Geothermal Market size is estimated to be USD 5.22 Billion in 2024 and is expected to reach USD 12.95 Billion by 2033 at a CAGR of 10.5% from 2026 to 2033.
The South Korean geothermal market is experiencing steady growth, driven by the country's increasing demand for renewable energy sources and its commitment to reducing carbon emissions. As industries and the government continue to prioritize sustainability, the geothermal market in South Korea is poised to play a crucial role in the nation’s energy mix. The geothermal market here is largely focused on harnessing geothermal energy for heating and cooling systems, but the expansion into power generation is also on the horizon.
Geothermal energy is considered a reliable, sustainable resource in South Korea, owing to the country’s geothermal potential. South Korea's geothermal industry can be broadly classified into two types: low-temperature geothermal energy, primarily used for heating and cooling applications, and high-temperature geothermal energy, which is harnessed for power generation. Currently, the primary demand for geothermal systems comes from industries such as agriculture, real estate, and commercial sectors, where energy efficiency and sustainability are key priorities.
The growing geothermal market requires industries to adopt advanced technology to meet energy demands. For instance, the agricultural sector utilizes geothermal heating for greenhouses, which helps to maintain optimal temperatures year-round. Likewise, in the real estate industry, geothermal heat pumps are increasingly popular as energy-efficient heating and cooling solutions. With South Korea's heavy investment in green technologies, industries are seeking geothermal solutions that offer long-term benefits, such as reduced operational costs and a lower carbon footprint.
Despite the promising potential, the geothermal market in South Korea faces challenges. High initial investment costs and the technological expertise required for geothermal power plants are two significant barriers. However, industries are recognizing the value of geothermal energy and are beginning to take a more active role in integrating these systems into their operations. Geothermal energy is particularly attractive to businesses looking to adhere to South Korea’s strict environmental regulations and sustainability goals.
In summary, the South Korean geothermal market continues to evolve as industries adopt innovative technologies to meet rising energy demands while also contributing to environmental goals. The government's commitment to supporting renewable energy projects further strengthens the market's growth potential, signaling a brighter, more sustainable future for geothermal energy in South Korea.
Get an In-Depth Research Analysis of the South Korea Geothermal Market Size And Forecast [2025-2032]
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Mitsubishi
Fuji
Toshiba
Chevron
Calpine Corporation
Ansaldo/Tosi
Ormat
GE
TAS Energy
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Geothermal Market
Electricity Generation
Direct Use Applications
District Heating Systems
Geothermal Heat Pumps
Dry Steam Power Plants
Flash Steam Power Plants
Binary Cycle Power Plants
Enhanced Geothermal Systems (EGS)
Residential
Commercial
Industrial
Agricultural
Hydrothermal Resources
Hot Dry Rock Resources
Hot Sedimentary Aquifers
Geopressurized Resources
New Installations
Renovations and Retrofits
Modular Systems
Off-grid Systems
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Geothermal Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Geothermal Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Geothermal Market, By Type
6. South Korea Geothermal Market, By Application
7. South Korea Geothermal Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Geothermal Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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