In 2023, the consumption of geothermal power in industries across Europe showed varied trends among countries. Iceland leads with a consumption of 11.9 thousand tonnes of oil equivalent (ktoe), despite a slight decline of 0.81%. Hungary, with a 4.15% year-on-year increase, reached 1.9 ktoe. Italy consumed 1.45 ktoe, marking a 5.81% rise. Romania had the most significant growth at 16.95%, reaching 0.85 ktoe. Greece saw a moderate increase of 1.15%, reaching 0.13 ktoe. Germany remained stable with no growth at 0.052 ktoe.
The average annual growth rate (CAGR) over the past five years suggests that Romania and Italy have shown robust growth, indicating a rising reliance on geothermal energy in their industries. Hungary and Greece are also on a steady uptrend, while Iceland's high consumption level dominates despite minor fluctuations. Germany’s usage remains minimal and stagnant.
Future trends to watch for the European geothermal power market include:
- Enhanced technology adoption and efficiencies in geothermal extraction, leading to increased consumption rates.
- Government policies and incentives focused on renewable energy could spur growth in underutilized countries like Germany.
- The potential impact of economic factors and energy prices on industrial adoption of geothermal power.
Top countries in Geothermal Power Final Consumption in Industry by Country
| # | 6 Countries | Thousand Tonnes Of Oil Equivalent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Iceland | 11.9 | 2023 | +0.33% | -0.81% | View data |
| 2 | 2 Hungary | 1.9 | 2023 | +2.87% | +4.15% | View data |
| 3 | 3 Italy | 1.45 | 2023 | +2.83% | +5.81% | View data |
| 4 | 4 Romania | 0.85 | 2023 | +19.02% | +16.95% | View data |
| 5 | 5 Greece | 0.13 | 2023 | +3.28% | +1.15% | View data |
| 6 | 6 Germany | 0.052 | 2023 | +4% | View data |
