Home > Energy & Power > Renewable Energy > Geothermal Energy > Geothermal Energy Market

Geothermal Energy Market Analysis

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

Download Free Sample

Geothermal Energy Market Analysis

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.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The geothermal energy market size crossed USD 63.7 billion in 2023 and is poised to record growth at a robust pace of over 8.6% 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.