The global geothermal energy sector is experiencing steady growth as countries worldwide pursue clean energy transitions and reduce dependence on fossil fuels. Understanding market dynamics is essential for Southeast Asian manufacturers considering entry into this specialized B2B segment.
Market Size & Growth Trajectory
According to Grand View Research, the global geothermal energy market was valued at USD 7.45 billion in 2023 and is projected to reach USD 9.22 billion by 2030, growing at a CAGR of 3.1% from 2024 to 2030 [1]. MarketsandMarkets provides a more optimistic forecast, estimating the market at USD 9.81 billion in 2024, reaching USD 13.56 billion by 2030 with a CAGR of 5.3% [5]. Global Market Insights projects even stronger growth, with the market valued at USD 66.9 billion in 2025, expected to reach USD 109.6 billion by 2035 at a CAGR of 5.5% [6].
These variations reflect different market scope definitions—some reports focus on power generation equipment only, while others include residential and commercial heat pump systems, drilling services, and component manufacturing.
Technology & Application Segments
By technology, binary cycle power plants held the largest share at 30.5% in 2023, as they can utilize lower-temperature resources that are more abundant globally. Flash steam technology is expected to grow at the fastest CAGR due to its efficiency in harnessing natural steam from underground reservoirs [1].
By application, the residential segment dominated with 40.7% market share in 2023, driven by demand for geothermal heat pumps for heating and cooling. The industrial segment is anticipated to grow at the fastest CAGR, though adoption remains challenging due to continuous heat rejection issues in industrial facilities [1].
Key Market Players
Leading companies include Turboden S.p.A., Ormat Technologies, Mitsubishi Heavy Industries, Toshiba Corporation, General Electric, Atlas Copco Group, and Ansaldo Energia. The top 5 players collectively hold approximately 34% market share, indicating a moderately fragmented market with opportunities for specialized component suppliers [6].
For Southeast Asian manufacturers, this market structure presents both challenges and opportunities. While established players dominate system integration, there is significant demand for qualified component suppliers who can meet stringent technical requirements and offer competitive pricing.

