Global Geothermal Power Market - Forecasts from 2025 to 2030

The Global Geothermal Power Market is expected to grow from USD 7.765 billion in 2025 to USD 9.331 billion in 2030, at a CAGR of 3.74%.

The Geothermal Power Station Market Study provides a comprehensive analysis of the global geothermal power industry, offering insights into market trends, technological advancements, and competitive dynamics. This study is designed to equip industry experts with actionable intelligence on market drivers, segmentation, and key developments shaping the sector. It covers power station types, applications, end-users, and geographic regions, with a focus on strategic recommendations for stakeholders.

Market Snapshot

The Geothermal Power Station Market Study defines the market as encompassing technologies and infrastructure for generating electricity and direct-use applications from geothermal energy. The scope includes dry steam, flash steam, binary cycle, and enhanced geothermal systems (EGS), segmented by application (electricity generation, direct use, combined heat and power) and end-users (residential, commercial, industrial). The study spans key regions, including North America, Europe, Asia Pacific, South America, and the Middle East and Africa, providing a global perspective on market dynamics.

Business Landscape

The study identifies key market drivers, such as increasing demand for renewable energy and supportive government policies, alongside restraints like high initial investment costs. Opportunities lie in technological advancements and untapped geothermal resources in regions like Indonesia and East Africa. Porter's Five Forces and industry value chain analyses offer insights into competitive pressures and supply chain dynamics, while strategic recommendations guide stakeholders in navigating regulatory frameworks and market challenges.

Technological Outlook

This section explores innovations in geothermal technology, including improvements in EGS and binary cycle systems, which enhance efficiency and expand viable resource locations. The Geothermal Power Station Market Study highlights how advancements in drilling and heat extraction are reducing costs and improving scalability, positioning geothermal energy as a reliable baseload power source.

Geothermal Power Station Market by Power Station Type

The study categorizes the market into dry steam, flash steam, binary cycle, and EGS. Binary cycle systems are gaining traction due to their ability to utilize lower-temperature resources, while EGS holds promise for unlocking deeper geothermal reservoirs, particularly in non-traditional regions.

Geothermal Power Station Market by Application

Applications are segmented into electricity generation, direct use (e.g., district heating), and combined heat and power (CHP). Electricity generation dominates due to global energy transition goals, while CHP systems are emerging as efficient solutions for industrial and commercial sectors.

Geothermal Power Station Market by End-User

The market serves residential, commercial, and industrial end-users. Industrial applications, particularly in energy-intensive sectors like manufacturing, are driving demand for geothermal solutions due to their reliability and cost-effectiveness over time.

Geothermal Power Station Market by Geography

The study provides a detailed regional analysis, covering North America (USA, Canada, Mexico), Europe (Germany, France, UK, Spain, others), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, others), South America (Brazil, Argentina, others), and the Middle East and Africa (Saudi Arabia, UAE, others). Asia Pacific, led by Indonesia and the Philippines, accounts for significant market share due to abundant geothermal resources, while East Africa shows growth potential.

Competitive Environment and Analysis

The Geothermal Power Station Market Study examines the competitive landscape, focusing on major players, market share, and strategic developments. Key players include Ormat Technologies, Inc., Calpine Corporation, Energy Development Corporation (EDC), Kenya Electricity Generating Company (KenGen), Enel SpA, Comision Federal de Electricidad, Mitsubishi Heavy Industries, Ltd., and Baker Hughes Company. Recent developments highlight innovation and expansion:

• Ormat Technologies, Inc.: In 2024, Ormat expanded its portfolio with a new 30 MW binary cycle plant in Nevada, leveraging its expertise in low-temperature resource utilization. This move strengthens its position in North America, where it holds a significant market share, and underscores its focus on scalable, modular geothermal solutions.
• Enel SpA: Enel recently announced a partnership in 2025 to develop EGS projects in Italy, aiming to tap deeper geothermal reservoirs. This initiative aligns with Europe's push for carbon-neutral energy and positions Enel as a leader in next-generation geothermal technologies.

These developments reflect a broader trend of technological innovation and geographic expansion, with companies investing in R&D and strategic collaborations to capture emerging opportunities. The competitive dashboard provides a visual representation of market positioning, while mergers, acquisitions, and agreements highlight consolidation trends.

Key Benefits of this Report:

• Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, and other sub-segments.
• Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy.
• Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape future market developments.
• Actionable Recommendations: Utilize the insights to exercise strategic decisions to uncover new business streams and revenues in a dynamic environment.
• Caters to a Wide Audience: Beneficial and cost-effective for startups, research institutions, consultants, SMEs, and large enterprises.

What do businesses use our reports for?

Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive Intelligence

Report Coverage:

• Historical data from 2022 to 2024 & forecast data from 2025 to 2030
• Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, and Trend Analysis
• Competitive Positioning, Strategies, and Market Share Analysis
• Revenue Growth and Forecast Assessment of segments and regions including countries
• Company Profiling (Strategies, Products, Financial Information, and Key Developments among others.

Geothermal Power Market Segmentation:

By Power Station Type

• Dry Steam
• Flash Steam
• Binary Cycles
• Enhanced Geothermal System (EGS)

By Application

• Electricity Generation
• Direct Use
• Combined Heat and Power (CHP)

By End-User

• Residential
• Commercial
• Industrial

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• The United Kingdom
• Italy
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others