Hungary Geothermal Energy Market Size (2024 - 2029)

The Hungarian geothermal energy market is poised for significant growth, driven by government initiatives aimed at reducing reliance on foreign energy imports. Despite the challenges posed by alternative clean energy sources such as solar and wind, the market has rebounded to pre-pandemic levels. The government's commitment to enhancing domestic geothermal energy capacity is expected to create substantial opportunities, contributing to the expansion of the market size over the forecast period.

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Market Size of Hungary Geothermal Energy Industry

Hungary Geothermal Energy Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 10.00 %
Market Concentration High

Major Players

Hungary Geothermal Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Hungary Geothermal Energy Market Analysis

The Hungarian geothermal energy market is expected to register a CAGR of more than 10% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.

  • Over the medium term, factors such as government initiatives to reduce the dependency on energy imports from foreign nations are likely to drive the market during the forecast period.
  • On the other hand, the lucrative market for alternative clean energy sources like solar and wind are expected to hinder the market's growth during the forecast period.
  • Nevertheless, the Hungarian government announced plans to support the upscale of domestic geothermal energy, which are likely to create lucrative growth opportunities for the Hungary geothermal energy market during the forecast period.

Hungary Geothermal Energy Industry Segmentation

Geothermal energy is heat within the earth. Thus, it is renewable. Geothermal heat is used for bathing, heating buildings, and generating electricity. 

Hungary's geothermal energy market is segmented by application. By application, the market is segmented into power generation and direct heat utilization. The report also covers the market size and forecasts for Hungary's geothermal energy market. For each segment, the market sizing and forecasts have been done based on installed capacity megawatts (MW).

By Application
Power Generation
District Heat Utilization
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Hungary Geothermal Energy Market Size Summary

The Hungarian geothermal energy market is poised for significant growth, driven by government initiatives aimed at reducing reliance on energy imports and enhancing domestic energy production. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Despite the competition from other renewable energy sources like solar and wind, which are gaining traction in Hungary, the government's commitment to supporting geothermal energy development presents substantial opportunities for market expansion. Hungary's ambitious climate goals, including a carbon neutrality target for 2050 and a vision for 90% clean electricity by 2030, further bolster the potential for geothermal energy as a key component of the country's energy strategy.

The geothermal energy sector in Hungary is characterized by a consolidated market structure, with major players such as Mannvit, PannErgy PLC, KS Orka Renewables Pte Ltd, Porcio Co. Ltd, and Climeon AB actively participating in the industry. The government's plans to upscale geothermal energy production are expected to significantly reduce the country's natural gas dependency, aligning with its broader energy transition goals. Notable projects, such as the extensive geothermal urban heating system in Szeged, highlight the country's commitment to expanding its geothermal infrastructure. As Hungary continues to explore and develop its geothermal potential, the market is anticipated to experience robust growth, contributing to the nation's energy independence and sustainability objectives.

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Hungary Geothermal Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Geothermal Energy Installed Capacity and Forecast in MW, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Application

      1. 2.1.1 Power Generation

      2. 2.1.2 District Heat Utilization

Hungary Geothermal Energy Market Size FAQs

The Hungary Geothermal Energy Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)

Mannvit, Climeon AB, PannErgy PLC, KS Orka Renewables Pte Ltd and Porcio Co. Ltd. are the major companies operating in the Hungary Geothermal Energy Market.

Hungary Geothermal Energy Report Snapshots

Hungary Geothermal Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)