Press release
Geothermal Power Market to Reach USD 8.6 Billion by 2035, Driven by Energy Security Needs and Enhanced Geothermal Systems
Geothermal Power Market to Reach USD 8.6 Billion by 2035, Driven by Energy Security Needs and Enhanced Geothermal Systems
This steady growth is fueled by the increasing demand for stable, baseload renewable energy, technological advances in Enhanced Geothermal Systems (EGS), and hybrid geothermal-solar developments that are improving efficiency and grid resilience across major regions.
MarketGenics, a leading research firm, highlights that geothermal power is transitioning from a niche renewable into a strategic pillar of energy security, providing 24/7 low-carbon power and enabling utilities to diversify their generation portfolios beyond intermittent sources like solar and wind.
Get the Detailed Industry Analysis (including the Table of Contents, List of Figures, and List of Tables) - from the Geothermal Power Market Research Report: https://marketgenics.co/press-releases/geothermal-power-market-48082
Recent Developments Shaping the Market
Pertamina Geothermal Energy (PGE) Expands Indonesia's Geothermal Capacity
In April 2025, Pertamina Geothermal Energy launched an ambitious expansion plan across Indonesia, integrating binary cycle technology and hybrid geothermal-solar systems. The initiative also includes AI-based predictive maintenance and digital reservoir monitoring, aimed at boosting efficiency and extending asset life cycles.
KenGen Accelerates EGS and Wellhead Projects in Kenya
In March 2025, Kenya Electricity Generating Company (KenGen) commissioned new wellhead generating units and pilot Enhanced Geothermal Systems (EGS) in the Rift Valley. These modular units reduce exploration risk and provide scalable, low-carbon baseload capacity in one of the world's most geothermal-rich regions.
Urban Geothermal Adoption Grows in the U.S.
Projects like New York City's Riverie Towers and Washington D.C.'s Barry Farm redevelopment have adopted closed-loop geothermal systems to deliver heating and cooling in urban environments, marking geothermal's entry into city-scale infrastructure applications.
Geothermal Power Market Forecast 2035
The geothermal market is expected to create an incremental opportunity of nearly USD 9 billion between 2025 and 2035.
Asia Pacific dominates the market with a 44% share (USD 2.8 billion in 2025), led by Indonesia, the Philippines, and Japan.
Europe follows, driven by Iceland and Italy's high geothermal penetration rates.
Africa-anchored by Kenya and Ethiopia-remains a fast-emerging geothermal hub due to resource-rich volcanic zones and government support.
North America continues to expand geothermal use in hybrid systems and direct-use applications.
To know more about the Geothermal Power Market - Download our Sample Report: https://marketgenics.co/download-report-sample/geothermal-power-market-48082
Key Drivers, Challenges, and Opportunities
Driver - Energy Security and Baseload Renewable Demand
As nations seek reliable, round-the-clock renewable power, geothermal is emerging as a strategic baseload solution.
Projects in Indonesia, Kenya, and the Philippines demonstrate geothermal's ability to supply 20-30% of national grid power, offering long-term stability compared to intermittent solar and wind.
Global utilities are now investing in geothermal to strengthen grid resilience and reduce fossil fuel dependency.
Restraint - High Upfront Exploration and Drilling Costs
The economics of geothermal remain challenging.
Drilling a single 4 km well can cost USD 5 million, while deeper 10 km wells may exceed USD 20 million.
Enhanced Geothermal Systems (EGS) projects are even more capital-intensive, ranging between USD 7,770/kW and USD 49,200/kW, limiting private sector participation without policy guarantees or concessional financing.
Opportunity - Enhanced Geothermal Systems (EGS) and Hybrid Applications
Technological progress is expanding geothermal's geographic and economic reach.
Fervo Energy's Project Red in Nevada and Kenya's Menengai II (35 MW) plants illustrate how modular EGS and binary systems can unlock previously inaccessible geothermal zones.
Hybrid geothermal-solar configurations and direct-use heating applications-from greenhouses to aquaculture-are creating new commercial pathways for geothermal deployment.
Key Trend - Advanced Technologies and Urban-Scale Integration
Emerging deep-drilling and reservoir stimulation technologies are improving access to high-enthalpy resources, while digital twins and predictive analytics are optimizing well performance.
Urban geothermal adoption is accelerating: projects in New York and Washington D.C. are deploying large-scale closed-loop geoexchange systems, reflecting a shift toward district and community-scale geothermal infrastructure.
This trend underscores geothermal's evolution from remote power generation to a core element of smart, low-carbon urban energy systems.
Buy Now: https://marketgenics.co/buy/geothermal-power-market-48082
Segmental Insights
Hydrothermal (Liquid-Dominated) Resources Lead with Over 50% Share
Liquid-dominated hydrothermal systems dominate global geothermal power generation due to resource abundance, technological maturity, and low levelized costs (below USD 0.07/kWh).
These systems are prevalent in Indonesia, Kenya, and the Philippines, where regulatory support and feed-in tariffs have accelerated investment.
Enhanced Geothermal Systems (EGS) and Binary Cycle Plants Show Strong Growth Potential
EGS and binary cycle technologies are gaining traction as they allow geothermal exploitation in medium-temperature and non-volcanic regions, expanding the resource map beyond traditional zones.
Next-generation EGS designs also integrate closed-loop circulation and AI-enabled fluid optimization, improving heat recovery rates and cost efficiency.
Regional Highlights
Asia Pacific:
Holds 44% of global revenues, driven by volcanic resource abundance, supportive policy frameworks, and growing utility-scale installations in Indonesia and the Philippines.
Africa:
Kenya and Ethiopia continue to lead, with expanding geothermal portfolios supported by international climate finance and public-private partnerships.
Europe:
Iceland remains a global benchmark, with geothermal providing nearly all its electricity and heating needs, while Germany and Italy are expanding binary cycle projects for grid stability.
North America:
Growth centers on hybrid geothermal-solar systems and direct-use heat applications in the U.S., alongside pilot EGS developments in Nevada and Utah.
Get a preview of our Geothermal Power Market Playbook - your guide to GTM strategy, competitive intelligence, supplier dynamics, and Consumer Behavior Analysis: https://marketgenics.co/playbook/geothermal-power-market-48082
Competitive Landscape
The global geothermal market is moderately consolidated, with the top five players controlling about 40% of the global share in 2025.
Tier 1 Leaders:
Ormat Technologies
Enel Green Power
Mitsubishi Heavy Industries
General Electric
Toshiba Energy
Emerging and Regional Players:
Pertamina Geothermal Energy (Indonesia)
KenGen (Kenya)
Calpine Corporation (U.S.)
Eavor Technologies (Canada)
Vulcan Energy (Europe)
Competition is intensifying as companies invest in AI-integrated reservoir systems, binary cycle retrofits, and modular geothermal platforms that reduce exploration risk and improve cost competitiveness.
Future Outlook
By 2035, geothermal power will evolve from a niche renewable into a foundational baseload component of the global clean energy mix.
Key areas of future growth include:
Expansion of Enhanced Geothermal Systems (EGS) and closed-loop designs
Integration of geothermal with energy storage and solar PV
Utilization of geothermal heat for industrial processes, district heating, and lithium extraction
Urban geothermal loops for community-scale heating and cooling
As nations move toward net-zero goals, geothermal's role as a stable, dispatchable, and carbon-free energy source will make it a cornerstone of long-term energy security and sustainability.
Prominent Companies Operating in the Global Geothermal Power Market:
Ormat Technologies, Enel Green Power, Mitsubishi Heavy Industries, General Electric, Toshiba Energy, Pertamina Geothermal Energy, KenGen, Calpine Corporation, Eavor Technologies, and Vulcan Energy.
About Us
MarketGenics is a global market research and management consulting company empowering decision makers across healthcare, technology, and policy domains. Our mission is to deliver granular market intelligence combined with strategic foresight to accelerate sustainable growth.
We support clients across strategy development, product innovation, healthcare infrastructure, and digital transformation.
Contact:
Mr. Debashish Roy
MarketGenics India Pvt. Ltd.
800 N King Street, Suite 304 #4208, Wilmington, DE 19801, United States
USA: +1 (302) 303-2617
Email: sales@marketgenics.co
Website: https://marketgenics.co
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