Geothermal Energy Market: By Plant Type, By Power Output, By End User and Region Forecast 2020-2031
Geothermal Energy Market: By Plant Type, By Power Output, By End User and Region Forecast 2020-2031
Geothermal Energy Market size was valued at US$ 7,437 million in 2024 and is expected to reach US$ 11,941 million by 2031, growing at a significant CAGR of 7.0% from 2025-2031. Government regulations related to climate change, which are harsher in developed and developing countries, are significant market factors boosting market growth. Factors such as increased electricity security issues because of clean and environmentally friendly resources. Furthermore, growing demand for heating and cooling systems, such as ground source heat pumps and district heating, is expected to propel the geothermal energy industry.
Study Period
2025-2031Base Year
2024CAGR
7.0%Largest Market
North-AmericaFastest Growing Market
North-America
Stringent regulations imposed by different governments are projected to promote the expansion of the geothermal energy industry. Fossil fuel constraint and rising greenhouse gas emissions are contributing to market growth. The market is expected to grow because to the extreme volatility of fossil fuel prices because geothermal energy's low cost and high capacity are predicted to drive market growth throughout the forecast period. All these things combine to make this energy source necessary. The industry is developing due to increased demand for clean and ecologically friendly sources.
However, the attractive market for alternative clean energy sources such as solar and wind is expected to slow market growth during the projection period. Nonetheless, government measures such as financial incentives and tax refunds to encourage sustainable energy generation are expected to create various potential prospects for the market during the forecast period.
Based on regions, the Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. North America is one of the world's top markets for geothermal energy, with the United States leading both regionally and globally in terms of installed capacity. Most geothermal power plants in the United States are in the Western States and the Island state of Hawaii, where geothermal energy resources are readily accessible. California generates the most electricity from geothermal energy, and Northern California's Geysers dry steam reservoir is the world's largest dry steam field.
According to IRENA, the total geothermal installed capacity in 2023 was roughly 3,900 MW, up from 3,712 MW in 2022. Countries such as the United States, Canada, and Mexico are developing their geothermal energy capacities. Therefore, it is anticipated that North America will lead the market throughout the forecast period based on the facts mentioned earlier.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2025-2031 |
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Market Size in 2024 |
US$ 7,437 million |
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Market Size in 2031 |
US$ 11,941 million |
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Market CAGR |
7.0% |
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By Type |
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By Power Output |
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By End User |
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By Region |
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The geothermal energy market size was valued at US$ 7,437 million in 2024 and is projected to grow at a CAGR of 7.0% from 2025 to 2031.
Growing government funding and ongoing technological advancements in the renewable energy space are driving for marking expansion.
The growth of the market is being driven by an increase in regional investment in renewable energy projects. Furthermore, considerable increases in energy demand due to fast industrialization and population growth in countries like as China and India are expected to drive market expansion.
North America is the fastest growing region for market.
| 1.Executive Summary |
| 2.Global Geothermal Energy Market Introduction |
| 2.1.Global Geothermal Energy Market - Taxonomy |
| 2.2.Global Geothermal Energy Market - Definitions |
| 2.2.1.Type |
| 2.2.2.Power Output |
| 2.2.3.End User |
| 2.2.4.Region |
| 3.Global Geothermal Energy Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Geothermal Energy Market Analysis, 2020 - 2024 and Forecast 2025 - 2031 |
| 4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Geothermal Energy Market By Type , 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 5.1. Binary cycle power plant |
| 5.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Dry Steam Plant |
| 5.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Flash Steam Plants |
| 5.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 6.Global Geothermal Energy Market By Power Output, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 6.1. Up to 5MW |
| 6.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Above 5MW |
| 6.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 7.Global Geothermal Energy Market By End User, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 7.1. Residential |
| 7.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Industrial |
| 7.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Commercial |
| 7.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Others |
| 7.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 8.Global Geothermal Energy Market By Region, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia Pacific (APAC) |
| 8.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Middle East and Africa (MEA) |
| 8.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Latin America |
| 8.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 9.North America Geothermal Energy Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 9.1. Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Binary cycle power plant |
| 9.1.2.Dry Steam Plant |
| 9.1.3.Flash Steam Plants |
| 9.2. Power Output Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Up to 5MW |
| 9.2.2.Above 5MW |
| 9.3. End User Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Residential |
| 9.3.2.Industrial |
| 9.3.3.Commercial |
| 9.3.4.Others |
| 9.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.4.1.United States of America (USA) |
| 9.4.2.Canada |
| 10.Europe Geothermal Energy Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 10.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Binary cycle power plant |
| 10.1.2.Dry Steam Plant |
| 10.1.3.Flash Steam Plants |
| 10.2. Power Output Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Up to 5MW |
| 10.2.2.Above 5MW |
| 10.3. End User Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.Residential |
| 10.3.2.Industrial |
| 10.3.3.Commercial |
| 10.3.4.Others |
| 10.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.Germany |
| 10.4.2.France |
| 10.4.3.Italy |
| 10.4.4.United Kingdom (UK) |
| 10.4.5.Spain |
| 11.Asia Pacific (APAC) Geothermal Energy Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 11.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Binary cycle power plant |
| 11.1.2.Dry Steam Plant |
| 11.1.3.Flash Steam Plants |
| 11.2. Power Output Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Up to 5MW |
| 11.2.2.Above 5MW |
| 11.3. End User Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.Residential |
| 11.3.2.Industrial |
| 11.3.3.Commercial |
| 11.3.4.Others |
| 11.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.China |
| 11.4.2.India |
| 11.4.3.Australia and New Zealand (ANZ) |
| 11.4.4.Japan |
| 11.4.5.Rest of APAC |
| 12.Middle East and Africa (MEA) Geothermal Energy Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 12.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Binary cycle power plant |
| 12.1.2.Dry Steam Plant |
| 12.1.3.Flash Steam Plants |
| 12.2. Power Output Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Up to 5MW |
| 12.2.2.Above 5MW |
| 12.3. End User Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Residential |
| 12.3.2.Industrial |
| 12.3.3.Commercial |
| 12.3.4.Others |
| 12.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.GCC Countries |
| 12.4.2.South Africa |
| 12.4.3.Rest of MEA |
| 13.Latin America Geothermal Energy Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 13.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.Binary cycle power plant |
| 13.1.2.Dry Steam Plant |
| 13.1.3.Flash Steam Plants |
| 13.2. Power Output Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.Up to 5MW |
| 13.2.2.Above 5MW |
| 13.3. End User Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.Residential |
| 13.3.2.Industrial |
| 13.3.3.Commercial |
| 13.3.4.Others |
| 13.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.Brazil |
| 13.4.2.Mexico |
| 13.4.3.Rest of LA |
| 14. Competition Landscape |
| 14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 14.2.1.Ormat Technologies, Inc. |
| 14.2.2.Mitsubishi Power, Ltd |
| 14.2.3.Engie SA |
| 14.2.4.Tetra Tech, Inc. |
| 14.2.5.Toshiba International Corporation |
| 14.2.6.Enel Green Power S.p.A. |
| 14.2.7.EthosEnergy Group |
| 14.2.8.Chevron Corp. |
| 14.2.9.Berkshire Hathaway Inc. |
| 15. Research Methodology |
| 16. Appendix and Abbreviations |
Key Market Players
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