Press Releases

The Global Geothermal Energy Market is anticipated to grow from USD 8.4 billion in 2023 to USD 10.6 billion in 2030 at a CAGR of 6.3% during the forecast period from 2025 to 2030.

System of creating clean power by extracting heat energy from the ground is known as geothermal power generation. Uses of this energy such as cooling, heating and electricity are expected to propel the market growth. Technological advancements in this type of energy and increasing need for clean energy resources globally is raising the growth of the market.

Browse 65 market data Tables and 40 Figures spread through 205 Pages and in-depth TOC on Geothermal Energy Market By Technology (Flash, Ground Source Heat Pumps, Direct Systems, Binary Cycle Plants and Dry Steam Plants), By Power (upto 5MW and above 5 MW), By Temperature (Low Temperature (upto 900C), Medium Temperature (900C - 1500C) and High Temperature (Above 1500C)), By Application (Power Generation, Residential Heating and Cooling and Commercial Heating and Cooling) and By Geography (North America, Europe, Asia-Pacific, Latin America, Middle East And Africa) - Global Forecast to 2030.

Global Geothermal Energy Market Segmentation and Key Players

By technology, binary cycle dominate the global geothermal energy market.

The binary cycle segment shall dominate the market due to its various benefits and low costs. The flash steam segment too is anticipated to grow at the fastest CAGR during the forecast period due to the efficient nature of harnessing natural steam produced in underground reservoirs which convert it directly into electrical power.

“Asia Pacific is anticipated to register the fastest CAGR during the forecast period, i.e., 2025-2030 in the global geothermal energy market.”

Asia Pacific is anticipated to dominate the geothermal energy market share due to high potential demand for energy in Asian countries. The growth of this market is propelled because of the requirement for high volumes of the energy for the generation of electricity.

Some of the key players in this market are Ormat Technologies, Calpine, Mitsubishi Corporation, Enel Green Power, Ethos Energy, GEG Power, ElectraTherm, Toshiba International Corporation, First Gen Corporation, Berkshire Hathaway Energy, Turboden, Reykjavik Geothermal.

Recent developments by Key Players

Geothermal Core and GEG have formed a joint venture to develop a utility-scale geothermal power plant in the state of Texas, U.S. that shall aim on developing clean baseload electricity in Texas powered by geothermal energy.  The partners are now engaged with origination of the first utility-scale, geothermal power plant in the state of Texas.

Toshiba has received order for power generation equipment for renovation of geothermal power plant in Kenya from SEPCOIII Electric Power Construction Co., Ltd. for steam turbines and generators for the geothermal power plant equipment renovation of Units 1 through 3 at the old 45MW Olkaria.

Global gas turbines market coverage (By Value)

• Technology Insight and Forecast 2025-2030
  • Flash
  • Ground Source Heat Pumps
  • Direct systems
  • Binary cycle plants
  • Dry Steam Plants Heavy Duty

• Power Insight and Forecast 2025-2030
  • Upto 5 MW
  • Above 5 MW
• Temperature Insight and Forecast 2025-2030
  • Low Temperature (upto 900C)
  • Medium Temperature (900C - 1500C)
  • High Temperature (Above 1500C)Upto 5 MW
• Application Insight and Forecast 2025-2030
  • Power Generation
  • Residential Heating and Cooling
  • Commercial Heating and Cooling

Geographical Segmentation

Global Geothermal Energy Market by Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific (APAC)
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Rest of APAC
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America
• Middle East and Africa
  • Turkey
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA