United States Geothermal Power Market with CAGR of 22.6% during 2024-2031 - Exclusive Report by DatamIntelligence

"The Global Geothermal Power Market is expected to grow at a CAGR of 22.6% during the forecast period (2024-2031)." As per DataM intelligence research report

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United States: Recent Industry Developments

✅ In October 2025, Ormat Technologies launched a next-generation geothermal plant in Nevada with enhanced energy efficiency and reduced carbon footprint, supported by a $50 million investment in R&D and plant expansion.

✅ In September 2025, Calpine Corporation expanded its geothermal operations in California, integrating advanced turbine technology for higher output, backed by $40 million in technology and infrastructure investment.

✅ In August 2025, US Geothermal Inc. commissioned a geothermal power plant with AI-driven monitoring and predictive maintenance, supported by $30 million in R&D and deployment funding.

✅ In July 2025, Enel Green Power North America launched enhanced geothermal projects for industrial and commercial energy, backed by $25 million in investment for technology upgrades and capacity expansion.

Japan: Recent Industry Developments

✅ In October 2025, Mitsubishi Heavy Industries launched a geothermal power project integrating high-efficiency turbines and heat exchangers, supported by ¥8 billion in R&D and construction investment.

✅ In September 2025, Ormat Japan expanded its geothermal operations in Hokkaido and Kyushu with AI-based monitoring for optimal energy output, backed by ¥6 billion in investment for plant upgrades.

✅ In August 2025, Tokyo Electric Power Company (TEPCO) commissioned geothermal plants with enhanced heat recovery and low-carbon energy integration, supported by ¥5 billion in R&D and deployment.

✅ In July 2025, Chiyoda Corporation launched innovative geothermal energy solutions for industrial and utility-scale projects, with ¥4 billion invested in technology development and plant construction.

Geothermal Power Market: Drivers

The geothermal power market is witnessing steady growth as countries increasingly invest in renewable energy sources to reduce carbon emissions and ensure energy security. Geothermal power plants harness heat from the Earth's crust to generate electricity and provide direct heating, offering a reliable and low-emission energy solution. Rising demand for sustainable and base-load renewable energy is driving adoption, particularly in regions with high geothermal potential such as the Pacific Ring of Fire, Iceland, and parts of the U.S. Technological advancements in drilling, reservoir management, and binary cycle power plants are enhancing efficiency and reducing costs. Additionally, government incentives, renewable energy policies, and climate action initiatives are further supporting market expansion.

Growing awareness about the environmental benefits of geothermal energy, including minimal greenhouse gas emissions and low land footprint, is encouraging investment and development. Integration with hybrid renewable energy systems and direct-use applications in agriculture, district heating, and industrial processes is expanding market opportunities. Companies are focusing on exploration technologies, improved plant design, and long-term resource management to optimize output and reliability. Rising global energy demand and the shift toward decarbonization are fueling new geothermal projects and capacity additions. With technological innovation and increasing emphasis on sustainable energy, the geothermal power market is poised for steady growth in the coming years.

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Geothermal Power Market: Major Players

Calpine, Gradient Resources, Enel Spa, General Electric, The Tata Power Company Limited, Mitsubishi Hitachi Power Systems Inc., Toshiba Corporation, Korea Electric Power Corporation, and Siemens AG

Segment Covered in the Geothermal Power Market:

➥ By Power Plant Type: Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Stations

➥ By End-Users: Residential, Commercial, Industrial, Others

Research Process:

Both primary and secondary data sources have been used in the Geothermal Power Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

Most Frequently Asked Questions in the Geothermal Power Market Research Industry:

➠ Who leads the Geothermal Power industry and what's their competitive positioning regarding capacity, performance, and profitability?
➠ What growth opportunities and market challenges do Geothermal Power market vendors face?
➠ Which segments show the highest growth potential and market share distribution?
➠ What factors are driving or limiting Geothermal Power market growth?
➠ What are the dominant sales and distribution strategies in the Geothermal Power industry?

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Regional Analysis:

⇥ North America (U.S., Canada, Mexico)
⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
⇥ South America (Colombia, Brazil, Argentina, Rest of South America)
⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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✅ Competitive Landscape
✅ Technology Roadmap Analysis
✅ Sustainability Impact Analysis
✅ KOL / Stakeholder Insights
✅ Consumer Behavior & Demand Analysis
✅ Import-Export Data Monitoring
✅ Live Market & Pricing Trends

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