Geothermal Energy Market Share

North American Market Forecast

The geothermal energy market in North America is estimated to have the largest share of approximately 46% in 2023, driven by the new bill- the Geothermal Energy Optimization Act, 2024 which was passed in the US that permits the geothermal projects on public lands and hence the investors would surely be attracted towards it. The federal and state levels are coming hand in hand with implementing the policies that are favorable for the geothermal industry.

Furthermore, this unlocks the fact that the latest report claims that the western US region can generate electricity up to 90 gigawatts as soon as 2050. These factors are expected to fuel the demand for Geothermal Energy in this region.

APAC Market Statistics

The Asia Pacific geothermal energy market is estimated to be the second largest, during the forecast timeframe led by the increasing demand for clean and renewable energy to move towards sustainability is playing a major role in the development of this sector. Taiwan International Geothermal Conference (TIGC 2024) is happening to allow the development of the geothermal sector. The government is also backing people up by implementing affordable and simply permitting initiatives, subsidies, and much more. This is the reason why the Asia Pacific region is growing and developing at a faster pace and is estimated to have the largest geothermal market in the forecasted period.