHERMAL ENERGY MARKET, BY REGION 113
9.1 INTRODUCTION 114
9.2 ASIA PACIFIC 116
9.2.1 CHINA 120
9.2.1.1 Plans to increase installed geothermal power capacity to propel market 120
9.2.2 JAPAN 121
9.2.2.1 Widespread use of geothermal energy to boost market 121
9.2.3 INDONESIA 122
9.2.3.1 Supportive government policies to encourage market growth 122
9.2.4 PHILIPPINES 123
9.2.4.1 Favorable geological conditions and high opportunities for investment in geothermal energy to drive market 123
9.2.5 NEW ZEALAND 125
9.2.5.1 Investments in geothermal projects to push market 125
9.2.6 REST OF ASIA PACIFIC 126
9.3 NORTH AMERICA 127
9.3.1 US 130
9.3.1.1 Increasing demand for geothermal heat pumps to favor market 130
9.3.2 CANADA 132
9.3.2.1 Favorable government policy framework to fuel market growth 132
9.3.3 MEXICO 133
9.3.3.1 Initiation of multiple geothermal projects to augment market growth 133
9.4 EUROPE 134
9.4.1 TURKEY 138
9.4.1.1 Geothermal Development Project to provide opportunities for market growth 138
9.4.2 GERMANY 139
9.4.2.1 Target of 155additional geothermal projects to accelerate market growth 139
9.4.3 ITALY 140
9.4.3.1 Increasing demand for geothermal heat pumps to drive market 140
9.4.4 ICELAND 141
9.4.4.1 Abundance of geothermal resources to support market growth 141
9.4.5 REST OF EUROPE 142
9.5 SOUTH AMERICA 143
9.5.1 CHILE 146
9.5.1.1 Investments in new geothermal projects to foster market growth 146
9.5.2 COLOMBIA 147
9.5.2.1 Changes in geothermal energy-related regulations to offer opportunities for market growth 147
9.6 MIDDLE EAST & AFRICA 149
9.6.1 KENYA 152
9.6.1.1 Favorable government policies to drive market growth 152
9.6.2 SAUDI ARABIA 153
9.6.2.1 Supportive government policies and increasing investments in renewables to drive market 153
9.6.3 REST OF MIDDLE EAST & AFRICA 154
10 COMPETITIVE LANDSCAPE 156
10.1 STRATEGIES ADOPTED BY KEY PLAYERS 156
10.2 MARKET SHARE ANALYSIS OF TOP PLAYERS 158
10.3 REVENUE ANALYSIS OF TOP MARKET PLAYERS 162
10.4 COMPANY VALUATION AND FINANCIAL METRICS 163
10.4.1 COMPANY VALUATION 163
10.5 BRAND/PRODUCT COMPARISON 164
10.6 COMPANY EVALUATION QUADRANT 165
10.6.1 STARS 165
10.6.2 PERVASIVE PLAYERS 165
10.6.3 EMERGING LEADERS 165
10.6.4 PARTICIPANTS 165
10.6.5 COMPANY FOOTPRINT: KEY PLAYERS, 2024 167
10.6.5.1 Company footprint 167
10.7 GEOTHERMAL ENERGY MARKET: COMPANY FOOTPRINT 168
10.7.1 COMPANY FOOTPRINT, BY PLAYER’S ROLE IN SUPPLY CHAIN 168
10.7.2 APPLICATION FOOTPRINT 169
10.7.3 REGION FOOTPRINT 170
10.8 STARTUP/SME EVALUATION QUADRANT 171
10.8.1 PROGRESSIVE COMPANIES 171
10.8.2 RESPONSIVE COMPANIES 171
10.8.3 DYNAMIC COMPANIES 171
10.8.4 STARTING BLOCKS 171
10.8.5 GEOTHERMAL ENERGY MARKET: COMPETITIVE BENCHMARKING 173
10.8.5.1 Competitive benchmarking of key startups/SMEs 174
10.9 COMPETITIVE SCENARIOS AND TRENDS 175
10.9.1 PRODUCT LAUNCHES 175
10.9.2 DEALS 177
10.9.3 EXPANSIONS 186
10.9.4 OTHER DEVELOPMENTS 188
11 COMPANY PROFILES 194
11.1 POWER PLANT EQUIPMENT PROVIDERS 194
11.1.1 ORMAT 194
11.1.1.1 Business overview 194
11.1.1.2 Products offered 195
11.1.1.3 Recent developments 196
11.1.1.3.1 Product launches 196
11.1.1.3.2 Deals 197
11.1.1.3.3 Expansions 199
11.1.1.3.4 Other developments 200
11.1.1.4 MnM view 202
11.1.1.4.1 Key strengths 202
11.1.1.4.2 Strategic choices 203
11.1.1.4.3 Weaknesses/Competitive threats 203
11.1.2 MITSUBISHI HEAVY INDUSTRIES, LTD. 204
11.1.2.1 Business overview 204
11.1.2.2 Products offered 205
11.1.2.3 Recent developments 207
11.1.2.3.1 Deals 207
11.1.2.3.2 Expansions 207
11.1.2.3.3 Other developments 208
11.1.2.4 MnM view 209
11.1.2.4.1 Key strengths 209
11.1.2.4.2 Strategic choices 209
11.1.2.4.3 Weaknesses/Competitive threats 209
11.1.3 GE VERNOVA 210
11.1.3.1 Business overview 210
11.1.3.2 Products offered 211
11.1.4 ANSALDO ENERGIA 212
11.1.4.1 Business overview 212
11.1.4.2 Products offered 212
11.1.4.3 Recent developments 213
11.1.4.3.1 Expansions 213
11.1.5 FUJI ELECTRIC 214
11.1.5.1 Business overview 214
11.1.5.2 Products offered 215
11.1.5.3 Recent developments 216
11.1.5.3.1 Other developments 216
11.1.6 TOSHIBA AMERICA ENERGY SYSTEMS CORPORATION 217
11.1.6.1 Business overview 217
11.1.6.2 Products offered 217
11.1.6.3 Recent developments 218
11.1.6.3.1 Deals 218
11.1.6.3.2 Other developments 218
11.1.7 SIEMENS AG 220
11.1.7.1 Business overview 220
11.1.7.2 Products offered 221
11.1.7.3 Recent developments 222
11.1.7.3.1 Expansions 222
11.1.7.3.2 Deals 222
11.1.8 POWER PLANT EQUIPMENT PROVIDERS: OTHER PLAYERS 224
11.1.8.1 EXERGY INTERNATIONAL SRL 224
11.1.8.2 Altarock Energy 225
11.2 SUB-SURFACE EQUIPMENT AND SERVICE PROVIDERS 226
11.2.1 BAKER HUGHES COMPANY 226
11.2.1.1 Business overview 226
11.2.1.2 Products offered 227
11.2.1.3 Recent developments 229
11.2.1.3.1 Product launches 229
11.2.1.3.2 Deals 229
11.2.1.4 MnM view 231
11.2.1.4.1 Key strengths 231
11.2.1.4.2 Strategic choices 231
11.2.1.4.3 Weaknesses/Competitive threats 232
11.2.2 SLB 233
11.2.2.1 Business overview 233
11.2.2.2 Products offered 234
11.2.2.3 Recent developments 237
11.2.2.3.1 Product launches 237
11.2.2.3.2 Deals 238
11.2.2.3.3 Expansions 240
11.2.2.3.4 Other developments 241
11.2.2.4 MnM view 241
11.2.2.4.1 Key strengths 241
11.2.2.4.2 Strategic choices 241
11.2.2.4.3 Weaknesses/Competitive threats 241
11.2.3 HALLIBURTON 242
11.2.3.1 Business overview 242
11.2.3.2 Products offered 243
11.2.3.3 Recent developments 247
11.2.3.3.1 Product launches 247
11.2.3.3.2 Deals 248
11.2.3.3.3 Other developments 249
11.2.4 NOV 250
11.2.4.1 Business overview 250
11.2.4.2 Products offered 251
11.2.4.3 Recent developments 252
11.2.4.3.1 Product launches 252
11.2.4.3.2 Other developments 253
11.2.5 WEATHERFORD 254
11.2.5.1 Business overview 254
11.2.5.2 Products offered 255
11.2.5.3 Recent developments 256
11.2.5.3.1 Product launches 256
11.2.5.3.2 Deals 256
11.2.5.3.3 Other developments 257
11.2.6 WELLTEC 258
11.2.6.1 Business overview 258
11.2.6.2 Products offered 258
11.2.6.3 Recent developments 260
11.2.6.3.1 Deals 260
11.2.6.3.2 Other developments 260
11.2.7 SUB-SURFACE EQUIPMENT AND SERVICE PROVIDERS: OTHER PLAYERS 261
11.2.7.1 MANNVIT 261
11.3 GEOTHERMAL/GROUND SOURCE HEAT PUMP MANUFACTURERS AND SERVICE PROVIDERS 262
11.3.1 NIBE GROUP 262
11.3.1.1 Business overview 262
11.3.1.2 Products offered 263
11.3.1.3 MnM view 264
11.3.1.3.1 Key strengths 264
11.3.1.3.2 Strategic choices 264
11.3.1.3.3 Weaknesses/Competitive threats 264
11.3.2 CARRIER GLOBAL CORPORATION 265
11.3.2.1 Business overview 265
11.3.2.2 Products offered 266
11.3.2.3 Recent developments 268
11.3.2.3.1 Deals 268
11.3.3 GEOTHERMAL/GROUND SOURCE HEAT PUMP MANUFACTURERS AND SERVICE PROVIDERS: OTHER PLAYERS 269
11.3.3.1 DANFOSS 269
11.3.4 TRANE TECHNOLOGIES 270
11.3.5 BOSCH THERMOTECHNIK GMBH 271
11.3.6 VIESSMANN GROUP 272
11.3.7 DANDELION ENERGY 272
12 APPENDIX 273
12.1 INSIGHTS FROM INDUSTRY EXPERTS 273
12.2 DISCUSSION GUIDE 274
12.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 281
12.4 CUSTOMIZATION OPTIONS 283
12.5 RELATED REPORTS 283
12.6 AUTHOR DETAILS 284
圖表清單 List of Tables & Figures
TABLE 1 GEOTHERMAL ENERGY MARKET SNAPSHOT 39
TABLE 2 MAJOR DEVELOPMENTS PERTAINING TO USE OF OIL & GAS WELLS FOR GEOTHERMAL INSTALLATIONS 52
TABLE 3 PERSONNEL REQUIREMENTS IN DIFFERENT STAGES OF GEOTHERMAL DEVELOPMENT (50 MW) 55
TABLE 4 GEOTHERMAL ENERGY MARKET: ROLE IN ECOSYSTEM 57
TABLE 5 GEOTHERMAL ENERGY MARKET: LIST OF CONFERENCES & EVENTS, 2025–2026 62
TABLE 6 GEOTHERMAL ENERGY SYSTEMS: CODES AND REGULATIONS 63
TABLE 7 GLOBAL: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 69
TABLE 8 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT
AGENCIES, AND OTHER ORGANIZATIONS 70
TABLE 9 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 71
TABLE 10 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 72
TABLE 11 REST OF THE WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 73
TABLE 12 GEOTHERMAL ENERGY SYSTEMS: KEY PATENTS, APRIL 2015–MAY 2022 73
TABLE 13 GEOTHERMAL ENERGY MARKET: PORTER’S FIVE FORCES ANALYSIS 75
TABLE 14 EXPORT DATA FOR HS CODE 840681, BY COUNTRY,
2022–2024 (USD THOUSAND) 81
TABLE 15 IMPORT DATA FOR HS CODE 840681, BY COUNTRY,
2022–2024 (USD THOUSAND) 82
TABLE 16 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END USER (%) 83
TABLE 17 KEY BUYING CRITERIA, BY END USER 84
TABLE 18 AVERAGE CAPEX OF DIFFERENT TYPES OF GEOTHERMAL
POWER PLANTS, BY REGION (USD/KW) 85
TABLE 19 WORLD GDP GROWTH, 2021–2028 (USD TRILLION) 87
TABLE 20 INFLATION RATE (ANNUAL PERCENT CHANGE), 2024 88
TABLE 21 US-ADJUSTED RECIPROCAL TARIFF RATES, 2024 (USD BILLION) 89
TABLE 22 GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 93
TABLE 23 GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 93
TABLE 24 POWER GENERATION: GEOTHERMAL ENERGY MARKET, BY REGION,
2021–2024 (USD MILLION) 94
TABLE 25 POWER GENERATION: GEOTHERMAL ENERGY MARKET, BY REGION,
2025–2030 (USD MILLION) 94
TABLE 26 RESIDENTIAL HEATING & COOLING: GEOTHERMAL ENERGY MARKET,
BY REGION, 2021–2024 (USD MILLION) 95
TABLE 27 RESIDENTIAL HEATING & COOLING: GEOTHERMAL ENERGY MARKET,
BY REGION, 2025–2030 (USD MILLION) 96
TABLE 28 COMMERCIAL HEATING & COOLING: GEOTHERMAL ENERGY MARKET,
BY REGION, 2021–2024 (USD MILLION) 96
TABLE 29 COMMERCIAL HEATING & COOLING: GEOTHERMAL ENERGY MARKET,
BY REGION, 2025–2030 (USD MILLION) 97
TABLE 30 OTHER APPLICATIONS: GEOTHERMAL ENERGY MARKET, BY REGION,
2021–2024 (USD MILLION) 97
TABLE 31 OTHER APPLICATIONS: GEOTHERMAL ENERGY MARKET, BY REGION,
2025–2030 (USD MILLION) 98
TABLE 32 GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY, 2021–2024 (USD MILLION) 100
TABLE 33 GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY, 2025–2030 (USD MILLION) 101
TABLE 34 BINARY CYCLE PLANTS: GEOTHERMAL ENERGY MARKET, BY REGION,
2021–2024 (USD MILLION) 101
TABLE 35 BINARY CYCLE PLANTS: GEOTHERMAL ENERGY MARKET, BY REGION,
2025–2030 (USD MILLION) 102
TABLE 36 DRY STEAM PLANTS: GEOTHERMAL ENERGY MARKET, BY REGION,
2021–2024 (USD MILLION) 103
TABLE 37 DRY STEAM PLANTS: GEOTHERMAL ENERGY MARKET, BY REGION,
2025–2030 (USD MILLION) 103
TABLE 38 FLASH STEAM PLANTS: GEOTHERMAL ENERGY MARKET, BY REGION,
2021–2024 (USD MILLION) 104
TABLE 39 FLASH STEAM PLANTS: GEOTHERMAL ENERGY MARKET, BY REGION,
2025–2030 (USD MILLION) 104
TABLE 40 GROUND SOURCE HEAT PUMPS: GEOTHERMAL ENERGY MARKET, BY REGION, 2021–2024 (USD MILLION) 105
TABLE 41 GROUND SOURCE HEAT PUMPS: GEOTHERMAL ENERGY MARKET, BY REGION, 2025–2030 (USD MILLION) 105
TABLE 42 DIRECT SYSTEMS: GEOTHERMAL ENERGY MARKET, BY REGION,
2021–2024 (USD MILLION) 106
TABLE 43 DIRECT SYSTEMS: GEOTHERMAL ENERGY MARKET, BY REGION,
2025–2030 (USD MILLION) 106
TABLE 44 OTHER TECHNOLOGIES: GEOTHERMAL ENERGY MARKET, BY REGION,
2021–2024 (USD MILLION) 107
TABLE 45 OTHER TECHNOLOGIES: GEOTHERMAL ENERGY MARKET, BY REGION,
2025–2030 (USD MILLION) 107
TABLE 46 GEOTHERMAL ENERGY MARKET, BY TEMPERATURE, 2021–2024 (USD MILLION) 109
TABLE 47 GEOTHERMAL ENERGY MARKET, BY TEMPERATURE, 2025–2030 (USD MILLION) 109
TABLE 48 LOW TEMPERATURE: GEOTHERMAL ENERGY MARKET, BY REGION,
2021–2024 (USD MILLION) 110
TABLE 49 LOW TEMPERATURE: GEOTHERMAL ENERGY MARKET, BY REGION,
2025–2030 (USD MILLION) 110
TABLE 50 MEDIUM TEMPERATURE: GEOTHERMAL ENERGY MARKET, BY REGION,
2021–2024 (USD MILLION) 111
TABLE 51 MEDIUM TEMPERATURE: GEOTHERMAL ENERGY MARKET, BY REGION,
2025–2030 (USD MILLION) 111
TABLE 52 HIGH TEMPERATURE: GEOTHERMAL ENERGY MARKET, BY REGION,
2021–2024 (USD MILLION) 112
TABLE 53 HIGH TEMPERATURE: GEOTHERMAL ENERGY MARKET, BY REGION,
2025–2030 (USD MILLION) 112
TABLE 54 GEOTHERMAL ENERGY MARKET, BY REGION, 2021–2024 (USD MILLION) 115
TABLE 55 GEOTHERMAL ENERGY MARKET, BY REGION, 2025–2030 (USD MILLION) 115
TABLE 56 GEOTHERMAL ENERGY MARKET, BY REGION, 2021–2024 (MW) 115
TABLE 57 GEOTHERMAL ENERGY MARKET, BY REGION, 2025–2030 (MW) 116
TABLE 58 ASIA PACIFIC: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY,
2021–2024 (USD MILLION) 118
TABLE 59 ASIA PACIFIC: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY,
2025–2030 (USD MILLION) 118
TABLE 60 ASIA PACIFIC: GEOTHERMAL ENERGY MARKET, BY TEMPERATURE,
2021–2024 (USD MILLION) 118
TABLE 61 ASIA PACIFIC: GEOTHERMAL ENERGY MARKET, BY TEMPERATURE,
2025–2030 (USD MILLION) 119
TABLE 62 ASIA PACIFIC: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 119
TABLE 63 ASIA PACIFIC: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 119
TABLE 64 ASIA PACIFIC: GEOTHERMAL ENERGY MARKET, BY COUNTRY,
2021–2024 (USD MILLION) 120
TABLE 65 ASIA PACIFIC: GEOTHERMAL ENERGY MARKET, BY COUNTRY,
2025–2030 (USD MILLION) 120
TABLE 66 CHINA: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 121
TABLE 67 CHINA: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 121
TABLE 68 JAPAN: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 122
TABLE 69 JAPAN: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 122
TABLE 70 INDONESIA: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 123
TABLE 71 INDONESIA: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 123
TABLE 72 PHILIPPINES: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 124
TABLE 73 PHILIPPINES: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 124
TABLE 74 NEW ZEALAND: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 125
TABLE 75 NEW ZEALAND: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 126
TABLE 76 REST OF ASIA PACIFIC: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 127
TABLE 77 REST OF ASIA PACIFIC: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 127
TABLE 78 NORTH AMERICA: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY,
2021–2024 (USD MILLION) 128
TABLE 79 NORTH AMERICA: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY,
2025–2030 (USD MILLION) 128
TABLE 80 NORTH AMERICA: GEOTHERMAL ENERGY MARKET, BY TEMPERATURE,
2021–2024 (USD MILLION) 129
TABLE 81 NORTH AMERICA: GEOTHERMAL ENERGY MARKET, BY TEMPERATURE,
2025–2030 (USD MILLION) 129
TABLE 82 NORTH AMERICA: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 129
TABLE 83 NORTH AMERICA: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 130
TABLE 84 NORTH AMERICA: GEOTHERMAL ENERGY MARKET, BY COUNTRY,
2021–2024 (USD MILLION) 130
TABLE 85 NORTH AMERICA: GEOTHERMAL ENERGY MARKET, BY COUNTRY,
2025–2030 (USD MILLION) 130
TABLE 86 US: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 131
TABLE 87 US: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 131
TABLE 88 CANADA: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 132
TABLE 89 CANADA: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 133
TABLE 90 MEXICO: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 134
TABLE 91 MEXICO: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 134
TABLE 92 EUROPE: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY,
2021–2024 (USD MILLION) 136
TABLE 93 EUROPE: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY,
2025–2030 (USD MILLION) 136
TABLE 94 EUROPE: GEOTHERMAL ENERGY MARKET, BY TEMPERATURE,
2021–2024 (USD MILLION) 136
TABLE 95 EUROPE: GEOTHERMAL ENERGY MARKET, BY TEMPERATURE,
2025–2030 (USD MILLION) 137
TABLE 96 EUROPE: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 137
TABLE 97 EUROPE: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 137
TABLE 98 EUROPE: GEOTHERMAL ENERGY MARKET, BY COUNTRY,
2021–2024 (USD MILLION) 138
TABLE 99 EUROPE: GEOTHERMAL ENERGY MARKET, BY COUNTRY,
2025–2030 (USD MILLION) 138
TABLE 100 TURKEY: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 139
TABLE 101 TURKEY: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 139
TABLE 102 GERMANY: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 140
TABLE 103 GERMANY: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 140
TABLE 104 ITALY: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 141
TABLE 105 ITALY: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 141
TABLE 106 ICELAND: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 142
TABLE 107 ICELAND: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 142
TABLE 108 REST OF EUROPE: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 143
TABLE 109 REST OF EUROPE: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 143
TABLE 110 SOUTH AMERICA: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY,
2021–2024 (USD MILLION) 144
TABLE 111 SOUTH AMERICA: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY,
2025–2030 (USD MILLION) 144
TABLE 112 SOUTH AMERICA: GEOTHERMAL ENERGY MARKET, BY TEMPERATURE,
2021–2024 (USD MILLION) 145
TABLE 113 SOUTH AMERICA: GEOTHERMAL ENERGY MARKET, BY TEMPERATURE,
2025–2030 (USD MILLION) 145
TABLE 114 SOUTH AMERICA: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 145
TABLE 115 SOUTH AMERICA: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 146
TABLE 116 SOUTH AMERICA: GEOTHERMAL ENERGY MARKET, BY COUNTRY,
2021–2024 (USD MILLION) 146
TABLE 117 SOUTH AMERICA: GEOTHERMAL ENERGY MARKET, BY COUNTRY,
2025–2030 (USD MILLION) 146
TABLE 118 CHILE: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 147
TABLE 119 CHILE: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 147
TABLE 120 COLOMBIA: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 148
TABLE 121 COLOMBIA: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 148
TABLE 122 MIDDLE EAST & AFRICA: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY, 2021–2024 (USD MILLION) 150
TABLE 123 MIDDLE EAST & AFRICA: GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY, 2025–2030 (USD MILLION) 150
TABLE 124 MIDDLE EAST & AFRICA: GEOTHERMAL ENERGY MARKET, BY TEMPERATURE, 2021–2024 (USD MILLION) 150
TABLE 125 MIDDLE EAST & AFRICA: GEOTHERMAL ENERGY MARKET, BY TEMPERATURE, 2025–2030 (USD MILLION) 151
TABLE 126 MIDDLE EAST & AFRICA: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 151
TABLE 127 MIDDLE EAST & AFRICA: GEOTHERMAL ENERGY MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 151
TABLE 128 MIDDLE EAST & AFRICA: GEOTHERMAL ENERGY MARKET, BY COUNTRY,
2021–2024 (USD MILLION) 152
TABLE 129 MIDDLE EAST & AFRICA: GEOTHERMAL ENERGY MARKET, BY COUNTRY,
2020–2027 (USD MILLION) 152
TABLE 130 KENYA: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 153
TABLE 131 KENYA: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 153
TABLE 132 SAUDI ARABIA: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 154
TABLE 133 SAUDI ARABIA: GEOTHERMAL ENERGY MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 154
TABLE 134 REST OF MIDDLE EAST & AFRICA: GEOTHERMAL ENERGY MARKET,
BY APPLICATION, 2021–2024 (USD MILLION) 155
TABLE 135 REST OF MIDDLE EAST & AFRICA: GEOTHERMAL ENERGY MARKET,
BY APPLICATION, 2025–2030 (USD MILLION) 155
TABLE 136 OVERVIEW OF KEY STRATEGIES ADOPTED BY TOP PLAYERS, 2020– 2025 156
TABLE 137 GEOTHERMAL ENERGY MARKET FOR SURFACE PLANT EQUIPMENT AND SERVICES: DEGREE OF COMPETITION 158
TABLE 138 GEOTHERMAL ENERGY MARKET FOR SUB-SURFACE EQUIPMENT AND SERVICES: DEGREE OF COMPETITION 159
TABLE 139 GEOTHERMAL ENERGY MARKET FOR GROUND SOURCE/GEOTHERMAL HEAT PUMPS: DEGREE OF COMPETITION 160
TABLE 140 GEOTHERMAL ENERGY MARKET: COMPANY FOOTPRINT 167
TABLE 141 GEOTHERMAL ENERGY MARKET: COMPANY FOOTPRINT, BY PLAYER’S
ROLE IN SUPPLY CHAIN 168
TABLE 142 GEOTHERMAL ENERGY MARKET: APPLICATION FOOTPRINT 169
TABLE 143 GEOTHERMAL ENERGY MARKET: REGION FOOTPRINT 170
TABLE 144 GEOTHERMAL ENERGY MARKET: DETAILED LIST OF KEY SMES/STARTUPS 173
TABLE 145 GEOTHERMAL ENERGY MARKET: COMPETITIVE BENCHMARKING
OF KEY SMES/STARTUPS 174
TABLE 146 GEOTHERMAL ENERGY MARKET: PRODUCT LAUNCHES, 2020–2025 175
TABLE 147 GEOTHERMAL ENERGY MARKET: DEALS, 2020– 2025 177
TABLE 148 GEOTHERMAL ENERGY MARKET: EXPANSIONS, 2020– 2025 186
TABLE 149 GEOTHERMAL ENERGY MARKET: OTHER DEVELOPMENTS, 2020– 2025 188
TABLE 150 ORMAT: COMPANY OVERVIEW 194
TABLE 151 ORMAT: PRODUCTS OFFERED 195
TABLE 152 ORMAT: PRODUCT LAUNCHES 196
TABLE 153 ORMAT: DEALS 197
TABLE 154 ORMAT: EXPANSIONS 199
TABLE 155 ORMAT: OTHER DEVELOPMENTS 200
TABLE 156 MITSUBISHI HEAVY INDUSTRIES LTD.: COMPANY OVERVIEW 204
TABLE 157 MITSUBISHI HEAVY INDUSTRIES LTD.: PRODUCTS OFFERED 205
TABLE 158 MITSUBISHI HEAVY INDUSTRIES LTD.: DEALS 207
TABLE 159 MITSUBISHI HEAVY INDUSTRIES LTD.: EXPANSIONS 207
TABLE 160 MITSUBISHI HEAVY INDUSTRIES LTD.: OTHER DEVELOPMENTS 208
TABLE 161 GE VERNOVA: COMPANY OVERVIEW 210
TABLE 162 GE VERNOVA: PRODUCTS OFFERED 211
TABLE 163 ANSALDO ENERGIA: COMPANY OVERVIEW 212
TABLE 164 ANSALDO ENERGIA: PRODUCTS OFFERED 212
TABLE 165 ANSALDO ENERGIA: EXPANSIONS 213
TABLE 166 FUJI ELECTRIC: COMPANY OVERVIEW 214
TABLE 167 FUJI ELECTRIC: PRODUCTS OFFERED 215
TABLE 168 FUJI ELECTRIC: OTHER DEVELOPMENTS 216
TABLE 169 TOSHIBA AMERICA ENERGY SYSTEMS CORPORATION: COMPANY OVERVIEW 217
TABLE 170 TOSHIBA AMERICA ENERGY SYSTEMS CORPORATION: PRODUCTS OFFERED 217
TABLE 171 TOSHIBA AMERICA ENERGY SYSTEMS CORPORATION: DEALS 218
TABLE 172 TOSHIBA AMERICA ENERGY SYSTEMS CORPORATION: OTHER DEVELOPMENTS 218
TABLE 173 SIEMENS AG: COMPANY OVERVIEW 220
TABLE 174 SIEMENS AG: PRODUCTS OFFERED 221
TABLE 175 SIEMENS AG: EXPANSIONS 222
TABLE 176 SIEMENS AG: DEALS 222
TABLE 177 BAKER HUGHES COMPANY: COMPANY OVERVIEW 226
TABLE 178 BAKER HUGHES COMPANY: PRODUCTS OFFERED 227
TABLE 179 BAKER HUGHES COMPANY: PRODUCT LAUNCHES 229
TABLE 180 BAKER HUGHES COMPANY: DEALS 229
TABLE 181 SLB: COMPANY OVERVIEW 233
TABLE 182 SLB: PRODUCTS OFFERED 234
TABLE 183 SLB: PRODUCT LAUNCHES 237
TABLE 184 SLB: DEALS 238
TABLE 185 SLB: EXPANSIONS 240
TABLE 186 SLB: OTHER DEVELOPMENTS 241
TABLE 187 HALLIBURTON: COMPANY OVERVIEW 242
TABLE 188 HALLIBURTON: PRODUCTS OFFERED 243
TABLE 189 HALLIBURTON: PRODUCT LAUNCHES 247
TABLE 190 HALLIBURTON: DEALS 248
TABLE 191 HALLIBURTON: OTHER DEVELOPMENTS 249
TABLE 192 NOV: COMPANY OVERVIEW 250
TABLE 193 NOV: PRODUCTS OFFERED 251
TABLE 194 NOV: PRODUCT LAUNCHES 252
TABLE 195 NOV: OTHER DEVELOPMENTS 253
TABLE 196 WEATHERFORD: COMPANY OVERVIEW 254
TABLE 197 WEATHERFORD: PRODUCTS OFFERED 255
TABLE 198 WEATHERFORD: PRODUCT LAUNCHES 256
TABLE 199 WEATHERFORD: DEALS 256
TABLE 200 WEATHERFORD: OTHER DEVELOPMENTS 257
TABLE 201 WELLTEC: COMPANY OVERVIEW 258
TABLE 202 WELLTEC: PRODUCTS OFFERED 258
TABLE 203 WELLTEC: DEALS 260
TABLE 204 WELLTEC: OTHER DEVELOPMENTS 260
TABLE 205 NIBE GROUP: COMPANY OVERVIEW 262
TABLE 206 NIBE GROUP: PRODUCTS OFFERED 263
TABLE 207 CARRIER GLOBAL CORPORATION: COMPANY OVERVIEW 265
TABLE 208 CARRIER GLOBAL CORPORATION: PRODUCTS OFFERED 266
TABLE 209 CARRIER GLOBAL CORPORATION: DEALS 268
FIGURE 1 GEOTHERMAL ENERGY MARKET: RESEARCH DESIGN 29
FIGURE 2 DATA TRIANGULATION METHODOLOGY 30
FIGURE 3 MAIN METRICS CONSIDERED TO CONSTRUCT AND ASSESS DEMAND FOR GEOTHERMAL ENERGY SYSTEMS 34
FIGURE 4 GEOTHERMAL ENERGY MARKET: REGION-WISE ANALYSIS 35
FIGURE 5 GEOTHERMAL ENERGY MARKET: SUPPLY-SIDE ANALYSIS 36
FIGURE 6 KEY METRICS CONSIDERED TO ASSESS SUPPLY OF GEOTHERMAL
ENERGY SYSTEMS 37
FIGURE 7 BINARY CYCLE PLANTS TO BE LEADING TECHNOLOGY IN GEOTHERMAL
ENERGY MARKET 40
FIGURE 8 MEDIUM TEMPERATURE SEGMENT TO REGISTER HIGHEST CAGR
DURING FORECAST PERIOD 40
FIGURE 9 POWER GENERATION SEGMENT TO DOMINATE GEOTHERMAL ENERGY
MARKET IN 2025 AND 2030 41
FIGURE 10 ASIA PACIFIC TO ACCOUNT FOR LARGEST SHARE OF GEOTHERMAL
ENERGY MARKET BETWEEN 2025 AND 2030 42
FIGURE 11 FAVORABLE RENEWABLE ENERGY POLICIES TO DRIVE GEOTHERMAL
ENERGY MARKET DURING FORECAST PERIOD 43
FIGURE 12 SOUTH AMERICAN GEOTHERMAL ENERGY MARKET TO REGISTER
HIGHEST CAGR DURING FORECAST PERIOD 44
FIGURE 13 BINARY CYCLE PLANTS SEGMENT DOMINATED GEOTHERMAL
ENERGY MARKET IN 2024 44
FIGURE 14 MEDIUM TEMPERATURE SEGMENT ACCOUNTED FOR LARGEST
SHARE OF GEOTHERMAL ENERGY MARKET IN 2024 45
FIGURE 15 POWER GENERATION SEGMENT HELD LARGEST SHARE OF
GEOTHERMAL ENERGY MARKET IN 2024 45
FIGURE 16 GEOTHERMAL ENERGY MARKET: DRIVERS, RESTRAINTS,
OPPORTUNITIES, AND CHALLENGES 46
FIGURE 17 US: PRIMARY CONSUMPTION OF GEOTHERMAL ENERGY, 2010–2023 48
FIGURE 18 US: SHARE OF TOTAL GEOTHERMAL ELECTRICITY GENERATION, BY STATE, 2023 49
FIGURE 19 INSTALLED ELECTRICITY CAPACITY WORLDWIDE, BY SOURCE (2022) 50
FIGURE 20 REVENUE SHIFTS FOR GEOTHERMAL ENERGY SYSTEM PROVIDERS 56
FIGURE 21 ECOSYSTEM ANALYSIS: GEOTHERMAL ENERGY MARKET 56
FIGURE 22 SUPPLY CHAIN ANALYSIS: GEOTHERMAL COMBINED HEAT
AND POWER GENERATION 59
FIGURE 23 SUPPLY CHAIN ANALYSIS: GEOTHERMAL ENERGY MARKET –
GROUND SOURCE/GEOTHERMAL HEAT PUMPS 61
FIGURE 24 GEOTHERMAL ENERGY MARKET: PORTER’S FIVE FORCES ANALYSIS 75
FIGURE 25 EXPORT SCENARIO FOR HS CODE 840681, 2020–2024 (USD THOUSAND) 81
FIGURE 26 IMPORT SCENARIO FOR HS CODE 840681, 2020–2024 (USD THOUSAND) 82
FIGURE 27 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END USER 83
FIGURE 28 KEY BUYING CRITERIA FOR END USERS 83
FIGURE 29 AVERAGE CAPEX OF DIFFERENT TYPES OF GEOTHERMAL
POWER PLANTS, BY REGION 84
FIGURE 30 IMPACT OF GEN AI/AI ON GEOTHERMAL ENERGY MARKET, BY APPLICATION 86
FIGURE 31 GEOTHERMAL ENERGY MARKET, BY APPLICATION 93
FIGURE 32 GEOTHERMAL ENERGY MARKET, BY TECHNOLOGY 100
FIGURE 33 GEOTHERMAL ENERGY MARKET, BY TEMPERATURE 109
FIGURE 34 GEOTHERMAL ENERGY MARKET IN SOUTH AMERICA TO GROW AT HIGHEST CAGR FROM 2025 TO 2030 114
FIGURE 35 GEOTHERMAL ENERGY MARKET SHARE, IN TERMS OF VALUE,
BY REGION, 2024 (%) 114
FIGURE 36 ASIA PACIFIC: GEOTHERMAL ENERGY MARKET SNAPSHOT 117
FIGURE 37 EUROPE: GEOTHERMAL ENERGY MARKET SNAPSHOT 135
FIGURE 38 GEOTHERMAL ENERGY MARKET FOR SURFACE PLANT EQUIPMENT AND SERVICES: MARKET SHARE ANALYSIS, 2024 159
FIGURE 39 GEOTHERMAL ENERGY MARKET FOR SUB-SURFACE EQUIPMENT AND SERVICES: MARKET SHARE ANALYSIS, 2024 160
FIGURE 40 GEOTHERMAL ENERGY MARKET FOR GROUND SOURCE/GEOTHERMAL HEAT PUMPS: MARKET SHARE ANALYSIS, 2024 161
FIGURE 41 REVENUE OF TOP PLAYERS IN GEOTHERMAL ENERGY MARKET
FROM 2020 TO 2024 162
FIGURE 42 FINANCIAL METRICS 163
FIGURE 43 BRAND/PRODUCT COMPARISON 164
FIGURE 44 COMPETITIVE LEADERSHIP MAPPING: GEOTHERMAL ENERGY MARKET, 2024 166
FIGURE 45 GEOTHERMAL ENERGY MARKET: STARTUP/SME EVALUATION QUADRANT, 2024 172
FIGURE 46 ORMAT: COMPANY SNAPSHOT 195
FIGURE 47 MITSUBISHI HEAVY INDUSTRIES LTD.: COMPANY SNAPSHOT 205
FIGURE 48 GE VERNOVA: COMPANY SNAPSHOT 211
FIGURE 49 FUJI ELECTRIC: COMPANY SNAPSHOT 215
FIGURE 50 SIEMENS AG: COMPANY SNAPSHOT 221
FIGURE 51 BAKER HUGHES COMPANY: COMPANY SNAPSHOT 227
FIGURE 52 SLB: COMPANY SNAPSHOT 234
FIGURE 53 HALLIBURTON: COMPANY SNAPSHOT 243
FIGURE 54 NOV: COMPANY SNAPSHOT 251
FIGURE 55 WEATHERFORD: COMPANY SNAPSHOT 255
FIGURE 56 NIBE GROUP: COMPANY SNAPSHOT 263
FIGURE 57 CARRIER GLOBAL CORPORATION: COMPANY SNAPSHOT 266
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