USD
GBP 
CNY 
EUR 
INR 
JPY 
MYR 
ZAR 
KRW 
THB 
Innovative Culture in Exploration and Production, Heat Decarbonization, and Sustainable O&G Industry Drive Geothermal Investments
23-Nov-2022
Global
Market Research
MG6E-01-00-00-00
EG02283-GL-MT_27149
Exploiting the earth’s energy to produce power and heat (geothermal) is not new. Plants have been operational since the 1960s, but many factors have given significant momentum to the industry. Several new exploration and production techniques are from the oil & gas (O&G) industry. These techniques have made the viability of projects much higher, as exploration companies can locate the required heat source. Closed-loop extraction techniques minimize the environmental impact on water tables and soil, making geothermal energy sustainable. Financing baseload renewable energy has become much more attractive for investors. Utilizing the heat produced by geothermal in district heating or for own use in oil & gas operations helps decarbonization. The total installed capacity globally is estimated to increase from 15.9 GW in 2022 to 21.3 GW in 2030 at a CAGR of 3.71%. This increase will see a total investment of $11.3 billion, rising from $358 million in 2022 to $1.83 billion in 2030.
Author: Manoj Shankar
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Geothermal Industry
Growth Opportunities Fuel the Growth Pipeline Engine™
Key Findings
Scope of Analysis
Key Market Participants in the Geothermal Market
Technology Overview: Key Plant Types
Technology Overview: Technologies by Temperature/Depth
Technology Overview
Major Trends Shaping the Global Geothermal Market
Growing Interest of the Oil and Gas Industry in Geothermal
All Bets on Closed-loop Systems
Geothermal as a Storage Medium
Geothermal as a Storage Medium (continued)
Data Center Investment
Google’s RE Investment
Geothermal District Heating
Growth Drivers
Growth Restraints
Revenue and MW Forecast—Global Geothermal Market
Revenue Forecast—Top 10 Countries
MW Additions Forecast—Top 10 Countries
Installed Base—2022 and 2030
Revenue and MW Forecast Discussion
Revenue and MW Forecast Discussion (continued)
Turkey
United States
New Zealand
Indonesia
Kenya
Growth Opportunity 1: Geothermal Servicing
Growth Opportunity 1: Geothermal Servicing (continued)
Growth Opportunity 2: OEM as Owner/Investor
Growth Opportunity 2: OEM as Owner/Investor (continued)
Growth Opportunity 3: Repurposing Depleted Oil & Gas Fields
Growth Opportunity 3: Repurposing Depleted Oil & Gas Fields (continued)
Growth Opportunity 4: Geothermal Heating
Growth Opportunity 4: Geothermal Heating (continued)
List of Exhibits
Legal Disclaimer
List of Figures
- Geothermal Energy: Growth Drivers, Global, 2023–2030
- Geothermal Energy: Growth Restraints, Global, 2023–2030
- Geothermal Energy: Revenue and MW Forecast, Global, 2020–2030
- Geothermal Energy: Revenue Forecast for the Top 10 Countries, 2020–2030
- Geothermal Energy: MW Additions Forecast for the Top 10 Countries, 2020–2030
- Geothermal Energy: Installed Capacity, 2022 and 2030
- Geothermal Energy: Installed and Annual Installed Capacity Forecast, Turkey, 2022, 2025, 2030
- Geothermal Energy: Major Plants, Turkey, 2022
- Geothermal Energy: Installed and Annual Installed Capacity Forecast, United States, 2022, 2025, 2030
- Geothermal Energy: Major Plants, United States, 2022
- Geothermal Energy: Installed and Annual Installed Capacity Forecast, New Zealand, 2022, 2025, 2030
- Geothermal Energy: Major Plants, New Zealand, 2022
- Geothermal Energy: Installed and Annual Installed Capacity Forecast, Indonesia, 2022, 2025, 2030
- Geothermal Energy: Major Plants, Indonesia, 2022
- Geothermal Energy: Installed and Annual Installed Capacity Forecast, Kenya, 2022, 2025, 2030
- Geothermal Energy: Major Plants, Kenya, 2022
Speak directly with our analytics experts for tailored recommendations.
Recent related Power Generation research
11 Sep 2026 | Global | Technology Research
Innovations in Leak Detection Solutions, Well Integrity Enhancement, Subsea Inspection, Cryogenic Processing, and Enhanced Oil Recovery
This edition of the Oil and Gas (O&G) Technology Opportunity Engines features information on innovations in drilling automation, lead detection technology, downhole monitoring, cryogenic processing, enhanced oil monitoring, methane leak detection, among others.The Oil and Gas TOE provides intelligen...
09 Sep 2026 | Global | Market Research
Residential Heat Pumps Industry, Global, 2025–2035
The global residential heat pump (HP) market is forecast to reach 21.2 million units by 2035, up from 11.4 million in 2025. Market definitions are important to the market forecast, and Frost & Sullivan excludes the sale of HPs for air conditioning. Market revenues are forecast to reach $113.79 billi...
09 Sep 2026 | Global | Market Research
Growth Opportunities in the Industrial Heat Pump Industry, Global, 2025–2035
This study analyzes the global industrial heat pump (IHP) market as it undergoes a structural transition—from standalone decarbonization technologies to integrated energy orchestration assets within industrial systems.Covering the 2025 to 2035 period at a global level, the analysis focuses on electr...
03 Sep 2026 | North America | Market Research
Growth Opportunities in the US Battery Energy Storage Industry, 2025–2035
The US battery energy storage sector has emerged as one of the fastest-growing segments of the energy transition, playing an increasingly critical role in supporting grid reliability, renewable energy integration, and electricity market flexibility. As utilities and independent power producers conti...
27 Aug 2026 | Global | Technology Research
Reversible Electrolysis Systems for Grid Integration: Unlocking Flexible Pathways for Renewable Energy Storage
Reversible solid oxide cells (rSOCs) are emerging as a promising technology for flexible energy conversion, long-duration energy storage, and renewable energy integration. By enabling bidirectional conversion between electricity and hydrogen within a single system, rSOCs address key challenges assoc...
Purchase includes:
- Report download
- Growth Dialog™ with our experts
Growth Dialog™
A tailored session with you where we identify the:- Strategic Imperatives
- Growth Opportunities
- Best Practices
- Companies to Action
Impacting your company's future growth potential.
| Deliverable Type | Market Research |
|---|---|
| Author | Manoj Shankar |
| Industries | Energy |
| No Index | No |
| Is Prebook | No |
| List of Charts and Figures | Geothermal Energy: Growth Drivers, Global, 2023–2030~ Geothermal Energy: Growth Restraints, Global, 2023–2030~ Geothermal Energy: Revenue and MW Forecast, Global, 2020–2030~ Geothermal Energy: Revenue Forecast for the Top 10 Countries, 2020–2030~ Geothermal Energy: MW Additions Forecast for the Top 10 Countries, 2020–2030~ Geothermal Energy: Installed Capacity, 2022 and 2030~ Geothermal Energy: Installed and Annual Installed Capacity Forecast, Turkey, 2022, 2025, 2030~ Geothermal Energy: Major Plants, Turkey, 2022~ Geothermal Energy: Installed and Annual Installed Capacity Forecast, United States, 2022, 2025, 2030~ Geothermal Energy: Major Plants, United States, 2022~ Geothermal Energy: Installed and Annual Installed Capacity Forecast, New Zealand, 2022, 2025, 2030~ Geothermal Energy: Major Plants, New Zealand, 2022~ Geothermal Energy: Installed and Annual Installed Capacity Forecast, Indonesia, 2022, 2025, 2030~ Geothermal Energy: Major Plants, Indonesia, 2022~ Geothermal Energy: Installed and Annual Installed Capacity Forecast, Kenya, 2022, 2025, 2030~ Geothermal Energy: Major Plants, Kenya, 2022~ |
| Podcast | No |
| WIP Number | MG6E-01-00-00-00 |
Global Geothermal Growth Opportunities
$2,450.00
Special Price $1,837.50 save 25 %