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Geothermal Energy Market to Reach 27.5 GW by 2030, Ormat Technologies, Enel Green Power, Calpine Corporation, KenGen | Mordor Intelligence
Geothermal Energy Market Size & Share | Mordor Intelligence
Gain Access to Detailed Segmentation, Trends, and Competitive Landscape: https://www.mordorintelligence.com/industry-reports/geothermal-energy-market?utm_source=openpr
Geothermal energy growth highlights the increasing role of geothermal power as a reliable renewable source for electricity generation, district heating, and industrial applications. unlike intermittent sources such as solar and wind, geothermal energy provides continuous baseload power, making it attractive for utilities, industries, and governments seeking dependable clean energy.
With rising energy security concerns and stronger policy incentives across regions, geothermal is moving from niche adoption to mainstream integration in global energy portfolios.
Geothermal Energy Market Upcoming Trends
Enhanced Geothermal Systems (EGS): Breakthroughs in drilling and reservoir stimulation are unlocking previously inaccessible resources. EGS is forecast to grow at 18.2% CAGR through 2030, making it the fastest-growing plant type.
District Heating Expansion: Europe and Asia-Pacific are accelerating geothermal-based heating networks. District heating and cooling applications are expected to grow at 13.7% CAGR, reducing reliance on fossil fuels for urban heating.
Energy Security Needs: Geothermal's high capacity factor (above 80%) positions it as a strategic solution for countries facing fuel price volatility and grid reliability challenges.
Repurposing Oil & Gas Wells: Millions of abandoned wells in North America and Europe are being converted into closed-loop geothermal systems, cutting costs and timelines compared to greenfield projects.
Corporate Demand for 24/7 Clean Power: Tech giants and data centers are signing long-term contracts for geothermal electricity to meet carbon-free commitments.
Explore In-Depth Insights and Regional Perspectives, Including Localized Editions such as the Japan Market: https://www.mordorintelligence.com/ja/industry-reports/geothermal-energy-market
Geothermal Energy Segmentation
By Plant Type
Flash Steam Plants: Accounted for 48.1% of market share in 2024, widely used in volcanic regions.
Enhanced Geothermal Systems (EGS): Expected to add over 4 GW by 2030, driven by projects in the U.S. and Asia-Pacific.
Binary Cycle Plants: Dominate U.S. additions since 2000, ideal for lower-temperature resources.
Dry Steam Plants: Declining due to aging fields but sustained through retrofits.
Hybrid/Combined Systems: Used in niche applications where waste heat recovery is viable.
By Application
Electricity Generation: Largest segment, capturing 58.9% of market share in 2024.
District Heating & Cooling: Growing rapidly in Europe, with Germany and Nordic countries leading adoption.
Industrial Process Heat: Increasing use in food processing, pulp drying, and chemical industries.
By Geography
Asia-Pacific: Largest market, holding 44.3% of global revenue in 2024, with Indonesia and the Philippines leading capacity expansion.
Middle East & Africa: Fastest-growing region, with Kenya targeting 5,000 MW by 2030.
North America: Technology hub, especially for EGS pilots in Nevada and Utah.
Europe: Focused on district heating and supportive feed-in tariffs.
South America: Emerging opportunities in Brazil and Argentina.
Top Players
>Ormat Technologies Inc.: A global leader with over 1,500 MW operating capacity, known for vertically integrated solutions.
>Enel Green Power: Expanding geothermal portfolios alongside solar and wind assets.
>Calpine Corporation: A major U.S. operator with significant geothermal holdings.
>KenGen (Kenya Electricity Generating Company): Driving geothermal expansion in East Africa.
>Star Energy Geothermal: Active in Indonesia, partnering with global firms to scale projects.
>Fervo Energy: A disruptor in EGS, leveraging advanced drilling and fiber-optic monitoring.
Explore Energy and Power Research: https://www.mordorintelligence.com/market-analysis/energy-power?utm_source=openpr
Conclusion:
While challenges such as high drilling costs and competition from cheaper solar and wind persist, geothermal's unique ability to deliver round-the-clock clean power ensures its relevance in the global energy mix. District heating, industrial applications, and EGS projects will further diversify its role, making geothermal a cornerstone of sustainable energy strategies worldwide.
Explore Related Reports from Mordor Intelligence Database:
Geothermal Power Infrastructure Market - https://www.mordorintelligence.com/industry-reports/geothermal-power-infrastructure-market?utm_source=openpr
Thermal Power Market - https://www.mordorintelligence.com/industry-reports/global-thermal-power-market-industry?utm_source=openpr
Coal Fired Power Generation Market - https://www.mordorintelligence.com/industry-reports/coal-fired-power-generation-market?utm_source=openpr
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Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals. With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.
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