Global Geothermal Energy Market Size Study & Forecast, by Type (Binary Cycle, Flash, Dry Steam) and Application (Industrial, Commercial, Residential, Others) and Regional Forecasts 2025-2035

Description

The Global Geothermal Energy Market was valued at approximately USD 70.62 billion in 2024 and is projected to expand at a steady CAGR of 6.61% during the forecast period from 2025 to 2035, building upon historical data from 2023 and 2024. Geothermal energy, derived from the Earth's internal heat, represents one of the most reliable and consistent renewable power sources available today. Unlike intermittent renewables, it delivers baseload power with minimal carbon footprint, making it an increasingly strategic asset in national energy portfolios. Rising pressure to decarbonize power generation, coupled with long-term cost stability and energy security concerns, is steadily pulling investments toward geothermal infrastructure across both developed and emerging economies.

Momentum in the market is being stirred up by advancements in drilling technologies, enhanced geothermal systems (EGS), and improved reservoir management techniques that allow developers to tap into deeper and previously uneconomical heat resources. Governments are rolling out supportive policies, feed-in tariffs, and funding mechanisms to crowd in private capital and scale projects faster. At the same time, industries with high and continuous heat demand are turning to geothermal solutions to hedge against fossil fuel volatility. However, high upfront exploration costs and geological uncertainty continue to act as friction points, particularly in regions where subsurface data is limited or regulatory frameworks are still evolving.

The detailed segments and sub-segments included in the report are:

By Type:

Binary Cycle
Flash
Dry Steam

By Application:

Industrial
Commercial
Residential
Others

By Region:

North America

U.S.
Canada

Europe

UK
Germany
France
Spain
Italy
Rest of Europe

Asia Pacific

China
India
Japan
Australia
South Korea
Rest of Asia Pacific

Latin America

Brazil
Mexico

Middle East & Africa

UAE
Saudi Arabia
South Africa
Rest of Middle East & Africa

The industrial application segment is expected to dominate the geothermal energy market, underpinned by the sector's growing appetite for stable, low-emission heat and power. Energy-intensive industries such as food processing, pulp and paper, chemicals, and mining are increasingly leaning into geothermal systems to decarbonize operations while locking in predictable energy costs. As carbon pricing mechanisms tighten and sustainability targets become more stringent, industrial users are scaling up geothermal adoption, positioning this segment as the primary demand driver over the long term.

From a revenue perspective, flash steam technology currently leads the market, accounting for the largest share of commercial geothermal installations worldwide. Flash systems are particularly effective in high-temperature reservoirs and benefit from proven operational reliability and mature project economics. While binary cycle plants are gaining momentum due to their ability to operate at lower temperatures and in environmentally sensitive areas, flash technology continues to command revenue leadership thanks to its deployment in large-scale power generation projects. This dynamic underscores a market where innovation is broadening participation without displacing established revenue pillars.

The geothermal energy landscape varies notably across regions. North America remains a frontrunner, supported by vast geothermal resources, favorable regulatory structures, and long-standing operational expertise, particularly in the western United States. Europe continues to scale capacity through district heating projects and deep geothermal exploration aligned with its decarbonization agenda. Asia Pacific is emerging as the fastest-growing region, driven by rising electricity demand, government-backed renewable energy programs, and geothermal-rich geographies in countries such as Indonesia, Japan, and the Philippines, where geothermal plays a pivotal role in energy diversification.

Major market players included in this report are:

Ormat Technologies Inc.
Enel Green Power
Calpine Corporation
Chevron Corporation
Toshiba Energy Systems & Solutions
Mitsubishi Heavy Industries
ENGIE
Orsted A/S
KenGen
Siemens Energy
ABB Ltd.
Halliburton
Baker Hughes
ExxonMobil
Alterra Power Corp.

Global Geothermal Energy Market Report Scope:

Historical Data - 2023, 2024
Base Year for Estimation - 2024
Forecast period - 2025-2035
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent to up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments and countries in recent years and to forecast their values over the coming decade. The report blends qualitative insights with quantitative analysis to map the evolving geothermal energy ecosystem across regions. It outlines critical growth drivers, structural challenges, and emerging micro-market opportunities, while also unpacking the competitive landscape and strategic initiatives of leading players. This approach equips stakeholders with a forward-looking perspective on investment priorities and market entry strategies.

Key Takeaways:

Market Estimates & Forecast for 10 years from 2025 to 2035.
Annualized revenues and regional-level analysis for each market segment.
Detailed analysis of the geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of the competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Geothermal Energy Market Report Scope & Methodology

1.1. Research Objective
1.2. Research Methodology
- 1.2.1. Forecast Model
- 1.2.2. Desk Research
- 1.2.3. Top Down and Bottom-Up Approach
1.3. Research Attributes
1.4. Scope of the Study
- 1.4.1. Market Definition
- 1.4.2. Market Segmentation
1.5. Research Assumption
- 1.5.1. Inclusion & Exclusion
- 1.5.2. Limitations
- 1.5.3. Years Considered for the Study

Chapter 2. Executive Summary

2.1. CEO/CXO Standpoint
2.2. Strategic Insights
2.3. ESG Analysis
2.4. key Findings

Chapter 3. Global Geothermal Energy Market Forces Analysis

3.1. Market Forces Shaping The Global Geothermal Energy Market (2024-2035)
3.2. Drivers
- 3.2.1. Rising pressure to decarbonize power generation
- 3.2.2. long-term cost stability and energy security concerns
3.3. Restraints
- 3.3.1. high upfront exploration costs
3.4. Opportunities
- 3.4.1. advancements in drilling technologies

Chapter 4. Global Geothermal Energy Industry Analysis

4.1. Porter's 5 Forces Model
- 4.1.1. Bargaining Power of Buyer
- 4.1.2. Bargaining Power of Supplier
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. Porter's 5 Force Forecast Model (2024-2035)
4.3. PESTEL Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
4.4. Top Investment Opportunities
4.5. Top Winning Strategies (2025)
4.6. Market Share Analysis (2024-2025)
4.7. Global Pricing Analysis And Trends 2025
4.8. Analyst Recommendation & Conclusion

Chapter 5. Global Geothermal Energy Market Size & Forecasts by Type 2025-2035

5.1. Market Overview
5.2. Global Geothermal Energy Market Performance - Potential Analysis (2025)
5.3. Binary Cycle
- 5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.3.2. Market size analysis, by region, 2025-2035
5.4. Flash
- 5.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.4.2. Market size analysis, by region, 2025-2035
5.5. Dry Stream
- 5.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.5.2. Market size analysis, by region, 2025-2035

Chapter 6. Global Geothermal Energy Market Size & Forecasts by Application 2025-2035

6.1. Market Overview
6.2. Global Geothermal Energy Market Performance - Potential Analysis (2025)
6.3. Industrial
- 6.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.3.2. Market size analysis, by region, 2025-2035
6.4. Commercial
- 6.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.4.2. Market size analysis, by region, 2025-2035
6.5. Residential
- 6.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.5.2. Market size analysis, by region, 2025-2035
6.6. Others
- 6.6.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.6.2. Market size analysis, by region, 2025-2035

Chapter 7. Global Geothermal Energy Market Size & Forecasts by Region 2025-2035

7.1. Growth Geothermal Energy Market, Regional Market Snapshot
7.2. Top Leading & Emerging Countries
7.3. North America Geothermal Energy Market
- 7.3.1. U.S. Geothermal Energy Market
  - 7.3.1.1. Type breakdown size & forecasts, 2025-2035
  - 7.3.1.2. Application breakdown size & forecasts, 2025-2035
- 7.3.2. Canada Geothermal Energy Market
  - 7.3.2.1. Type breakdown size & forecasts, 2025-2035
  - 7.3.2.2. Application breakdown size & forecasts, 2025-2035
7.4. Europe Geothermal Energy Market
- 7.4.1. UK Geothermal Energy Market
  - 7.4.1.1. Type breakdown size & forecasts, 2025-2035
  - 7.4.1.2. Application breakdown size & forecasts, 2025-2035
- 7.4.2. Germany Geothermal Energy Market
  - 7.4.2.1. Type breakdown size & forecasts, 2025-2035
  - 7.4.2.2. Application breakdown size & forecasts, 2025-2035
- 7.4.3. France Geothermal Energy Market
  - 7.4.3.1. Type breakdown size & forecasts, 2025-2035
  - 7.4.3.2. Application breakdown size & forecasts, 2025-2035
- 7.4.4. Spain Geothermal Energy Market
  - 7.4.4.1. Type breakdown size & forecasts, 2025-2035
  - 7.4.4.2. Application breakdown size & forecasts, 2025-2035
- 7.4.5. Italy Geothermal Energy Market
  - 7.4.5.1. Type breakdown size & forecasts, 2025-2035
  - 7.4.5.2. Application breakdown size & forecasts, 2025-2035
- 7.4.6. Rest of Europe Geothermal Energy Market
  - 7.4.6.1. Type breakdown size & forecasts, 2025-2035
  - 7.4.6.2. Application breakdown size & forecasts, 2025-2035
7.5. Asia Pacific Geothermal Energy Market
- 7.5.1. China Geothermal Energy Market
  - 7.5.1.1. Type breakdown size & forecasts, 2025-2035
  - 7.5.1.2. Application breakdown size & forecasts, 2025-2035
- 7.5.2. India Geothermal Energy Market
  - 7.5.2.1. Type breakdown size & forecasts, 2025-2035
  - 7.5.2.2. Application breakdown size & forecasts, 2025-2035
- 7.5.3. Japan Geothermal Energy Market
  - 7.5.3.1. Type breakdown size & forecasts, 2025-2035
  - 7.5.3.2. Application breakdown size & forecasts, 2025-2035
- 7.5.4. Australia Geothermal Energy Market
  - 7.5.4.1. Type breakdown size & forecasts, 2025-2035
  - 7.5.4.2. Application breakdown size & forecasts, 2025-2035
- 7.5.5. South Korea Geothermal Energy Market
  - 7.5.5.1. Type breakdown size & forecasts, 2025-2035
  - 7.5.5.2. Application breakdown size & forecasts, 2025-2035
- 7.5.6. Rest of APAC Geothermal Energy Market
  - 7.5.6.1. Type breakdown size & forecasts, 2025-2035
  - 7.5.6.2. Application breakdown size & forecasts, 2025-2035
7.6. Latin America Geothermal Energy Market
- 7.6.1. Brazil Geothermal Energy Market
  - 7.6.1.1. Type breakdown size & forecasts, 2025-2035
  - 7.6.1.2. Application breakdown size & forecasts, 2025-2035
- 7.6.2. Mexico Geothermal Energy Market
  - 7.6.2.1. Type breakdown size & forecasts, 2025-2035
  - 7.6.2.2. Application breakdown size & forecasts, 2025-2035
7.7. Middle East and Africa Geothermal Energy Market
- 7.7.1. UAE Geothermal Energy Market
  - 7.7.1.1. Type breakdown size & forecasts, 2025-2035
  - 7.7.1.2. Application breakdown size & forecasts, 2025-2035
- 7.7.2. Saudi Arabia (KSA) Geothermal Energy Market
  - 7.7.2.1. Type breakdown size & forecasts, 2025-2035
  - 7.7.2.2. Application breakdown size & forecasts, 2025-2035
- 7.7.3. South Africa Geothermal Energy Market
  - 7.7.3.1. Type breakdown size & forecasts, 2025-2035
  - 7.7.3.2. Application breakdown size & forecasts, 2025-2035

Chapter 8. Competitive Intelligence

8.1. Top Market Strategies
8.2. Ormat Technologies Inc.
- 8.2.1. Company Overview
- 8.2.2. Key Executives
- 8.2.3. Company Snapshot
- 8.2.4. Financial Performance (Subject to Data Availability)
- 8.2.5. Product/Services Port
- 8.2.6. Recent Development
- 8.2.7. Market Strategies
- 8.2.8. SWOT Analysis
8.3. Enel Green Power
8.4. Calpine Corporation
8.5. Chevron Corporation
8.6. Toshiba Energy Systems & Solutions
8.7. Mitsubishi Heavy Industries
8.8. ENGIE
8.9. Orsted A/S
8.10. KenGen
8.11. Siemens Energy
8.12. ABB Ltd.
8.13. Halliburton
8.14. Baker Hughes
8.15. ExxonMobil
8.16. Alterra Power Corp.