Summary

The Global Geothermal Power Market is valued at approximately USD 7.84 billion in 2024 and is projected to expand at a steady CAGR of 6.00% during the forecast period of 2025-2035, with historical data evaluated for 2023 and 2024 and 2024 serving as the base year for estimation. Geothermal power harnesses heat stored beneath the Earthfs surface to generate reliable, low-emission energy, positioning it as a cornerstone technology in the global clean energy transition. Unlike intermittent renewable sources, geothermal systems deliver baseload power, which allows utilities and governments to plan long-term energy security strategies while progressively phasing out carbon-intensive generation assets. As decarbonization commitments tighten worldwide, geothermal energy is increasingly being looked upon not merely as an alternative resource, but as a strategic infrastructure investment.
Market expansion is being carried forward by intensifying policy support for renewable energy diversification, rising electricity demand, and the need to stabilize power grids with consistent, non-weather-dependent generation. Governments are rolling out incentive programs, drilling subsidies, and public-private partnerships to scale geothermal projects, while technological refinements are pushing down exploration and development risks. Enhanced geothermal systems, improved drilling techniques, and smarter reservoir management are collectively reshaping project economics. However, high upfront capital costs and geological uncertainties continue to temper adoption in certain regions, even as long-term operational savings and environmental advantages strengthen the business case through the forecast period of 2025-2035.

The detailed segments and sub-segments included in the report are:
By Technology:
- Binary Cycle Plant
- Dry Steam Plant
By Temperature:
- Low
- Medium
By Application:
- Power Generation
- Residential Heating & Cooling
By Region:
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Among the available technologies, binary cycle plants are expected to dominate the Global Geothermal Power Market over the forecast horizon. Their ability to operate efficiently at lower and medium temperature resources significantly broadens the range of exploitable geothermal reservoirs, particularly in regions where high-temperature steam fields are scarce. Binary systems also benefit from closed-loop designs that minimize environmental impact and water loss, making them more acceptable under increasingly stringent environmental regulations. While dry steam plants retain relevance in select geographies with naturally occurring steam resources, binary cycle technology is steadily being scaled up as the preferred solution for new project development.
From a revenue standpoint, power generation applications currently lead the market, accounting for the largest share of global geothermal investments. Utility-scale geothermal plants continue to attract long-term capital due to predictable output, extended asset lifespans, and favorable power purchase agreements. At the same time, residential heating and cooling applications are gaining ground as urban planners and policymakers integrate geothermal heat pumps into sustainable building initiatives. Although smaller in revenue contribution today, this segment is being positioned as a high-growth avenue driven by rising energy efficiency standards and consumer demand for low-carbon heating solutions.
Regionally, North America commands a leading position in the Global Geothermal Power Market, supported by abundant geothermal resources, mature project development expertise, and long-standing investments in renewable infrastructure. The United States, in particular, continues to anchor regional growth through large-scale geothermal installations and sustained R&D activity. Europe follows closely, propelled by aggressive climate targets and expanding district heating networks. Asia Pacific is expected to witness the fastest growth during the forecast period, as countries such as Indonesia, Japan, and the Philippines accelerate geothermal deployment to meet surging electricity demand while reducing dependence on fossil fuel imports. Meanwhile, Latin America and the Middle East & Africa are emerging as promising frontiers, backed by untapped geothermal potential and growing government interest.

Major market players included in this report are:
- Ormat Technologies, Inc.
- Enel Green Power S.p.A.
- Chevron Corporation
- Mitsubishi Heavy Industries, Ltd.
- Toshiba Corporation
- Siemens Energy AG
- Fuji Electric Co., Ltd.
- ABB Ltd.
- Baker Hughes Company
- Calpine Corporation
- ENGIE SA
- Energy Development Corporation
- General Electric Company
- Reykjavik Energy
- Alterra Power Corp.

Global Geothermal Power Market Report Scope:
- Historical Data - 2023, 2024
- Base Year for Estimation - 2024
- Forecast period - 2025-2035
- Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope - Free report customization (equivalent to up to 8 analystsf working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define the market sizes of different segments and countries in recent years and to forecast their values for the coming decade. The report integrates both qualitative and quantitative perspectives to illustrate how regulatory frameworks, technological evolution, and energy security priorities are shaping the Global Geothermal Power Market. It further outlines critical growth drivers, constraints, and emerging opportunities, while delivering a detailed competitive analysis and strategic overview of key players operating across the value chain.

Key Takeaways:
- Market estimates and forecasts for 10 years from 2025 to 2035.
- Annualized revenue analysis at regional and segment levels.
- Detailed geographical insights with country-level evaluation.
- Competitive landscape profiling major companies and strategies.
- Strategic recommendations for future market positioning.
- Comprehensive demand-side and supply-side market analysis.

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Table of Contents

Table of Contents

Chapter 1. Global Geothermal Power Market Report Scope & Methodology
1.1. Research Objective
1.2. Research Methodology
1.2.1. Forecast Model
1.2.2. Desk Research
1.2.3. Top Down and Bottom-Up Approach
1.3. Research Attributes
1.4. Scope of the Study
1.4.1. Market Definition
1.4.2. Market Segmentation
1.5. Research Assumption
1.5.1. Inclusion & Exclusion
1.5.2. Limitations
1.5.3. Years Considered for the Study

Chapter 2. Executive Summary
2.1. CEO/CXO Standpoint
2.2. Strategic Insights
2.3. ESG Analysis
2.4. key Findings

Chapter 3. Global Geothermal Power Market Forces Analysis
3.1. Market Forces Shaping The Global Geothermal Power Market (2024-2035)
3.2. Drivers
3.2.1. Surging intensifying policy support for renewable energy diversification
3.2.2. Increasing strategic infrastructure investment
3.3. Restraints
3.3.1. high upfront capital costs
3.4. Opportunities
3.4.1. Growing electricity demand

Chapter 4. Global Geothermal Power Industry Analysis
4.1. Porter’s 5 Forces Model
4.1.1. Bargaining Power of Buyer
4.1.2. Bargaining Power of Supplier
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Forecast Model (2024-2035)
4.3. PESTEL Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top Investment Opportunities
4.5. Top Winning Strategies (2025)
4.6. Market Share Analysis (2024-2025)
4.7. Global Pricing Analysis And Trends 2025
4.8. Analyst Recommendation & Conclusion

Chapter 5. Global Geothermal Power Market Size & Forecasts by Technology 2025-2035
5.1. Market Overview
5.2. Global Geothermal Power Market Performance - Potential Analysis (2025)
5.3. Binary Cycle Plant
5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
5.3.2. Market size analysis, by region, 2025-2035
5.4. Dry Steam Plant
5.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
5.4.2. Market size analysis, by region, 2025-2035

Chapter 6. Global Geothermal Power Market Size & Forecasts by Temperature 2025-2035
6.1. Market Overview
6.2. Global Geothermal Power Market Performance - Potential Analysis (2025)
6.3. Low
6.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
6.3.2. Market size analysis, by region, 2025-2035
6.4. Medium
6.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
6.4.2. Market size analysis, by region, 2025-2035
Chapter 7. Global Geothermal Power Market Size & Forecasts by Application 2025–2035
7.1. Market Overview
7.2. Global Geothermal Power Market Performance - Potential Analysis (2025)
7.3. Power Generation
7.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
7.3.2. Market size analysis, by region, 2025-2035
7.4. Residential Heating & Cooling
7.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
7.4.2. Market size analysis, by region, 2025-2035

Chapter 8. Global Geothermal Power Market Size & Forecasts by Region 2025–2035
8.1. Growth Geothermal Power Market, Regional Market Snapshot
8.2. Top Leading & Emerging Countries
8.3. North America Geothermal Power Market
8.3.1. U.S. Geothermal Power Market
8.3.1.1. Technology breakdown size & forecasts, 2025-2035
8.3.1.2. Temperature breakdown size & forecasts, 2025-2035
8.3.1.3. Application breakdown size & forecasts, 2025-2035
8.3.2. Canada Geothermal Power Market
8.3.2.1. Technology breakdown size & forecasts, 2025-2035
8.3.2.2. Temperature breakdown size & forecasts, 2025-2035
8.3.2.3. Application breakdown size & forecasts, 2025-2035
8.4. Europe Geothermal Power Market
8.4.1. UK Geothermal Power Market
8.4.1.1. Technology breakdown size & forecasts, 2025-2035
8.4.1.2. Temperature breakdown size & forecasts, 2025-2035
8.4.1.3. Application breakdown size & forecasts, 2025-2035
8.4.2. Germany Geothermal Power Market
8.4.2.1. Technology breakdown size & forecasts, 2025-2035
8.4.2.2. Temperature breakdown size & forecasts, 2025-2035
8.4.2.3. Application breakdown size & forecasts, 2025-2035
8.4.3. France Geothermal Power Market
8.4.3.1. Technology breakdown size & forecasts, 2025-2035
8.4.3.2. Temperature breakdown size & forecasts, 2025-2035
8.4.3.3. Application breakdown size & forecasts, 2025-2035
8.4.4. Spain Geothermal Power Market
8.4.4.1. Technology breakdown size & forecasts, 2025-2035
8.4.4.2. Temperature breakdown size & forecasts, 2025-2035
8.4.4.3. Application breakdown size & forecasts, 2025-2035
8.4.5. Italy Geothermal Power Market
8.4.5.1. Technology breakdown size & forecasts, 2025-2035
8.4.5.2. Temperature breakdown size & forecasts, 2025-2035
8.4.5.3. Application breakdown size & forecasts, 2025-2035
8.4.6. Rest of Europe Geothermal Power Market
8.4.6.1. Technology breakdown size & forecasts, 2025-2035
8.4.6.2. Temperature breakdown size & forecasts, 2025-2035
8.4.6.3. Application breakdown size & forecasts, 2025-2035
8.5. Asia Pacific Geothermal Power Market
8.5.1. China Geothermal Power Market
8.5.1.1. Technology breakdown size & forecasts, 2025-2035
8.5.1.2. Temperature breakdown size & forecasts, 2025-2035
8.5.1.3. Application breakdown size & forecasts, 2025-2035
8.5.2. India Geothermal Power Market
8.5.2.1. Technology breakdown size & forecasts, 2025-2035
8.5.2.2. Temperature breakdown size & forecasts, 2025-2035
8.5.2.3. Application breakdown size & forecasts, 2025-2035
8.5.3. Japan Geothermal Power Market
8.5.3.1. Technology breakdown size & forecasts, 2025-2035
8.5.3.2. Temperature breakdown size & forecasts, 2025-2035
8.5.3.3. Application breakdown size & forecasts, 2025-2035
8.5.4. Australia Geothermal Power Market
8.5.4.1. Technology breakdown size & forecasts, 2025-2035
8.5.4.2. Temperature breakdown size & forecasts, 2025-2035
8.5.4.3. Application breakdown size & forecasts, 2025-2035
8.5.5. South Korea Geothermal Power Market
8.5.5.1. Technology breakdown size & forecasts, 2025-2035
8.5.5.2. Temperature breakdown size & forecasts, 2025-2035
8.5.5.3. Application breakdown size & forecasts, 2025-2035
8.5.6. Rest of APAC Geothermal Power Market
8.5.6.1. Technology breakdown size & forecasts, 2025-2035
8.5.6.2. Temperature breakdown size & forecasts, 2025-2035
8.5.6.3. Application breakdown size & forecasts, 2025-2035
8.6. Latin America Geothermal Power Market
8.6.1. Brazil Geothermal Power Market
8.6.1.1. Technology breakdown size & forecasts, 2025-2035
8.6.1.2. Temperature breakdown size & forecasts, 2025-2035
8.6.1.3. Application breakdown size & forecasts, 2025-2035
8.6.2. Mexico Geothermal Power Market
8.6.2.1. Technology breakdown size & forecasts, 2025-2035
8.6.2.2. Temperature breakdown size & forecasts, 2025-2035
8.6.2.3. Application breakdown size & forecasts, 2025-2035
8.7. Middle East and Africa Geothermal Power Market
8.7.1. UAE Geothermal Power Market
8.7.1.1. Technology breakdown size & forecasts, 2025-2035
8.7.1.2. Temperature breakdown size & forecasts, 2025-2035
8.7.1.3. Application breakdown size & forecasts, 2025-2035
8.7.2. Saudi Arabia (KSA) Geothermal Power Market
8.7.2.1. Technology breakdown size & forecasts, 2025-2035
8.7.2.2. Temperature breakdown size & forecasts, 2025-2035
8.7.2.3. Application breakdown size & forecasts, 2025-2035
8.7.3. South Africa Geothermal Power Market
8.7.3.1. Technology breakdown size & forecasts, 2025-2035
8.7.3.2. Temperature breakdown size & forecasts, 2025-2035
8.7.3.3. Application breakdown size & forecasts, 2025-2035

Chapter 9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Ormat Technologies, Inc.
9.2.1. Company Overview
9.2.2. Key Executives
9.2.3. Company Snapshot
9.2.4. Financial Performance (Subject to Data Availability)
9.2.5. Product/Services Port
9.2.6. Recent Development
9.2.7. Market Strategies
9.2.8. SWOT Analysis
9.3. Enel Green Power S.p.A.
9.4. Chevron Corporation
9.5. Mitsubishi Heavy Industries, Ltd.
9.6. Toshiba Corporation
9.7. Siemens Energy AG
9.8. Fuji Electric Co., Ltd.
9.9. ABB Ltd.
9.10. Baker Hughes Company
9.11. Calpine Corporation
9.12. ENGIE SA
9.13. Energy Development Corporation
9.14. General Electric Company
9.15. Reykjavik Energy
9.16. Alterra Power Corp.

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List of Tables/Graphs

List of Tables

Table 1. Global Geothermal Power Market, Report Scope
Table 2. Global Geothermal Power Market Estimates & Forecasts By Region 2024–2035
Table 3. Global Geothermal Power Market Estimates & Forecasts By Segment 2024–2035
Table 4. Global Geothermal Power Market Estimates & Forecasts By Segment 2024–2035
Table 5. Global Geothermal Power Market Estimates & Forecasts By Segment 2024–2035
Table 6. Global Geothermal Power Market Estimates & Forecasts By Segment 2024–2035
Table 7. Global Geothermal Power Market Estimates & Forecasts By Segment 2024–2035
Table 8. U.S. Geothermal Power Market Estimates & Forecasts, 2024–2035
Table 9. Canada Geothermal Power Market Estimates & Forecasts, 2024–2035
Table 10. UK Geothermal Power Market Estimates & Forecasts, 2024–2035
Table 11. Germany Geothermal Power Market Estimates & Forecasts, 2024–2035
Table 12. France Geothermal Power Market Estimates & Forecasts, 2024–2035
Table 13. Spain Geothermal Power Market Estimates & Forecasts, 2024–2035
Table 14. Italy Geothermal Power Market Estimates & Forecasts, 2024–2035
Table 15. Rest Of Europe Geothermal Power Market Estimates & Forecasts, 2024–2035
Table 16. China Geothermal Power Market Estimates & Forecasts, 2024–2035
Table 17. India Geothermal Power Market Estimates & Forecasts, 2024–2035
Table 18. Japan Geothermal Power Market Estimates & Forecasts, 2024–2035
Table 19. Australia Geothermal Power Market Estimates & Forecasts, 2024–2035
Table 20. South Korea Geothermal Power Market Estimates & Forecasts, 2024–2035
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