Press release
Rising Global Electricity Demand Propels The Geothermal Electricity Market: A Key Driver Powering Geothermal Electricity Market Growth In 2025
Geothermal Electricity
What Is the Current Geothermal Electricity Market Size and Its Estimated Growth Rate?
The geothermal electricity market size has seen rapid growth recently. It will expand from $8.29 billion in 2024 to $9.23 billion in 2025 at a CAGR of 11.3%. This growth is attributed to resource availability, environmental concerns, government incentives, and the push for energy security.
The geothermal electricity market size is expected to experience rapid growth in the next few years. It will reach $13.93 billion by 2029 at a compound annual growth rate (CAGR) of 10.8%. Growth is driven by global climate goals, the energy transition, market liberalization, and global expansion. Key trends include technological advancements, the increasing deployment of enhanced geothermal systems (EGS), hybridization with other energy sources, geothermal heat pumps, and direct use applications.
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How Are Emerging Segments Shaping the Geothermal Electricity Market Landscape?
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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Which Growth Factors Are Influencing Geothermal Electricity Market Expansion?
The increasing demand for electricity is set to drive the growth of the geothermal electricity market. As economies grow, populations rise, and transportation demands increase, particularly in developing countries like China, India, Brazil, and parts of Africa, the global need for electricity is expected to surge. By 2050, global electricity demand is forecast to reach 38,700 Terawatt-hours (TWH), with electric vehicles accounting for 9% of that demand. As such, the growing need for electricity is anticipated to fuel the geothermal electricity market in the forecast period.
Who Are the Dominant Players Across Different Geothermal Electricity Market Segments?
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 Are the Latest Developing Trends in the Geothermal Electricity Market?
Companies in the geothermal electricity market are investing in innovative methods to make geothermal power generation more feasible, especially in regions lacking easily accessible geothermal resources. Traditional geothermal systems depend on locations with high-temperature water, typically found near volcanic regions, but countries like the UK and France lack these natural conditions. To address this, Climeon, a Sweden-based company, developed a technology that functions at temperatures between 70 °C and 120 °C, using thermal differences between hot and cold water to generate electricity. Unlike solar or wind, this method provides a steady energy supply, unaffected by weather.
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Which Geographic Regions Are Expected to Dominate the Geothermal Electricity Market in the Coming Years?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Geothermal Electricity Market?
2. What is the CAGR expected in the Geothermal Electricity Market?
3. What Are the Key Innovations Transforming the Geothermal Electricity Industry?
4. Which Region Is Leading the Geothermal Electricity Market?
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