Geothermal Power Market Size, Share, and Growth Trends

 

Report Overview:

The global geothermal power market is projected to grow from about USD 7.7 billion in 2024 to USD 11.4 billion by 2034, at a steady 4.0% CAGR during 2025–2034. The most widely deployed technology is Flash Steam Power Stations, accounting for over 59.4% of the market, thanks to its efficiency with high-temperature resources found in countries like the U.S., Indonesia, and the Philippines. Plants generating up to 5 MW are especially common, representing around 87.6% of global capacity.

High-temperature resources (above 150 °C) dominate, making up more than 74.5% of capacity, since they support reliable and efficient energy output. The industrial sector is also the leading end-use, capturing around 65.9% of market share, largely due to stable power needs and heat applications. Geographically, North America leads with close to 48.6%, equivalent to USD 3.7 billion, driven by strong policy backing, technology infrastructure, and vast geothermal reserves

Key Takeaways

  • Market projected to grow ~48% over a decade (2024–2034) at a 4.0% CAGR.

  • Flash steam tech, small plants, and high-temperature reservoirs drive market dominance.

  • Industrial users take the lion’s share of demand.

  • North America is the most active region, holding nearly half of the global market.

Geothermal Power Market
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Key Market Segments:

By Power Station

  • Dry Steam Power Stations
  • Flash Steam Power Stations
  • Binary Cycle Power Stations

By Power

  • Upto 5MW
  • Above 5 MW

By Temperature Type

  • Low Temperature (Up to 900C)
  • Medium Temperature (900C – 1500C)
  • High Temperature (Above 1500C)

By End-Use

  • Industrial
  • Residential
  • Commercial

DORT Analysis

Drivers

  1. Stable baseload generation: High-temperature resources (150 °C+) enable reliable 24/7 power, increasing appeal versus intermittent renewables.

  2. Mature flash steam technology: Proven efficiency, especially in regions with deep geothermal reservoirs.

  3. Industrial demand: Heavy industries require continuous power/heating, making geothermal a strong match.

  4. Regional investments: North America’s robust policy incentives (tax credits, R&D) drive significant capacity growth.

Opportunities

  1. Capacity expansion: Small-scale (<5 MW) plants are prevalent but scalable to larger modular setups.

  2. Emerging markets: Countries with untapped high-temperature sites hold potential for newcomers.

  3. Tech crossover: Expertise from oil & gas can transfer to geothermal exploration and drilling.

  4. Industrial partnerships: Off-takers in industrial sectors promise long-term agreements and stability.

Restraints

  1. High capital expenditure: Flash steam plants require complex drilling and infrastructure investment.

  2. Resource risk: Suitable deep high-temperature reservoirs are unevenly distributed and require exploration.

  3. Regulatory hurdles: Permitting, environmental reviews, and land use regulations vary and can delay projects.

  4. Skill shortage: Highly specialized workforce needed for plant operation and geothermal engineering.

Trends

  1. Continued dominance of flash steam (>59%).

  2. Small-scale projects (<5 MW) remain strong (~87.6%).

  3. High-temperature resource utilization stays prominent (~74.5%).

  4. Industrial end-use leads (~65.9%).

  5. North America remains the top region (≈48.6%).

Market Key Players:

  • Iberdrola
  • RWE
  • SolarEdge Technologies
  • NextEra Energy
  • China Longyuan Power Group
  • Siemens Gamesa Renewable Energy
  • China Three Gorges Corporation
  • Orsted
  • EDP Renewables
  • GE Renewable Energy
  • Canadian Solar
  • First Solar
  • Brookfield Renewable Partners
  • Vestas Wind Systems
  • Enel

Conclusion:

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