The global enhanced geothermal system market revenue was around US$ 2.1 billion in 2023 and is estimated to reach US$ 3.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2024 to 2032.

An enhanced geothermal system (EGS) is a geothermal energy technology that utilizes heat from the core of the Earth to deliver power. EGS creates an artificial geothermal puddle by injecting water into dry, hot rock shapes deep under the crust of the Earth, in contrast to traditional geothermal systems, which depend on naturally appearing pockets of hot water and steam.

Factors Influencing Market Growth

- The surge in the demand for clean energy propels the expansion of the enhanced geothermal system market.

- The rise in the electricity demand is anticipated to stimulate the growth of the enhanced geothermal system market.

- The investment cost of enhanced geothermal systems is high due to several factors, including the complicatedness of the technology, the construction and drilling procedures, and the initial development of geothermal reservoirs, which hinder the growth of the market.

- The rise in construction activities demonstrated an incredible growth opportunity for the enhanced geothermal system market.

Regional Analysis

In 2023, Europe dominated the global enhanced geothermal system market in terms of revenue and is expected to maintain its position during the forecast period. The geological diversity of Europe plays a vital role in propelling the EGS improvements. The continent boasts a broad range of geological formations appropriate for geothermal energy extraction. This diversity presents multiple opportunities for EGS projects, making them adaptable to different regional contexts.

Also, the Asia-Pacific region is anticipated to grow at the highest growth rate during the forecast period. Research initiatives and technological advancements have played a key role. Collaborations between research institutions, governments, and the private sector have accelerated EGS development, making the technology more cost-effective and efficient.

Leading Companies

The leading prominent companies profiled in the global enhanced geothermal system market are: -

- Aboitiz Power Corporation
- AltaRock Energy, Inc.
- Calpine Corporation
- Enel Spa
- First Gen
- Fuji Electric Co., Ltd.
- Mitsubishi Heavy Industries, Ltd.
- Ormat
- TOSHIBA CORPORATION
- Yokogawa Electric Corporation
- Other prominent key players

Segmentation Outline

The global enhanced geothermal system market segmentation focuses on End-use, Resource Type, Depth, Simulation Method, and Region.

Segmentation based on End-use

- Residential
- Commercial

Segmentation based on Resource Type

- Hot Dry Rock
- Sedimentary Basin
- Radiogenic
- Molten Magma

Segmentation based on Depth

- Shallow
- Deep

Segmentation based on Simulation Method

- Hydraulic
- Chemical
- Thermal

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa