Geothermal Energy Market Size, Share, Trends, Industry Analysis Report By Technology (Flash Steam, Dry Steam, Binary Cycle Power Plants), By Power Output, By Application, By Region

Description

List of Tables

The geothermal energy market size is expected to reach USD 11.11 billion by 2034, according to a new study by Polaris Market Research. The report "Geothermal Energy Market Size, Share, Trends, Industry Analysis Report By Technology (Flash Steam, Dry Steam, Binary Cycle Power Plants), By Power Output, By Application, By Region - Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.

Geothermal energy is generated by the natural decay of radioactive elements in the Earth's core, mantle, and crust. This heat can be harnessed to produce electricity, provide direct heating, and support industrial processes.

The global focus on reducing pollution has increased the use of clean and renewable energy sources. Geothermal energy produces very low emissions and helps reduce dependence on coal and other fossil fuels. It offers a reliable alternative that supports climate goals and energy security. Many countries are setting targets for renewable energy, and geothermal fits well into these long-term plans. People and companies are becoming more aware of the need for sustainable choices. This awareness is leading to higher demand for clean energy, making geothermal an important part of the future energy mix, thereby driving the market growth.

The negative effects of climate change are becoming more visible through extreme weather and rising temperatures. Fossil fuels are a major cause of greenhouse gas emissions and global warming. Dependence on imported fuels further creates price and supply problems. Geothermal energy offers a clean and stable alternative that reduces carbon emissions. Using geothermal energy helps countries lower their environmental impact and meet international climate targets. The push to reduce fossil fuel use supports long-term growth of the geothermal energy market.

Geothermal Energy Market Report Highlights

In 2024, the binary cycle power plants segment dominated with the largest share due to its capability to efficiently harness electricity from low to medium temperature geothermal sources, which are more prevalent globally

The up to 5MW segment is expected to experience significant growth during the forecast period as these smaller-scale systems are particularly well-suited for localized energy solutions, making them ideal for deployment in remote or off-grid regions.

Asia Pacific dominated the market with the largest share in 2024, driven by escalating energy demands and robust governmental initiatives supporting geothermal development.

The North America industry is projected to witness substantial growth during the forecast period, driven by advancements in infrastructure, technology, and increased investments in geothermal projects.

A few global key market players are Alterra Power Corporation, Ansaldo Energia, Atlas Copco Group, Exergy, General Electric, Mitsubishi Heavy Industries, Ormat Technologies, TAS Energy, Toshiba Corporation, and Turboden S.p.A.

Polaris Market Research has segmented the geothermal energy market report on the basis of technology, power output, application, and region:

By Technology (Revenue - USD Billion, 2020-2034)

Flash Steam

Dry Steam

Binary Cycle Power Plants

By Power Output (Revenue - USD Billion, 2020-2034)

Up to 5MW

Above 5 MW

By Application (Revenue - USD Billion, 2020-2034)

Residential

Commercial

Industrial

By Regional Outlook (Revenue - USD Billion, 2020-2034)

North America

U.S.

Canada

Mexico

Europe

Germany

France

Italy

Spain

Russia

Netherlands

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Australia

Rest of Asia Pacific

Latin America

Argentina

Brazil

Rest of Latin America

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa

Rest of Middle East & Africa

Product Code: PM6188

1. Introduction

1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources

4. Global Geothermal Energy Market Insights

4.1. Geothermal Energy Market - Market Snapshot
4.2. Geothermal Energy Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. Supportive Government Policies and Incentives
  - 4.2.1.2. Increasing Energy Demand in Developing Countries
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. High Initial Cost of Manufacturing
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Geothermal Energy Market Trends
4.6. Value Chain Analysis

5. Global Geothermal Energy Market, by Technology

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
5.3. Flash Steam
- 5.3.1. Global Geothermal Energy Market, by Flash Steam, by Region, 2020-2034 (USD billion)
5.4. Dry Steam
- 5.4.1. Global Geothermal Energy Market, by Dry Steam, by Region, 2020-2034 (USD billion)
5.5. Binary Cycle Power Plants
- 5.5.1. Global Geothermal Energy Market, by Binary Cycle Power Plants, by Region, 2020-2034 (USD billion)

6. Global Geothermal Energy Market, by Power Output

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
6.3. Up to 5MW
- 6.3.1. Global Geothermal Energy Market, by Up to 5MW, by Region, 2020-2034 (USD billion)
6.4. Above 5 MW
- 6.4.1. Global Geothermal Energy Market, by Above 5 MW, by Region, 2020-2034 (USD billion)

7. Global Geothermal Energy Market, by Application

7.1. Key Findings
7.2. Introduction
- 7.2.1. Global Geothermal Energy Market, by Application, 2020-2034 (USD billion)
7.3. Residential
- 7.3.1. Global Geothermal Energy Market, by Residential, by Region, 2020-2034 (USD billion)
7.4. Commercial
- 7.4.1. Global Geothermal Energy Market, by Commercial, by Region, 2020-2034 (USD billion)
7.5. Industrial
- 7.5.1. Global Geothermal Energy Market, by Industrial, by Region, 2020-2034 (USD billion)

8. Global Geothermal Energy Market, by Geography

8.1. Key Findings
8.2. Introduction
- 8.2.1. Geothermal Energy Market Assessment, By Geography, 2020-2034 (USD billion)
8.3. Geothermal Energy Market - North America
- 8.3.1. North America: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
- 8.3.2. North America: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
- 8.3.3. North America: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.3.4. Geothermal Energy Market - U.S.
  - 8.3.4.1. U.S.: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.3.4.2. U.S.: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.3.4.3. U.S.: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.3.5. Geothermal Energy Market - Canada
  - 8.3.5.1. Canada: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.3.5.2. Canada: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.3.5.3. Canada: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
8.4. Geothermal Energy Market - Europe
- 8.4.1. Europe: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
- 8.4.2. Europe: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
- 8.4.3. Europe: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.4.4. Geothermal Energy Market - UK
  - 8.4.4.1. UK: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.4.4.2. UK: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.4.4.3. UK: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.4.5. Geothermal Energy Market - France
  - 8.4.5.1. France: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.4.5.2. France: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.4.5.3. France: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.4.6. Geothermal Energy Market - Germany
  - 8.4.6.1. Germany: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.4.6.2. Germany: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.4.6.3. Germany: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.4.7. Geothermal Energy Market - Italy
  - 8.4.7.1. Italy: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.4.7.2. Italy: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.4.7.3. Italy: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.4.8. Geothermal Energy Market - Spain
  - 8.4.8.1. Spain: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.4.8.2. Spain: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.4.8.3. Spain: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.4.9. Geothermal Energy Market - Netherlands
  - 8.4.9.1. Netherlands: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.4.9.2. Netherlands: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.4.9.3. Netherlands: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.4.10. Geothermal Energy Market - Russia
  - 8.4.10.1. Russia: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.4.10.2. Russia: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.4.10.3. Russia: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.4.11. Geothermal Energy Market - Rest of Europe
  - 8.4.11.1. Rest of Europe: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.4.11.2. Rest of Europe: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.4.11.3. Rest of Europe: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
8.5. Geothermal Energy Market - Asia Pacific
- 8.5.1. Asia Pacific: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
- 8.5.2. Asia Pacific: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
- 8.5.3. Asia Pacific: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.5.4. Geothermal Energy Market - China
  - 8.5.4.1. China: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.5.4.2. China: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.5.4.3. China: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.5.5. Geothermal Energy Market - India
  - 8.5.5.1. India: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.5.5.2. India: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.5.5.3. India: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.5.6. Geothermal Energy Market - Malaysia
  - 8.5.6.1. Malaysia: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.5.6.2. Malaysia: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.5.6.3. Malaysia: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.5.7. Geothermal Energy Market - Japan
  - 8.5.7.1. Japan: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.5.7.2. Japan: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.5.7.3. Japan: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.5.8. Geothermal Energy Market - Indonesia
  - 8.5.8.1. Indonesia: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.5.8.2. Indonesia: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.5.8.3. Indonesia: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.5.9. Geothermal Energy Market - South Korea
  - 8.5.9.1. South Korea: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.5.9.2. South Korea: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.5.9.3. South Korea: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.5.10. Geothermal Energy Market - Australia
  - 8.5.10.1. Australia: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.5.10.2. Australia: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.5.10.3. Australia: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.5.11. Geothermal Energy Market - Rest of Asia Pacific
  - 8.5.11.1. Rest of Asia Pacific: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.5.11.2. Rest of Asia Pacific: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.5.11.3. Rest of Asia Pacific: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
8.6. Geothermal Energy Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
- 8.6.2. Middle East & Africa: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
- 8.6.3. Middle East & Africa: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.6.4. Geothermal Energy Market - Saudi Arabia
  - 8.6.4.1. Saudi Arabia: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.6.4.2. Saudi Arabia: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.6.4.3. Saudi Arabia: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.6.5. Geothermal Energy Market - UAE
  - 8.6.5.1. UAE: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.6.5.2. UAE: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.6.5.3. UAE: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.6.6. Geothermal Energy Market - Israel
  - 8.6.6.1. Israel: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.6.6.2. Israel: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.6.6.3. Israel: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.6.7. Geothermal Energy Market - South Africa
  - 8.6.7.1. South Africa: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.6.7.2. South Africa: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.6.7.3. South Africa: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.6.8. Geothermal Energy Market - Rest of Middle East & Africa
  - 8.6.8.1. Rest of Middle East & Africa: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.6.8.2. Rest of Middle East & Africa: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.6.8.3. Rest of Middle East & Africa: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
8.7. Geothermal Energy Market - Latin America
- 8.7.1. Latin America: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
- 8.7.2. Latin America: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
- 8.7.3. Latin America: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.7.4. Geothermal Energy Market - Mexico
  - 8.7.4.1. Mexico: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.7.4.2. Mexico: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.7.4.3. Mexico: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.7.5. Geothermal Energy Market - Brazil
  - 8.7.5.1. Brazil: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.7.5.2. Brazil: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.7.5.3. Brazil: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.7.6. Geothermal Energy Market - Argentina
  - 8.7.6.1. Argentina: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.7.6.2. Argentina: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.7.6.3. Argentina: Geothermal Energy Market, by Application, 2020-2034 (USD billion)
- 8.7.7. Geothermal Energy Market - Rest of Latin America
  - 8.7.7.1. Rest of Latin America: Geothermal Energy Market, by Technology, 2020-2034 (USD billion)
  - 8.7.7.2. Rest of Latin America: Geothermal Energy Market, by Power Output, 2020-2034 (USD billion)
  - 8.7.7.3. Rest of Latin America: Geothermal Energy Market, by Application, 2020-2034 (USD billion)

9. Competitive Landscape

9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
9.2. Partnerships/Collaborations/Agreements/Exhibitions

10. Company Profiles

10.1. Alterra Power Corporation
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
10.2. Ansaldo Energia
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
10.3. Atlas Copco Group
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
10.4. Exergy
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
10.5. General Electric
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
10.6. Mitsubishi Heavy Industries
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
10.7. Ormat Technologies
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
10.8. TAS Energy
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
10.9. Toshiba Corporation
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
10.10. Turboden S.p.A.
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development