Geothermal Power Market Summary
As per Market Research Future Analysis, the Geothermal Power Market was valued at 4.97 USD Billion in 2023 and is projected to grow to 12.0 USD Billion by 2035, reflecting a CAGR of 7.63% from 2025 to 2035. The market is driven by increasing demand for renewable energy, government incentives, and technological advancements in geothermal systems. Key applications include electricity generation, direct use applications, and district heating, with significant contributions from residential, commercial, and industrial sectors.
Key Market Trends & Highlights
Notable trends shaping the Geothermal Power Market include a focus on sustainability and technological innovation.
- Global investment in renewable energy reached USD 300 billion in 2020, indicating a shift towards cleaner energy sources.
- The European Union aims to reduce greenhouse gas emissions by at least 55% by 2030, enhancing the role of geothermal power.
- Technological advancements have improved geothermal drilling efficiency, potentially reducing costs by 30%.
- Government policies have led to a 10% annual increase in geothermal installations in supportive regions.
Market Size & Forecast
2023 Market Size | USD 4.97 Billion |
2024 Market Size | USD 5.34 Billion |
2035 Market Size | USD 12.0 Billion |
CAGR (2025-2035) | 7.63% |
Major Players
Key players include Energy Development Corporation, World Power Holdings, Ormat Technologies, Enel Green Power, and Chevron Corporation.