Geothermal Power Market is estimated to be valued at USD 6.09 Bn in 2025 and is expected to reach USD 8.74 Bn by 2032, growing at a compound annual growth rate (CAGR) of 5.3% from 2025 to 2032.
Report Coverage
Report Details
Base Year:
2024
Market Size in 2025:
USD 6.09 Bn
Historical Data for:
2020 To 2024
Forecast Period:
2025 To 2032
Forecast Period 2025 to 2032 CAGR:
5.30%
2032 Value Projection:
USD 8.74 Bn
Geothermal energy is a renewable resource that offers clean, reliable, and cost-effective power. This is because, unlike fossil fuels, it does not pollute the air or create greenhouse gasses that contribute to global warming. It can be produced in a variety of ways, depending on the type of geothermal system available. The most common are steam- and hot water-based power plants, often located near hot springs, volcanic activity, or tectonic plate boundaries. At these sites, energy is extracted from underground by pumping superheated water or steam to the surface. The steam flows through a turbine, drives a generator, and produces electricity. Water that is not used for electricity is returned to the underground reservoirs.
Market Dynamics:
The global geothermal power market is thriving with the advent of new technology and growing demand for renewable energy sources. Due to the rapid industrialization and urbanization in developing countries, there is a major need for electricity. Thus, the global geothermal power market is projected to grow at a high rate in the forecast period. Moreover, key players in the global geothermal power market are focusing on developing their production facilities to tap the potential of geothermal resources. Furthermore, increasing government policies to encourage the use of geothermal energy are another factor boosting growth of the market. These policies offer a variety of financial incentives to support the development and deployment of the power generation from geothermal resources.
On the other hand, high cost associated with the establishing power plant is expected to hamper the market growth.
Key features of the study:
This report provides in-depth analysis of the global geothermal power market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period 2025-2032, considering 2024 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global geothermal power market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study include ABB, EDF, Enel SPA (Enel), General Electric (GE), The Tata Power Company Limited, Mitsubishi Hitachi Power Systems Inc., Toshiba Corporation, Korea Electric Power Corporation, Siemens AG, and Yokogawa Electric Corporation
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
The global geothermal power market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global geothermal power market
Detailed Segmentation:
Global Geothermal Power Market, By Power Station Type
Dry Steam Power Stations
Flash Steam Power Stations
Binary Cycle Power Stations
Global Geothermal Power Market, By End Use
Residential
Commercial
Industrial
Others
Global Geothermal Power Market, By Region
North America
Latin America
Europe
Asia Pacific
Middle East
Africa
Company Profiles
ABB
EDF
Enel SPA (Enel)
General Electric (GE)
The Tata Power Company Limited
Mitsubishi Hitachi Power Systems Inc.
Toshiba Corporation
Korea Electric Power Corporation
Siemens AG
Yokogawa Electric Corporation
Table of Contents
1. Research Objectives and Assumptions
Research Objectives
Assumptions
Abbreviations
2. Market Purview
Report Description
Market Definition and Scope
Executive Summary
Market Snapshot, By Power Station Type
Market Snapshot, By End Use
Market Snapshot, By Region
Coherent Opportunity Map (COM)
3. Market Dynamics, Regulations, and Trends Analysis
Market Dynamics
Growing demand for renewable source of energy
High cost of establishing geothermal facility
Growing demand for energy across developing countries
Impact Analysis
Key Highlights
Regulatory Scenario
Product launch/Approvals
PEST Analysis
PORTER's Analysis
Merger and Acquisition Scenario
4. Global Geothermal Power Market - Impact of Coronavirus (COVID-19) Pandemic
COVID-19 Epidemiology
Supply Side and Demand Side Analysis
Economic Impact
5. Global Geothermal Power Market, By Power Station Type, 2020-2032, (US$ Bn)
Introduction
Market Share Analysis, 2025 and 2032 (%)
Y-o-Y Growth Analysis, 2021 - 2032
Segment Trends
Dry Steam Power Stations
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032,(US$ Bn)
Flash Steam Power Stations
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032,(US$ Bn)
Binary Cycle Power Stations
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032,(US$ Bn)
6. Global Geothermal Power Market, By End Use, 2020-2032, (US$ Bn)
Introduction
Market Share Analysis, 2025 and 2032 (%)
Y-o-Y Growth Analysis, 2021 - 2032
Segment Trends
Residential
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032,(US$ Billion)
Commercial
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032,(US$ Billion)
Industrial
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032,(US$ Billion)
Others
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032,(US$ Billion)
7. Global Geothermal Power Market, By Region, 2020-2032, (US$ Bn)
Introduction
Market Share Analysis, By Country, 2025 and 2032 (%)
Y-o-Y Growth Analysis, For Country 2021 -2032
Country Trends
North America
Introduction
Market Size and Forecast, and Y-o-Y Growth, By Power Station Type, 2020-2032,(US$ Bn)
Market Size and Forecast, and Y-o-Y Growth, By End Use, 2020-2032,(US$ Bn)
Europe
Introduction
Market Size and Forecast, and Y-o-Y Growth, By Power Station Type, 2020-2032,(US$ Bn)
Market Size and Forecast, and Y-o-Y Growth, By End Use, 2020-2032,(US$ Bn)
Asia Pacific
Introduction
Market Size and Forecast, and Y-o-Y Growth, By Power Station Type, 2020-2032,(US$ Bn)
Market Size and Forecast, and Y-o-Y Growth, By End Use, 2020-2032,(US$ Bn)
LAMEA
Introduction
Market Size and Forecast, and Y-o-Y Growth, By Power Station Type, 2020-2032,(US$ Bn)
Market Size and Forecast, and Y-o-Y Growth, By End Use, 2020-2032,(US$ Bn)