Asia-Pacific and North America Lead Geothermal Power Market with Advanced Binary & Flash Steam Projects | Key Players - Ormat Technologies, Calpine Corporation, Enel Spa

Geothermal Power Market Size and Forecast

The Global Geothermal Power Market is expected to grow at a CAGR of 22.6% during the forecast period (2024-2031).

DataM Intelligence has published a new research report on "Geothermal Power Market Size 2025". The report explores comprehensive and insightful Information about various key factors like Regional Growth, Segmentation, CAGR, Business Revenue Status of Top Key Players and Drivers. The purpose of this report is to provide a telescopic view of the current market size by value and volume, opportunities, and development status.

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🔥 Recent Developments - Geothermal Power Market
✅ December 2025: El Salvador inaugurated the 7.5 MW Berlin Binary Cycle geothermal plant in Usulután, boosting geothermal's share of national electricity production and integrating waste heat conversion technology for improved output.

✅ October 2025: Project InnerSpace launched GeoMapTM South America, a pan‐continental geothermal resource exploration platform using integrated subsurface data to identify high‐potential heat flow zones, expanding development visibility across the Andes.

✅ October 2025: Mitsubishi Heavy Industries commissioned a 25 MW geothermal power facility in Kyushu, Japan, featuring advanced steam turbine and heat‐exchange technology to support the country's clean energy goals.

✅ September 2025: Ormat Japan expanded its operational footprint in Hokkaido and Kyushu with AI‐based asset performance monitoring to optimize output reliability across multiple geothermal sites.

✅ August 2025: US Geothermal Inc. brought a new plant online with AI‐driven monitoring and predictive maintenance systems, enhancing operational efficiency and reducing downtime.

✅ June 2025: Calpine Corporation and MCE expanded capacity by approximately 7 MW at The Geysers geothermal complex, enhancing reliability and supporting local community energy needs.

✅ Global Outlook 2025: The global geothermal power market is forecast to nearly double in value by 2034, driven by growing electricity generation, direct heating uses, and improved drilling/extraction technologies such as Enhanced Geothermal Systems (EGS).

🤝 Mergers & Acquisitions - Geothermal Power Market
✅ June 2025: Ormat Technologies Inc. acquired the Blue Mountain geothermal power plant from Cyrq Energy, adding to its electricity capacity and broadening renewable portfolio assets.

✅ 2025: Ormat continued its consolidation strategy with acquisitions of geothermal and renewable assets, strengthening its position in the global geothermal generation segment.

✅ Broader Sector M&A 2025: Major utility-scale energy M&A activity increased across renewables, highlighting interest in dispatchable, low-carbon sources like geothermal as part of diversified generation portfolios.

⚡ Key Drivers - Geothermal Power Market
✅ Rising Demand for Renewable Energy: Increasing global emphasis on clean, low-carbon electricity is driving investments in geothermal power as a stable and dispatchable renewable energy source.

✅ Technological Advancements: Innovations such as Enhanced Geothermal Systems (EGS), advanced drilling techniques, and AI-based monitoring improve efficiency, reduce costs, and expand viable geothermal sites.

✅ Government Incentives & Policies: Supportive regulations, tax credits, and renewable energy mandates in regions like Asia-Pacific, Europe, and North America are accelerating geothermal project development.

✅ Growing Electricity Consumption: Expanding industrial and residential energy demand, particularly in emerging markets, is boosting the adoption of geothermal power plants for reliable base-load energy.

✅ Sustainability & Decarbonization Goals: Corporations and utilities are investing in geothermal energy to meet net-zero targets, reduce greenhouse gas emissions, and comply with international climate commitments.

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Key Players:

✅ Calpine Corporation: A leading U.S. geothermal operator, Calpine contributes significantly through its The Geysers complex, the largest geothermal field in North America, providing stable electricity generation and setting benchmarks in operational efficiency.

✅ Gradient Resources: Focused on geothermal exploration and development in the U.S., Gradient Resources drives market growth by advancing high-potential geothermal projects and piloting innovative reservoir management techniques.

✅ Enel Spa: Through its global renewable portfolio, Enel invests heavily in geothermal energy, particularly in Italy and Latin America, combining large-scale plants with advanced digital monitoring to enhance performance and expand market penetration.

✅ General Electric (GE): GE supports the market primarily through geothermal turbines, steam and binary cycle systems, and control solutions, enabling higher efficiency and reliability for geothermal plants worldwide.

✅ The Tata Power Company Limited: A major player in India, Tata Power develops geothermal and hybrid renewable projects, contributing to regional electrification and promoting sustainable, low-carbon energy solutions in emerging markets.

✅ Mitsubishi Hitachi Power Systems Inc.: Provides advanced geothermal turbines and integrated power generation systems, strengthening the market by improving plant efficiency, durability, and adoption in Asia-Pacific projects.

✅ Toshiba Corporation: Toshiba's contribution lies in geothermal steam turbines, generators, and plant engineering services, enabling high-capacity geothermal projects across Japan and international markets.

✅ Korea Electric Power Corporation (KEPCO): KEPCO invests in geothermal exploration, development, and plant operations in South Korea and Southeast Asia, supporting regional renewable energy targets and grid stability.

✅ Siemens AG: Through its high-efficiency turbines, automation, and digital solutions, Siemens drives market growth by optimizing geothermal plant operations and integrating smart monitoring for predictive maintenance.

Growth Forecast Projected:

The Global Geothermal Power Market is anticipated to rise at a considerable rate during the forecast period, between 2025 and 2032. In 2024, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global 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.

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Key Segments:

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

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

Regional Analysis for Market:

⇥ 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)

Benefits of the Report:

Chapter 1: Lays the foundation by defining the scope of the report, highlighting core market segments across regions, product types, and applications. It delivers a clear snapshot of current market size, growth potential, and how the industry is expected to evolve in both the near and long term.

Chapter 2: Spotlights the most impactful market insights, unveiling the transformative trends and forces shaping the future of the industry.

Chapter 3: Provides a deep dive into the competitive landscape of , covering revenue shares, strategic initiatives, and notable mergers & acquisitions that are reshaping the market.

Chapter 4: Presents detailed company profiles of leading players featuring financial performance, product portfolios, profit margins, and key milestones that set them apart in the industry.

Chapters 5 & 6: Break down revenue analysis at both regional and country levels, offering precise data on market size, growth drivers, and expansion opportunities across global markets.

Chapter 7: Analyzes the market by product type, spotlighting segment-specific opportunities and helping stakeholders identify untapped, high-growth areas.

Chapter 8 :Explores the market through application-based segmentation, assessing demand across industries and pinpointing downstream sectors with the strongest potential for growth.

Chapter 9: Maps the industry's supply chain in detail, tracing upstream and downstream activities to provide clarity on value creation across the ecosystem.

Chapter 10: Wraps up with a concise summary of the report's key insights distilling the most critical findings and strategic takeaways for decision-makers and stakeholders.

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