Geothermal Power Market Size, Share Analysis & Industry Growth 2032 | Energy Development Corporation, World Power Holdings

Global Geothermal Power Market Size, Status, and forecast for the 2025-2032. The research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the Geothermal Power Market industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data. Additionally, the report includes upstream and downstream analyses of key players, as well as global certainties and assurances. The report evaluates dynamic aspects such as forecast market information, Porter's Five Forces Analysis, sales estimates, wide product portfolio, market scenarios, and possibility studies.

The global geothermal energy market size was estimated at USD 7.46 billion in 2024 and is projected to grow at a CAGR of 3.2% from 2025 to 2032.

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Geothermal Power Market Dynamics:

Drivers:

Renewable energy is derived from natural processes like wind and sunlight. Solar, geothermal, wind, bioenergy, hydropower, and ocean are some of the major renewable energy sources. Renewable energy is utilized in heating, electricity, cooling, and transport. Renewable energy collectively provides around 7% of the world's energy demands. Renewables are relatively more expensive as compared to fossil fuels. The International Energy Agency projects that during the next five years, renewable energy will increase in proportion to the total energy consumption of the world, reaching a 12.4% level in 2023.

Restraints:

Building infrastructure is necessary for the development of new resources. These investments increase electricity costs, especially during the early years. Initially, the developers must find publicly acceptable sites with appropriate resources and access to transmission lines. Finding a potential solar site requires several years of monitoring to determine whether it is suitable for generating power. Moreover, the workers must be trained to install, operate, and maintain power plants. Some require operating experiences in certain climatic conditions before optimizing performance. All these factors raise the cost of installing geothermal power plants. This high cost is expected to hamper market growth as it limits the use of geothermal power.

Major Players in Geothermal Power Markets are:

Energy Development Corporation, World Power Holdings, International Energy Agency, TerraGen Power, Apex Clean Energy, Cyrq Energy, Ormat Technologies, United Renewable Energy, Enel Green Power, Contact Energy, Calpine Corporation, Chevron Corporation, Berkshire Hathaway Energy, Geothermal Resources International

Recent Developments

January 2023- The International Renewable Energy Agency (IRENA) released a report forecasting global geothermal power capacity to reach 30 gigawatts (GW) by 2030. This is up from 16.6 GW in 2020. IRENA attributed this growth to several factors, including the increasing cost of fossil fuels, the need for clean and renewable energy sources, and the development of new technologies that make geothermal power more cost-effective.

February 2023- The United States Department of Energy (DOE) announced a USD100 million investment in geothermal energy research and development. This funding will support projects that aim to improve the efficiency and cost-effectiveness of geothermal power plans and develop new geothermal exploration and drilling technologies.

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Global Geothermal Power Market Segmentation:

Geothermal Power Market Technology Outlook
Flash Steam
Binary Cycle
Dry Steam
Geothermal Heat Pumps

Geothermal Power Market Application Outlook
Electricity Generation
Direct Use Applications
District Heating

Geothermal Power Market End Use Outlook
Residential
Commercial
Industrial

Geothermal Power Market Resource Type Outlook
Hydrothermal
Enhanced Geothermal Systems
Hot Dry Rock

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The following areas and countries are covered in the worldwide Geothermal Power Market file:

North America (US, Canada, Mexico)
Europe (Germany, France, UK, Russia, Italy)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
Middle East and Africa (Saudi Arabia, UAE), Egypt, Nigeria, and South Korea)

North America is the most significant global geothermal power market shareholder and is estimated to grow at a CAGR of 4.3% over the forecast period. The growth of the North American geothermal energy market is driven by increased efforts taken by scientists and developers to meet the growing demand for energy in the Western U.S. and Mexico. Several geothermal projects are ongoing in the U.S. and Mexico, further fueling the demand for geothermal energy. At the end of 2013, the capacity of geothermal power was 3,440 MW in the Western U.S., with new or renovated power plants in Utah, Nevada, California, and New Mexico.

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