At what pace is the geothermal electricity market growing, and what is its estimated value?
The geothermal electricity market size has grown rapidly in recent years. It will grow from $8.29 billion in 2024 to $9.23 billion in 2025 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to resource availability, environmental concerns, government incentives, energy security.
The geothermal electricity market size is expected to see rapid growth in the next few years. It will grow to $13.93 billion in 2029 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to climate goals, energy transition, market liberalization, global expansion. Major trends in the forecast period include technological advancements, increasing deployment of enhanced geothermal systems (egs), hybridization with other energy sources, geothermal heat pumps, direct use applications.
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What are the top drivers to the rising demand in the geothermal electricity market?
The growing demand for electricity is expected to drive the geothermal electricity market in the forecast period. The growing economy, rapidly rising populations and increasing demand for transportation, especially in developing countries such as China, India, Brazil and some African countries generates high demand for electricity. The global electricity demand is projected to grow to 38,700 Terawatt-hour (TWH) by 2050, and electric vehicles are expected to account for 9% of the global demand. According to Canada’s Upstream Oil & Natural Gas Industry, with the global population expected to increase by about two billion over the next two decades, it is estimated that by 2040 electricity generation is expected to increase by 49%. Hence, the increasing demand for electricity is expected to drive the growth of the geothermal electricity market in the forecast period.
How is the geothermal electricity market segmented?
The geothermal electricity market covered in this report is segmented –
1) By Type: Back Pressure, Binary, Double Flash, Dry Steam, Single Flash, Triple Flash
2) By Application: Residential, Commercial, Industrial, Other Applications
3) By End-user: Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Station
Subsegments:
1) By Back Pressure: Low-Pressure Back Pressure, High-Pressure Back Pressure
2) By Binary: Organic Rankine Cycle (ORC) Binary, Kalina Cycle Binary
3) By Double Flash: Dual-Pressure Flash, Multi-Pressure Flash
4) By Dry Steam: Superheated Steam, Saturated Steam
5) By Single Flash: Low-Temperature Flash, High-Temperature Flash
6) By Triple Flash: Triple-Stage Flash, Multi-Stage Flash
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Who are the top competitors in the geothermal electricity market?
Major companies operating in the geothermal electricity market include Calpine Corporation, Comisión Federal de Electricidad (CFE), Energy Development Corporation, Enel S.p.A., Chevron Corporation, U.S. Geothermal Inc., Kenya Electricity Generating Company PLC (KenGen), Contact Energy Limited, Orkuveita Reykjavikur (Reykjavik Energy), Pertamina Geothermal Energy, CalEnergy Generation, Star Energy Ltd., Northern California Power Agency, Terra-Gen LLC, Ormat Technologies Inc., Aboitiz Power Corporation, Mercury NZ Limited, PT Pertamina Geothermal Energy, Raya Group Limited, Cyrq Energy Inc., Fuji Electric Co. Ltd., Baker Hughes Company, Doosan Škoda Power s.r.o., Sosian Energy Limited
What significant trends should we anticipate in the geothermal electricity market over the forecast period?
The companies in the geothermal electricity market are investing in new technologies to make geothermal energy easily accessible to generate electricity and for other heating purposes. Large amounts of geothermal energy are extracted only from places where it is easy to access very hot water. However, in countries like the UK and France, the availability of such hot water or hot water steam is very low as compared to places with volcanoes, such as Iceland and Indonesia. Following that, companies are investing in new approaches to make geothermal energy easily extractable and available. For instance, Climeon, a Sweden-based company, invented a technology that operates in temperatures between 70 °C and 120 °C and uses the temperature differences between hot and cold water to produce electricity. The method, unlike solar and wind power, is continuously available and is not affected by the weather.
Which regional trends are influencing the geothermal electricity market, and which area dominates the industry?
Asia-Pacific was the largest region in the geothermal electricity market in 2023. Western Europe was the second-largest region in the geothermal electricity market. The regions covered in the geothermal electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Does The Geothermal Electricity Market Report 2025 Offer?
The geothermal electricity market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Geothermal electricity refers to the process of generating electricity by harnessing the Earth’s internal heat. This renewable energy source utilizes steam or hot water from geothermal reservoirs beneath the Earth’s surface to drive turbines connected to electricity generators. Geothermal electricity is a sustainable and environmentally friendly energy option, providing a reliable power supply with a low carbon footprint, and is used in various applications ranging from residential heating to large-scale power plants.
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