Market Size of Asia-Pacific Geothermal Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 7.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
APAC Geothermal Energy Market Analysis
The Asia-Pacific geothermal energy market is expected to grow with a CAGR of around 7% during the forecast period. The COVID-19 pandemic affected the market adversely as many geothermal drilling projects as well as power plant projects got delayed or halted due to the movement restrictions. As an example, the East Nusa Tenggara geothermal plant in Indonesia was expected to get commissioned in February 2020, but the developers had to shift the completion time to 2021 due to the delays. The Asia-Pacific geothermal energy market is expected to grow in the coming years due to the stability in the geothermal power supply, which is more than other renewables, and the technological advancements happening in the recent picture for its better commercialization. However, the higher exploration cost for geothermal exploration for various applications is expected to impede the market growth in the near future.
- Binary geothermal power plants are expected to have significant growth during the forecast period due to better performance as compared to other power plant types.
- Many countries in the region conduct frequent conferences to negotiate ideas for geothermal market development, which creates ample opportunities for the market growth. As an example, for the last seven years, the Indonesian Geothermal Association (INAGA), the premier association for the Geothermal industry in Indonesia, has been hosting the Indonesia International Geothermal Convention & Exhibition (IIGCE) in Jakarta Convention Center. And now, the eighth convention is all set to take place in September 2022.
- Indonesia is likely to grow at a faster pace in the regional geothermal energy market during the forecast period due to the various plans fabricated for new geothermal power plants in the country.
APAC Geothermal Energy Industry Segmentation
Asia-Pacific geothermal energy market report includes:
| Geothermal Power Plant Type | |
| Dry Steam | |
| Flash Plants | |
| Binary Plants |
| Geography | |
| Indonesia | |
| Philippines | |
| Japan | |
| Rest of Asia-Pacific |
Asia-Pacific Geothermal Energy Market Size Summary
The Asia-Pacific geothermal energy market is poised for significant growth, driven by the stability and reliability of geothermal power supply compared to other renewable sources. Despite the setbacks caused by the COVID-19 pandemic, which delayed several projects, the market is expected to expand due to technological advancements that enhance commercialization. However, high exploration costs remain a challenge to market growth. Binary geothermal power plants are anticipated to experience substantial growth due to their superior performance and benefits such as reservoir sustainability and high reliability. Countries like Indonesia, the Philippines, and Japan are at the forefront of this market, with Indonesia expected to lead the regional growth due to its ambitious plans for new geothermal power plants.
The market landscape in the Asia-Pacific region is characterized by a fragmented industry with key players such as Energy Development Corporation, Pertamina Geothermal Energy PT, and Toshiba Corp. Indonesia holds a significant position in the global geothermal power industry, supported by private investments and government initiatives to boost renewable energy generation. The country has set ambitious targets for geothermal power capacity, with numerous projects underway, including the Baturaden and Guning Ciremai projects. Similarly, the Philippines is expanding its geothermal power share with new projects like the Palayan binary power plant unit. Japan is also developing new binary power plants, such as the Minami-Kayabe Geothermal Power Plant. These developments are expected to enhance the region's geothermal energy market, with a focus on binary systems.
Asia-Pacific Geothermal Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Geothermal Power Plant Type
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2.1.1 Dry Steam
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2.1.2 Flash Plants
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2.1.3 Binary Plants
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2.2 Geography
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2.2.1 Indonesia
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2.2.2 Philippines
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2.2.3 Japan
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2.2.4 Rest of Asia-Pacific
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Asia-Pacific Geothermal Energy Market Size FAQs
What is the current Asia-Pacific Geothermal Energy Market size?
The Asia-Pacific Geothermal Energy Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Geothermal Energy Market?
Energy Development Corporation, Pertamina Geothermal Energy PT, Toshiba Corp., Mercury NZ Ltd. and PT Supreme Energy are the major companies operating in the Asia-Pacific Geothermal Energy Market.
