Geothermal Power Market is seeing strong growth at a CAGR of 22.6%, led by Asia Pacific 42% market revenue.

The Global Geothermal Power Market is expected to grow at a CAGR of 22.6% during the forecast period (2026-2031).

DataM Intelligence unveils its latest report on the "Geothermal Power Market size 2026," offering an in-depth analysis of market trends, growth drivers, competitive landscape, and regional dynamics. The study covers market size in value and volume, CAGR forecasts, and emerging opportunities that can guide businesses in seizing growth potential and crafting winning strategies. Packed with data-driven insights on current developments and future trends, this report is essential for companies aiming to stay ahead in the competitive Market.

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United States: Key Industry Developments (Geothermal Power Market )

✅ August 2025: US Geothermal Inc. commissioned a new geothermal power plant equipped with AI‐driven monitoring and predictive maintenance systems, supported by $30M in R&D-boosting operational efficiency and system reliability.

✅ July 2025: Enel Green Power North America launched enhanced geothermal projects for industrial & commercial energy solutions, backed by $25M in investment for tech upgrades and capacity expansion across key Western sites.

✅ June 2025: U.S. Department of the Interior implemented emergency permitting procedures to fast‐track geothermal energy projects on federal land (e.g., Nevada developments with Ormat), significantly shortening review times to under 30 days and accelerating project rollouts.

✅ Q1 2025 (reported July): The U.S. geothermal sector attracted a record $1.7B in funding during Q1, an 85% jump in investment, largely due to next‐generation geothermal technologies (EGS/AGS/super‐hot rock), and announcing 47 new wells planned for development.

Japan: Key Industry Developments (Geothermal Power Market)

✅ October 2025: Mitsubishi Heavy Industries launched a 25 MW geothermal power plant in Kyushu featuring high‐efficiency steam turbines and heat exchangers, supporting Japan's renewable capacity expansion goals under national clean energy plans.

✅ September 2025: Ormat Japan expanded geothermal operations in Hokkaido and Kyushu, deploying AI‐based performance monitoring systems to optimize energy output and operational stability across multiple facilities.

✅ August 2025: Tokyo Electric Power Company (TEPCO) commissioned new geothermal plants with enhanced heat recovery systems to integrate low‐carbon energy into its generation mix, backed by multi‐billion yen investment in R&D and deployment.

✅ September 2025: A strategic international‐local partnership was announced between Sweden's Baseload Capital and Japanese geothermal developer Furusato Netsuden to scale community‐centric geothermal projects, indicating rising global investment interest in Japan's untapped geothermal potential.

Geothermal Power Market Latest M&A Activity

→ In January 2025, Constellation Energy Corp. agreed to acquire Calpine Corporation for approximately $16.4 billion in cash and stock (plus assumption of $12.7 billion in net debt). Calpine is a major provider of natural gas and geothermal power assets, and this transaction significantly expands Constellation's footprint in low‐emission and geothermal energy generation across the U.S. The combined company is expected to create one of the largest clean energy portfolios in North America.

→ In May 2025, Ormat Technologies completed an asset M&A transaction to acquire the Blue Mountain geothermal assets from Cyrq Energy for about $88 million. This deal expands Ormat's operating geothermal capacity in the Western U.S. and strengthens its geothermal project pipeline with additional binary cycle capacity.

→ In June 2025, Meta Platforms entered into a strategic agreement with XGS Energy to support the development of a 150 MW advanced geothermal energy project in New Mexico. While not a traditional acquisition, the partnership aims to accelerate deployment of next‐generation geothermal power to supply Meta's data centers with carbon‐free electricity, signaling major corporate investment interest in geothermal baseload power.

→ In March 2025, Google Cloud partnered with SLB and Project Innerspace to leverage AI and data analytics for geothermal resource identification and development. This collaboration aims to use advanced analytics to unlock new geothermal prospects globally, helping accelerate project development timelines and reduce exploration risk.

Geothermal Power Market Growth Drivers

Geothermal power is increasingly adopted as countries strive to reduce greenhouse gas emissions and transition away from fossil fuels. This shift supports decarbonization goals embedded in climate commitments like the Paris Agreement.

With extremely low emissions (near zero compared to fossil sources), geothermal contributes to air pollution control and sustainable electricity generation.

National and regional incentives (e.g., tax credits, feed‐in tariffs, subsidies, green energy mandates) are encouraging geothermal deployment.

Regulatory support like streamlined permitting and renewable mandates speeds up project approvals and enhances investor confidence.

Geothermal offers baseload power - a dependable source of electricity independent of weather conditions - which boosts grid stability and national energy security, especially in countries aiming to lower dependence on fuel imports.

This reliability is key for energy planning in regions with high energy demand or vulnerable energy imports

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Geothermal Power Market Major Players

Calpine, Enel SpA, General Electric, and Mitsubishi Hitachi Power Systems. These companies develop geothermal power solutions.

Key players HIghlights:-

Calpine - Calpine is the largest U.S. geothermal power producer, owning major facilities like The Geysers complex, and leads geothermal generation in North America. It holds an estimated 13.9% share of the global geothermal energy market.

Enel SpA / Enel Green Power - Enel Green Power, part of Enel Spa, operates geothermal plants across Italy, the U.S., and Latin America with a diversified renewable portfolio. It accounts for about 12.6% of geothermal market share and continues expanding capacity globally.

General Electric (GE) - GE provides turbines and power generation technologies used in geothermal plants worldwide, leveraging its extensive engineering base. Its specific geothermal share is smaller but still significant as part of broader power equipment offerings.

Mitsubishi Hitachi Power Systems - Mitsubishi Hitachi supplies specialized geothermal turbines and equipment, serving markets across Asia and beyond with advanced engine solutions. It represents roughly 11.1% of geothermal equipment market share among top competitors.

Ormat Technologies - Ormat leads in binary cycle plant technology with a strong global installed base. It holds about 15.2% market share, often ranking as the #1 geothermal specialist globally.

Geothermal Power Market Regional Highlights

North America
• Holds a leading position with about 39% share of the global geothermal power market supported by the U.S. and Canada as major contributors.
• The United States leads in installed capacity and benefits from strong government incentives and mature drilling technologies.
• Continued investments and supportive regulatory frameworks are expanding geothermal projects, particularly in western U.S. states.

Asia Pacific
• Accounts for approximately 42% share of the global market, often the fastest‐growing region.
• Growth driven by countries with vast geothermal resources such as Indonesia, the Philippines, Japan and New Zealand.
• High anticipated CAGR supported by escalating energy demand and government renewable energy programs.

Europe
• Represents around 29% of the global geothermal share, with strong contributions from Iceland, Italy, Germany and Turkey.
• Growth supported by stringent renewable targets and climate policies across the EU.
• Investments in enhanced geothermal and district heating projects are expanding market deployment.

Latin America (South America)
• Holds smaller share (around 12% globally), with Mexico and Chile as emerging players.
• Steady development focuses on tapping volcanic geothermal resources.
• Market expansion is supported by government initiatives for sustainable energy.

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Geothermal Power Market - Segment Explanation

By Power Plant Type:-
This segmentation classifies geothermal power based on the technology used to convert geothermal energy into electricity.

Dry Steam Power Stations:
These plants use steam directly from underground reservoirs to drive turbines.
They are the oldest and simplest type of geothermal power plant.
Most suitable for areas with high-temperature geothermal reservoirs.

Flash Steam Power Stations
These plants pull high-pressure hot water from underground and convert it into steam by lowering the pressure ("flashing" it).
The steam drives turbines to generate electricity.
They are most common worldwide, especially where underground water is very hot but not enough for dry steam.

Binary Cycle Power Stations:
These use moderate-temperature geothermal water to heat another fluid with a lower boiling point in a closed loop.
The vapor from this secondary fluid drives the turbine.
Suitable for areas with lower temperature geothermal resources and are environmentally safer as there's minimal emission.

By End-Users:-
This segmentation focuses on who uses the electricity or heat generated from geothermal plants.

Residential:
Electricity or geothermal heating for homes, including space heating, hot water, and sometimes electricity.
Often part of district heating systems in some countries.

Commercial:
Power for businesses, offices, hotels, hospitals, and malls.
Can include direct use applications, like heating pools or greenhouses.

Industrial:
Geothermal energy used in manufacturing plants, food processing, chemical industries, etc.
Industries may use geothermal steam or heat for processes, not just electricity.

Others:
This includes government buildings, educational institutions, agricultural applications (like soil warming, fish farming), and any usage not covered above.

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