Geothermal Power Market Set for Explosive Growth at 22.6% CAGR During 2024-2031, Driven by Renewable Energy Demand Surge | Key Players - Calpine, Enel SpA

The Global Geothermal Power Market is expected to grow at a CAGR of 22.6% during the forecast period (2024-2031). Rising demand for renewable energy, supportive government policies, and increasing investments in sustainable power infrastructure are driving geothermal power market growth.
Technological advancements in drilling and reservoir management, along with growing focus on reducing carbon emissions and energy security concerns, further accelerate market expansion globally.

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Key Industry Developments
✅ December 2025: Mitsui & Co. announced investment in U.S. geothermal developer Fervo Energy, supporting construction of a 100 MW commercial project in Utah set to begin operations in 2026.

✅ September 2025: Baker Hughes joined a major 500 MW geothermal power project at Hell's Kitchen in California, collaborating on technology for enhanced geothermal systems to meet AI data center power demands.

✅ August 2025: Ormat Technologies commissioned a new 50 MW geothermal plant in Nevada, representing a $200 million investment to generate baseload renewable power for over 40,000 homes.

✅ November 2025: Japan's public-private council finalized a 2050 roadmap for next-generation geothermal power, targeting rollout from 2030 with exploratory wells by 2028 and no upper limit on the 7.7 GW installation goal.

✅ August 2025: Mitsubishi Heavy Industries launched a 25 MW geothermal plant in Kyushu, featuring advanced steam turbine technology to boost output and support Japan's 2030 renewable energy expansion targets.

✅ July 2025: JERA announced a $150 million investment to upgrade its Hokkaido geothermal facility, aiming to add 15 MW through improved heat exchange systems with completion by mid-2026.

Key M&A Deals
✅ Ormat Technologies, Inc. acquired the Blue Mountain Geothermal Power Plant from Cyrq Energy in June 2025 for US$ 88 million, strengthening its geothermal electricity generation portfolio and reinforcing its long-term sustainable power strategy.

✅ Constellation completed its acquisition of Calpine's geothermal assets at The Geysers (deal originally announced early 2025; closing confirmed in January 2026). This acquisition transfers ownership of the world's largest geothermal complex to Constellation, expanding its clean energy footprint.

Key Players:-
Calpine | Enel S.p.A. | General Electric | Mitsubishi Hitachi Power Systems

Key Segments
By Resource Type:
The Geothermal Power Market is segmented into hydrothermal, enhanced geothermal systems (EGS), and other emerging resources. Hydrothermal resources dominate due to their commercial maturity and established projects in countries such as United States, Indonesia, and Philippines. Meanwhile, EGS is gaining traction as it enables power generation in regions lacking natural hydrothermal reservoirs.

By Technology:
Based on technology, the market is categorized into dry steam, flash steam, and binary cycle power plants. Flash steam technology holds a significant share due to its efficiency in high-temperature reservoirs, while binary cycle plants are expanding rapidly because they can operate at lower temperatures and have lower environmental impact, making them suitable for wider geographic deployment.

By Application:
In terms of application, geothermal energy is used for electricity generation and direct heating applications. Electricity generation accounts for the largest share due to increasing demand for renewable baseload power, whereas direct use applications such as district heating, greenhouse farming, and industrial processes are steadily growing, particularly in colder regions.

By End-User:
The market is segmented into residential, commercial, and industrial sectors. The industrial segment leads due to large-scale geothermal power plants supplying grid electricity, while commercial and residential segments are witnessing gradual growth driven by supportive policies, carbon reduction targets, and rising adoption of sustainable energy solutions.

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Market Drivers
• Rising Demand for Reliable Renewable Baseload Energy: Geothermal power provides continuous, non-intermittent electricity (unlike solar and wind), making it highly attractive for utilities, data centers, and industrial consumers seeking dependable renewable energy.

• Growing Focus on Clean and Sustainable Energy: Increasing global emphasis on decarbonization and meeting climate targets is driving investment in low-carbon energy sources like geothermal to reduce greenhouse gas emissions and support clean energy portfolios.

• Technological Advancements Enhancing Viability: Innovations such as enhanced geothermal systems (EGS), advanced drilling techniques and digital monitoring have improved efficiency, reduced costs, expanded resource access, and made geothermal projects more economically attractive.

• Supportive Government Policies and Incentives: Governments worldwide are offering subsidies, tax incentives, renewable energy targets, and regulatory frameworks that lower investment risk and accelerate the deployment of geothermal power infrastructure.

• Energy Security and Grid Stability Needs: The desire to diversify energy mixes and reduce dependence on imported fossil fuels is compelling more countries to adopt indigenous geothermal energy sources, enhancing overall energy security.

• Increasing Demand for Heating & Cooling Solutions: Beyond power generation, geothermal systems are gaining traction for sustainable heating and cooling, especially in residential and commercial sectors, boosting overall market growth.

Regional Insights
North America: Accounts for 32% of the global geothermal power market share in 2024, led by strong geothermal deployment and supportive policies.

Asia Pacific: Holds the largest share at 37% of the global geothermal power market in 2024, driven by resource-rich countries like Indonesia and the Philippines.

Europe: Represents 16% of the global geothermal power market in 2024, with growth supported by renewable energy integration and expanding project investments.

Latin America: Makes up 15% of the global geothermal power market share in 2024, reflecting ongoing development in regional geothermal capacity.

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