Indian geothermal energy market Companies

*Disclaimer: List of key companies in no particular order

Top listed companies in the India Geothermal Energy industry are:

Ormat (US), Mitsubishi Heavy Industries (Japan), Baker Hughes Company (US), NIBE Group (Sweden), and SLB (US)

India's geothermal energy market, though nascent, holds immense potential, driven by ambitious renewable energy targets and favorable geological conditions. This nascent nature, however, also translates to a dynamic competitive landscape, characterized by a mix of established players, independent power producers (IPPs), and technology innovators. Let's delve into the key aspects shaping this exciting space.

Key Players and Strategies:

• Established Energy Companies: Powerhouses like Thermax and GE leverage their experience in conventional energy and investments in geothermal equipment manufacturing to gain a foothold. Their strategies focus on securing government contracts and offering integrated solutions encompassing exploration, development, and power plant operations.


• Independent Power Producers (IPPs): Companies like Greenko and ReNew Power are actively bidding for geothermal projects, attracted by the long-term power purchase agreements (PPAs) and attractive tariffs offered by the government. Their agility and focus on project financing give them an edge in competitive bidding processes.


• Technology Innovators: Global players like Ormat Technologies and Reykjavik Geothermal bring advanced drilling and binary cycle power plant technologies to the table. They partner with local players or establish subsidiaries to adapt their technologies to India's specific geological and regulatory environment.

Market Share Analysis - Key Factors:

• Project Development Expertise: Prior experience in geothermal project development and successful execution of initial projects will hold significant weight in attracting future contracts.


• Financial Strength: Access to capital and the ability to secure project financing at competitive rates will be crucial for IPPs to win bids and execute projects effectively.


• Technological Prowess: Companies deploying cutting-edge drilling and power generation technologies that optimize resource utilization and efficiency will gain an edge.


• Policy and Regulatory Landscape: Navigating India's evolving geothermal policy framework and securing requisite permits efficiently will be critical for success.

New and Emerging Trends:

• Focus on Deep Geothermal Resources: Exploration efforts are shifting towards exploiting the higher potential of deeper geothermal resources for enhanced power generation.


• Hybrid Projects: Integrating geothermal with other renewable sources like solar or wind offers increased grid stability and energy security, attracting interest from developers.


• Distributed Geothermal Power: Small-scale, modular geothermal plants are gaining traction for catering to localized energy needs in remote areas.


• Technological Advancements: Innovations in drilling techniques, reservoir modeling, and binary cycle efficiency are constantly pushing the boundaries of geothermal energy utilization.

The Indian geothermal energy market is characterized by fierce competition due to the limited number of projects and attractive government incentives. Collaboration and partnerships between established players, IPPs, and technology providers are emerging as a winning strategy. Additionally, successful exploration of deep geothermal resources and adoption of innovative technologies will unlock significant growth potential for this renewable energy source.

The future of India's geothermal energy market hinges on sustained government support, streamlined regulatory frameworks, and technological advancements. As the competitive landscape continues to evolve, players who adapt to these changing dynamics and focus on long-term value creation will be the ones to harness the true potential of this clean and sustainable energy source.

Latest Company Updates:

Mitsubishi Heavy Industries (Japan):

• December 2023: Partnered with ONGC Videsh Ltd. (OVL) to explore geothermal resources in Indonesia. (Source: MHI website)

Baker Hughes Company (US):

• August 2023: Collaborated with ONGC to provide drilling equipment and services for the Ladakh geothermal pilot project. (Source: Baker Hughes website)

Ormat Technologies (US):

• November 2023: Signed a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh to explore and develop geothermal energy projects in the state.