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.
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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
Stable baseload generation: High-temperature resources (150 °C+) enable reliable 24/7 power, increasing appeal versus intermittent renewables.
Mature flash steam technology: Proven efficiency, especially in regions with deep geothermal reservoirs.
Industrial demand: Heavy industries require continuous power/heating, making geothermal a strong match.
Regional investments: North America’s robust policy incentives (tax credits, R&D) drive significant capacity growth.
Opportunities
Capacity expansion: Small-scale (<5 MW) plants are prevalent but scalable to larger modular setups.
Emerging markets: Countries with untapped high-temperature sites hold potential for newcomers.
Tech crossover: Expertise from oil & gas can transfer to geothermal exploration and drilling.
Industrial partnerships: Off-takers in industrial sectors promise long-term agreements and stability.
Restraints
High capital expenditure: Flash steam plants require complex drilling and infrastructure investment.
Resource risk: Suitable deep high-temperature reservoirs are unevenly distributed and require exploration.
Regulatory hurdles: Permitting, environmental reviews, and land use regulations vary and can delay projects.
Skill shortage: Highly specialized workforce needed for plant operation and geothermal engineering.
Trends
Continued dominance of flash steam (>59%).
Small-scale projects (<5 MW) remain strong (~87.6%).
High-temperature resource utilization stays prominent (~74.5%).
Industrial end-use leads (~65.9%).
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
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