Geothermal Energy Market Size, Share, and Growth Analysis, By Technology (Binary Cycle Plants, Flash Steam Plants), By Power (Up to 5MW, Above 5 MW), By Temperature, By Application, By Region - Industry Forecast 2025-2032
Toshiba Energy Systems & Solutions Corporation(Japan)
Fuji Electric Co., Ltd.(Japan)
Berkshire Hathaway Energy Renewables(USA)
Chevron Corporation(USA)
Star Energy Geothermal(Indonesia)
Pertamina Geothermal Energy(PGE)(Indonesia)
Aboitiz Power Corporation(Philippines)
Baker Hughes Company(USA)
Exergy International Srl(Italy)
Atlas Copco Group(Sweden)
TAS Energy(USA)
Turboden S.p.A.(Italy)
Cyrq Energy(USA)
Controlled Thermal Resources(USA)
Fervo Energy(USA)
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Global Geothermal Energy Market size was valued at USD 7.45 Billion in 2023 and is poised to grow from USD 7.68 Billion in 2024 to USD 9.81 Billion by 2032, growing at a CAGR of 3.1% in the forecast period (2025-2032).
The global geothermal energy sector is experiencing robust growth driven by the rising demand for reliable power supply across residential, commercial, and industrial sectors, in tandem with the shift towards sustainable energy sources. This transition is pivotal for reducing reliance on fossil fuels and curbing greenhouse gas emissions, prompting countries to incorporate geothermal energy into their energy strategies. Strategic partnerships and regional initiatives are vital in redefining the competitive landscape, especially in emerging markets such as the Middle East, where nations are setting ambitious capacity goals. Collaborations between private sector players highlight growing confidence in geothermal energy projects, further emphasizing its role in achieving energy sustainability and enhancing environmental performance. Overall, the sector represents a promising avenue for investment and innovation.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Geothermal Energy market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Geothermal Energy Market Segments Analysis
Global Geothermal Energy Market is segmented by Technology, Power, Temperature, Application and region. Based on Technology, the market is segmented into Binary Cycle Plants, Flash Steam Plants, Dry Steam Plants, Ground Source Heat Pumps, Direct Systems and Others. Based on Power, the market is segmented into Up to 5MW and Above 5 MW. Based on Temperature, the market is segmented into Low Temperature (Up to 900C), Medium Temperature (900C - 1500C) and High Temperature (Above 1500C). Based on Application, the market is segmented into Power Generation, Residential Heating and Cooling and Commercial Heating and Cooling. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Driver of the Global Geothermal Energy Market
The Global Geothermal Energy market is propelled by the urgent need for reliable and consistent power sources in the shift towards a decarbonized energy landscape. Geothermal energy stands out as it can deliver stable baseload power continuously, unlike the intermittent nature of solar and wind sources. This reliability makes geothermal a vital element in achieving a sustainable energy framework. Countries such as the United States, Iceland, and Indonesia are actively expanding their geothermal capabilities to lessen dependency on fossil fuels. A notable advancement occurred in 2024 when Fervo Energy successfully showcased enhanced geothermal systems (EGS) through innovative AI-driven subsurface modeling, enhancing energy extraction efficiency.
Restraints in the Global Geothermal Energy Market
The Global Geothermal Energy market faces significant challenges primarily stemming from its substantial financial demands, which encompass drilling and plant installation costs. For instance, establishing a geothermal plant with a one-megawatt capacity can range between USD 2 million and USD 7 million. In contrast, competing renewable energy options like onshore and offshore wind power, as well as solar photovoltaics, exhibit lower overall expenses due to reduced production costs. As a result, from a long-term viewpoint, these more economically viable renewable sources are likely to hinder the growth and market share of geothermal energy, making it less attractive to investors.
Market Trends of the Global Geothermal Energy Market
The Global Geothermal Energy market is witnessing a significant trend towards the advancement of Enhanced Geothermal Systems (EGS), which broadens the scope of geothermal energy harnessing beyond traditional hot water reservoirs. The successful commercial testing of EGS technologies, such as Fervo Energy's recent achievement in Nevada, highlights the potential to create artificial reservoirs in previously unutilized regions. By utilizing innovations like fiber-optic sensing and AI-driven optimization, EGS is set to unlock new geothermal sites, driving a substantial increase in geothermal power generation. This evolution not only enhances energy diversification but also supports global sustainability goals, positioning geothermal energy as a key player in the renewable energy sector.
Table of Contents
Introduction
Objectives of the Study
Scope of the Report
Definitions
Research Methodology
Information Procurement
Secondary & Primary Data Methods
Market Size Estimation
Market Assumptions & Limitations
Executive Summary
Global Market Outlook
Supply & Demand Trend Analysis
Segmental Opportunity Analysis
Market Dynamics & Outlook
Market Overview
Market Size
Market Dynamics
Drivers & Opportunities
Restraints & Challenges
Porters Analysis
Competitive rivalry
Threat of substitute
Bargaining power of buyers
Threat of new entrants
Bargaining power of suppliers
Key Market Insights
Key Success Factors
Degree of Competition
Top Investment Pockets
Market Ecosystem
Market Attractiveness Index, 2024
PESTEL Analysis
Macro-Economic Indicators
Value Chain Analysis
Pricing Analysis
Global Geothermal Energy Market Size by Technology & CAGR (2025-2032)
Market Overview
Binary Cycle Plants
Flash Steam Plants
Dry Steam Plants
Ground Source Heat Pumps
Direct Systems
Others
Global Geothermal Energy Market Size by Power & CAGR (2025-2032)
Market Overview
Up to 5MW
Above 5 MW
Global Geothermal Energy Market Size by Temperature & CAGR (2025-2032)
Market Overview
Low Temperature (Up to 900C)
Medium Temperature (900C - 1500C)
High Temperature (Above 1500C)
Global Geothermal Energy Market Size by Application & CAGR (2025-2032)
Market Overview
Power Generation
Residential Heating and Cooling
Commercial Heating and Cooling
Global Geothermal Energy Market Size & CAGR (2025-2032)
North America (Technology, Power, Temperature, Application)
US
Canada
Europe (Technology, Power, Temperature, Application)
Germany
Spain
France
UK
Italy
Rest of Europe
Asia Pacific (Technology, Power, Temperature, Application)
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America (Technology, Power, Temperature, Application)
Brazil
Rest of Latin America
Middle East & Africa (Technology, Power, Temperature, Application)
GCC Countries
South Africa
Rest of Middle East & Africa
Competitive Intelligence
Top 5 Player Comparison
Market Positioning of Key Players, 2024
Strategies Adopted by Key Market Players
Recent Developments in the Market
Company Market Share Analysis, 2024
Company Profiles of All Key Players
Company Details
Product Portfolio Analysis
Company's Segmental Share Analysis
Revenue Y-O-Y Comparison (2022-2024)
Key Company Profiles
Ormat Technologies, Inc. (USA)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Mitsubishi Heavy Industries, Ltd. (Japan)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Calpine Corporation (USA)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Enel Green Power S.p.A. (Italy)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Energy Development Corporation (Philippines)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Toshiba Energy Systems & Solutions Corporation (Japan)