South Korea Geothermal Energy Market Size Worth USD 161.25 Million by 2034 | CAGR: 3.4%

The South Korea geothermal energy market size is expected to reach USD 161.25 million by 2034, according to a new study by Polaris Market Research. The report “Geothermal Energy Market Size, Share, Trends, Industry Analysis Report By Technology (Flash Steam, Dry Steam, Binary Cycle Power Plants), By Power Output, By Application, By Region – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Geothermal energy is heat derived from the Earth’s interior, generated by the natural decay of radioactive elements in the Earth’s core, mantle, and crust. This heat can be harnessed to produce electricity, provide direct heating, or support industrial processes.

The South Korean government is actively supporting renewable energy, including geothermal, through policies and funding. Under the “Renewable Energy 3020” initiative, South Korea aims to increase the share of renewables in its energy mix to 20% by 2030. Geothermal energy is being promoted as a stable and clean alternative to fossil fuels. Incentives such as subsidies, tax benefits, and research funding are encouraging companies to invest in geothermal projects. This strong government support helps reduce financial risk and making geothermal energy more attractive for developers and investors within the country, thereby driving the growth.

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South Korea imports over 90% of its energy, mainly from oil, coal, and natural gas, making its economy vulnerable to global energy price fluctuations and supply disruptions. To reduce this dependency, the government is turning to domestic energy sources, including geothermal. Since geothermal energy can be generated locally, it provides a reliable and stable source of power that improves energy security. South Korea can decrease its reliance on foreign energy while supporting long-term energy sustainability and resilience by investing in geothermal, especially amid increasing geopolitical tensions and fluctuating fossil fuel markets.

South Korea Geothermal Energy Market Report Highlights

• In 2024, the binary cycle power plants segment dominated with the largest share. The technology is ideal for the country’s geothermal conditions, where moderate to low-temperature geothermal resources are more common
• The up to 5MW segment is expected to experience significant growth during the forecast period as these small-scale, modular systems are ideal for decentralized energy needs in remote or semi-urban regions.
• A few key market players are Ansaldo Energia, Atlas Copco Group, General Electric, Mitsubishi Heavy Industries, Ormat Technologies, TAS Energy, Toshiba Corporation, and Turboden S.p.A.

Polaris market research has segmented the South Korea Geothermal Energy Market report based on technology, power output, application:

By Technology (Revenue - USD Million, 2020–2034)

• Flash Steam
• Dry Steam
• Binary Cycle Power Plants

By Power Output (Revenue - USD Million, 2020–2034)

• Up to 5MW
• Above 5 MW

By Application (Revenue - USD Million, 2020–2034)

• Residential
• Commercial
• Industrial