地熱エネルギー市場 – 2030年までの世界予測

本レポートは、世界の地熱エネルギー市場を、用途（発電、住宅・商業用暖房・冷房）、温度（低温、中温、高温）、技術（バイナリーサイクルプラントおよびフラッシュサイクルプラント、ドライスチームプラント、地中熱ヒートポンプ、直接システム）、および地域別に定義、説明、予測しています。本レポートは、地熱エネルギー市場の成長に影響を与える主要な要因（推進要因、制約要因、課題、機会など）に関する詳細な情報を網羅しています。主要業界プレーヤーの詳細な分析により、事業概要、ソリューション、サービス、主要戦略、契約、パートナーシップ、合意、合併・買収、そして地熱エネルギー市場に関連する最近の動向に関する洞察を提供しています。

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.

地熱エネルギー市場は、予測期間中に年平均成長率（CAGR）5.3%で成長し、2030年までに135億6000万米ドルに達すると予測されています。再生可能エネルギー発電への需要、地中熱ヒートポンプ（GHP）の導入拡大、そして政府の好ましい政策が、地熱エネルギー市場を牽引する主な要因となっています。

“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.

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

LIST OF TABLES

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

LIST OF FIGURES

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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