Geothermal Energy Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Report Covers Geothermal Energy Market Size & Share and It is Segmentation by Plant Type (Dry Steam Plants, Flash Steam Plants, and Binary Cycle Power Plants) and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The Report Offers the Market Size and Forecasts Based On Installed Capacity for all the Above Segments.

Geothermal Energy Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Geothermal Energy Market Size

Geothermal Energy Market (2024 - 2029)
Study Period 2019 - 2030
Market Volume (2025) 16.10 gigawatt
Market Volume (2030) 18.39 gigawatt
CAGR 2.69 %
Fastest Growing Market North America
Largest Market North America
Market Concentration Medium

Major Players

Geothermal Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Geothermal Energy Market with other markets in Energy & Power Industry

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Geothermal Energy Market Analysis

The Geothermal Energy Market size in terms of installed base is expected to grow from 16.10 gigawatt in 2025 to 18.39 gigawatt by 2030, at a CAGR of 2.69% during the forecast period (2025-2030).

The global geothermal energy landscape is experiencing a significant transformation as countries intensify their focus on sustainable energy solutions amid growing environmental concerns. The geothermal energy industry is witnessing increased integration of advanced technologies, particularly in underground thermal energy storage (UTES) and enhanced geothermal systems (EGS), which are revolutionizing how geothermal resources are accessed and utilized. Italy, a leading player in the European geothermal market, demonstrates the vast untapped potential with estimated extractable geothermal resources between 500 million and 10 billion tons of oil equivalent, equivalent to between 5,800 and 116,000 terawatt-hours of energy, highlighting the significant growth opportunities in mature markets.


Technological innovations are driving remarkable advancements in geothermal energy extraction and utilization efficiency. The emergence of mineral extraction capabilities from geothermal fluids, particularly lithium and rare earth elements, is creating additional revenue streams for operators while offsetting development costs. The industry is also seeing significant progress in geothermal microgrids, which provide an alternative to traditional diesel generators for remote power generation, with numerous successful grid-connected and isolated projects demonstrating the technology's viability for small-scale applications.


Investment flows and project developments have gained substantial momentum, particularly in emerging markets. In December 2021, the World Bank approved two loans worth USD 300 million for the Geothermal Development Project in Turkey, supplementing initial loans of USD 250 million, demonstrating strong institutional support for geothermal expansion. Turkey's remarkable growth in geothermal power capacity, from 30 MWe in 2008 to 1,676 MWe in 2022, showcases the potential for rapid market development when supported by favorable policies and investment frameworks.


Strategic partnerships and regional initiatives are reshaping the competitive landscape, particularly in emerging markets like the Middle East. Saudi Arabia has set an ambitious goal of achieving 1 gigawatt of geothermal energy capacity by 2030, indicating strong governmental commitment to sector development. Notable corporate collaborations include TAQA and Marubeni Corporation's acquisition of a 60% stake in a greenfield cogeneration power and water desalination project in Saudi Arabia, with Saudi Aramco holding the remaining 40%, demonstrating increasing private sector confidence in the commercial viability of geothermal energy companies.

Geothermal Energy Market Geography Segment Analysis

Geothermal Energy Market in North America

North America stands as a cornerstone in the global geothermal energy landscape, commanding approximately 28% of the worldwide installed capacity. The region's dominance is primarily driven by the United States, which continues to lead global geothermal power generation. The western United States hosts the majority of geothermal installations, with The Geysers in northern California remaining the world's largest single source of geothermal power. The region's success in geothermal energy deployment can be attributed to its rich geological resources, particularly along the Pacific Ring of Fire, combined with advanced technological capabilities and supportive regulatory frameworks. Enhanced Geothermal Systems (EGS) technology is revolutionizing the sector, potentially unlocking access to over 100 gigawatts of geothermal energy. The region's geothermal development is characterized by a mix of both traditional hydrothermal resources and innovative technologies, supported by robust research and development initiatives.

Market Analysis of Geothermal Energy Market: Forecasted Growth Rate by Region

Geothermal Energy Market in Europe

Europe has demonstrated remarkable progress in geothermal energy development, achieving approximately 5% annual growth from 2019 to 2024. The region's geothermal landscape is characterized by diverse applications, ranging from power generation to district heating systems. Italy maintains its position as one of the main producers of geothermal energy in Europe, leveraging its natural wealth of geothermal resources, particularly in Tuscany where the historic Larderello plant operates. The European market benefits from strong policy support for renewable energy transition, technological innovation in geothermal applications, and increasing investment in sustainable energy infrastructure. The region's commitment to reducing greenhouse gas emissions and achieving energy independence has catalyzed geothermal energy adoption across both mature and emerging markets. European countries continue to demonstrate leadership in innovative geothermal applications, particularly in the integration of geothermal energy into urban heating systems and industrial processes.

Geothermal Energy Market in GCC

The GCC region is witnessing a transformative period in its geothermal energy sector, with a projected growth rate of approximately 87% from 2024 to 2029. This remarkable growth trajectory reflects the region's increasing focus on diversifying its energy portfolio beyond traditional fossil fuels. The GCC's geothermal potential is being increasingly recognized, particularly in areas with favorable geological conditions. The region's commitment to renewable energy development is evidenced by substantial investments in geothermal exploration and development projects. Advanced technologies and innovative approaches are being employed to harness geothermal resources effectively, despite the challenging desert environment. The GCC's push towards geothermal energy is part of a broader strategy to achieve sustainable development goals and reduce carbon emissions, while maintaining energy security and economic growth.

Geothermal Energy Market in Saudi Arabia

Saudi Arabia is emerging as a significant player in the geothermal energy sector, marking a pivotal shift in its energy landscape. The kingdom's commitment to achieving net-zero emissions by 2060 has catalyzed investments in renewable energy sources, including geothermal power. The country's geological features present promising opportunities for geothermal development, particularly in certain regions with favorable thermal conditions. Saudi Arabia's approach to geothermal energy encompasses both electricity production and direct-use applications, leveraging expertise developed through its extensive oil industry experience. The kingdom's strategic focus on geothermal energy aligns with its vision for economic diversification and sustainable development, supported by robust infrastructure development and technological advancement in the energy sector.

Geothermal Energy Market in Asia-Pacific

The Asia-Pacific region represents a dynamic and rapidly evolving geothermal energy market, characterized by significant technological advancement and growing investment. Indonesia leads the regional market as the world's second-largest producer of geothermal energy, benefiting from its strategic location along the Ring of Fire. The region's geothermal development is marked by a combination of established markets and emerging players, with countries like the Philippines, Japan, and New Zealand maintaining strong positions in the sector. The Asia-Pacific market benefits from increasing government support, technological innovation, and growing private sector participation. The region's geothermal potential is further enhanced by its favorable geological conditions and the pressing need for sustainable energy solutions to meet growing power demands.

Geothermal Energy Market in Rest of the World

The Rest of the World region, particularly Africa, demonstrates significant potential in geothermal energy development, with Kenya leading the advancement in this sector. The region's geothermal resources are primarily concentrated along the Great Rift Valley, an area of intense volcanic activity that provides ideal conditions for geothermal power generation. These markets are characterized by increasing investment in geothermal infrastructure, growing technological expertise, and strong international partnerships. The development of geothermal resources in these regions is driven by the need for reliable, sustainable power sources to support economic growth and improve energy access. The market shows promising signs of expansion, supported by improving regulatory frameworks and growing recognition of geothermal energy's role in achieving energy security and environmental sustainability.

Geothermal Energy Industry Overview

Top Companies in Geothermal Energy Market

Leading geothermal energy companies in the geothermal energy market are demonstrating a strong commitment to technological advancement and operational excellence. Companies are increasingly focusing on developing Enhanced Geothermal Systems (EGS) and implementing digital technologies to improve efficiency and resource utilization. Strategic partnerships and collaborations are becoming more prevalent, particularly in emerging markets, as companies seek to combine expertise and share risks. Operational agility is being enhanced through the adoption of integrated well services and advanced materials like corrosion barrier internal coating. Companies are also expanding their geographical footprint through strategic acquisitions and greenfield projects, particularly in regions with favorable geological conditions. The focus on binary geothermal electricity generation is growing as companies look to exploit lower-temperature geothermal areas, demonstrating the industry's adaptability to varying resource conditions.

Market Structure Shows Regional Leadership Patterns

The geothermal energy market exhibits a fragmented structure with a mix of global conglomerates and regional specialists. Global players like Enel SpA, Mitsubishi Heavy Industries, and Engie SA leverage their technological capabilities and financial strength to maintain market positions, while regional specialists focus on specific geographical areas where they have strong operational expertise. The market is characterized by the presence of both independent power producers and engineering, procurement, and construction (EPC) companies, creating a diverse competitive landscape. The industry is witnessing increased participation from utility companies and energy majors, who are expanding their renewable energy portfolios.


Merger and acquisition activities are primarily driven by the need to acquire technological capabilities and enter new geographical markets. Companies are forming strategic alliances to share technical expertise and manage project risks effectively. Local players, particularly in emerging markets, are partnering with international companies to access advanced technologies and operational best practices. The market is seeing a gradual shift towards consolidation in mature markets, while new entrants are emerging in developing regions with untapped geothermal potential.

Innovation and Partnerships Drive Future Success

Success in the geothermal energy industry increasingly depends on technological innovation and strategic partnerships. Incumbent companies are focusing on developing proprietary technologies for resource assessment and extraction, while also investing in digital solutions for plant optimization. Companies are strengthening their positions through vertical integration, from resource exploration to power generation and distribution. The ability to offer comprehensive solutions, including project development, financing, and operational services, is becoming crucial for maintaining market leadership. Companies are also emphasizing sustainability credentials and environmental performance to align with growing regulatory requirements and customer preferences.


Market contenders are finding opportunities through specialization in specific aspects of the value chain and focusing on underserved markets. The development of cost-effective solutions for small-scale geothermal projects is emerging as a key differentiator. Companies are also addressing the substitution risk from other renewable energy sources by highlighting geothermal power's reliability and baseload capabilities. Regulatory support for renewable energy is creating favorable conditions for market expansion, though companies must navigate varying policy frameworks across regions. Building strong relationships with local stakeholders and demonstrating community benefits is becoming increasingly important for project success.

Geothermal Energy Market Leaders

  1. Mitsubishi Power, Ltd.

  2. Ormat Technologies, Inc.

  3. Engie SA

  4. Tetra Tech, Inc.

  5. First Gen Corporation

  6. *Disclaimer: Major Players sorted in no particular order
Geothermal Energy Market Concentration
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Geothermal Energy Market News

  • April 2024: Oil and Natural Gas Corp (ONGC), an Indian central public sector, announced that it is planning to mount a fresh drilling campaign in June 2024 for India's first geothermal project after suffering a setback two years ago. If successful, the project could open a source for emission-free electricity, space heating, and irrigation in the cold and harsh terrains of Ladakh, India.
  • May 2023: Subterra Renewables, a leading Canadian geothermal developer and engineering firm, announced its winning bid in TerraScale Inc.'s Request for Proposal (RFP) for its Green Snow Project. The Green Snow Project is an ambitious geothermal energy initiative located in Northern Japan. It is a groundbreaking collaboration between TerraScale and Climate Transition Development Corporation and Global Family.
  • February 2023: Fuji Electric Co., Ltd. announced that it was awarded a contract for a supply of geothermal energy project for the Menengai geothermal power station in Kenya by Toyota Tsusho Corporation, which entered into an EPC contract with QPEA GT Menengai Limited.

Geothermal Energy Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Geothermal Energy Installed Capacity and Forecast, till 2029
  • 4.3 Recent Trends and Developments
  • 4.4 Government Policies and Regulations
  • 4.5 Market Dynamics
    • 4.5.1 Drivers
    • 4.5.1.1 Increasing Electricity Security Concerns Due to Clean and Eco-Friendly Resources
    • 4.5.1.2 Increasing Demand for Heating and Cooling Systems, Including Ground Source Heat Pumps
    • 4.5.2 Restraints
    • 4.5.2.1 Lucrative Market Opportunities for Alternative Clean Energy Sources Like Solar and Wind
  • 4.6 Supply Chain Analysis
  • 4.7 Porter's Five Forces Analysis
    • 4.7.1 Bargaining Power of Suppliers
    • 4.7.2 Bargaining Power of Consumers
    • 4.7.3 Threat of New Entrants
    • 4.7.4 Threat of Substitutes Products and Services
    • 4.7.5 Intensity of Competitive Rivalry
  • 4.8 Investment Analysis

5. MARKET SEGMENTATION

  • 5.1 Plant Type
    • 5.1.1 Dry Steam Plants
    • 5.1.2 Flash Steam Plants
    • 5.1.3 Binary Cycle Power Plants
  • 5.2 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2029 (for regions only)})
    • 5.2.1 North America
    • 5.2.1.1 United States
    • 5.2.1.2 Canada
    • 5.2.1.3 Rest of North America
    • 5.2.2 Europe
    • 5.2.2.1 Germany
    • 5.2.2.2 France
    • 5.2.2.3 United Kingdom
    • 5.2.2.4 Spain
    • 5.2.2.5 NORDIC
    • 5.2.2.6 Turkey
    • 5.2.2.7 Russia
    • 5.2.2.8 Rest of Europe
    • 5.2.3 Asia-Pacific
    • 5.2.3.1 China
    • 5.2.3.2 India
    • 5.2.3.3 Japan
    • 5.2.3.4 South Korea
    • 5.2.3.5 Malaysia
    • 5.2.3.6 Thailand
    • 5.2.3.7 Indonesia
    • 5.2.3.8 Vietnam
    • 5.2.3.9 Rest of Asia-Pacific
    • 5.2.4 South America
    • 5.2.4.1 Brazil
    • 5.2.4.2 Argentina
    • 5.2.4.3 Colombia
    • 5.2.4.4 Rest of South America
    • 5.2.5 Middle-East and Africa
    • 5.2.5.1 Saudi Arabia
    • 5.2.5.2 United Arab Emirates
    • 5.2.5.3 South Africa
    • 5.2.5.4 Nigeria
    • 5.2.5.5 Qatar
    • 5.2.5.6 Egypt
    • 5.2.5.7 Rest of Middle-East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 Geothermal Power Plant Equipment Manufacturers
    • 6.3.1.1 Toshiba Corporation
    • 6.3.1.2 Ansaldo Energia SpA
    • 6.3.1.3 Fuji Electric Co. Ltd.
    • 6.3.1.4 Baker Hughes Company
    • 6.3.1.5 Doosan Škoda Power
    • 6.3.2 Geothermal Power Plant EPC Companies and Operators
    • 6.3.2.1 Mitsubishi Power Ltd
    • 6.3.2.2 Ormat Technologies Inc.
    • 6.3.2.3 Kenya Electricity Generating Company (KenGen)
    • 6.3.2.4 Sosian Energy Limited
    • 6.3.2.5 Tetra Tech Inc.
    • 6.3.2.6 Engie SA
    • 6.3.2.7 First Gen Corporation
    • 6.3.2.8 PT Pertamina Geothermal Energy
    • 6.3.2.9 Enel SpA
    • 6.3.2.10 Aboitiz Power Corporation
  • *List Not Exhaustive
  • 6.4 Market Ranking/Share (%) Analysis

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Rising Government-Undertaken Initiatives such as Financial Benefits and Tax Refunds
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Geothermal Energy Industry Segmentation

Geothermal energy refers to the heat derived from the Earth's sub-surface. It is harnessed by tapping into geothermal reservoirs in regions with high volcanic activity. This renewable energy source can be used for various applications, including electricity generation, direct heating, and industrial processes. Geothermal energy is considered sustainable and environmentally friendly, as it produces minimal greenhouse gas emissions compared to fossil fuels.

The geothermal energy market is segmented by plant type and geography. The market is segmented by plant type into dry steam plants, flash steam plants, and binary cycle power plants. The report also covers the market size and forecasts for the geothermal energy market across each region. The market sizing and forecasts for each segment were made based on installed capacity.

Plant Type Dry Steam Plants
Flash Steam Plants
Binary Cycle Power Plants
Geography (Regional Market Analysis {Market Size and Demand Forecast till 2029 (for regions only)}) North America United States
Canada
Rest of North America
Europe Germany
France
United Kingdom
Spain
NORDIC
Turkey
Russia
Rest of Europe
Asia-Pacific China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
South America Brazil
Argentina
Colombia
Rest of South America
Middle-East and Africa Saudi Arabia
United Arab Emirates
South Africa
Nigeria
Qatar
Egypt
Rest of Middle-East and Africa
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Geothermal Energy Market Research FAQs

How big is the Geothermal Energy Market?

The Geothermal Energy Market size is expected to reach 16.10 gigawatt in 2025 and grow at a CAGR of 2.69% to reach 18.39 gigawatt by 2030.

What is the current Geothermal Energy Market size?

In 2025, the Geothermal Energy Market size is expected to reach 16.10 gigawatt.

Who are the key players in Geothermal Energy Market?

Mitsubishi Power, Ltd., Ormat Technologies, Inc., Engie SA, Tetra Tech, Inc. and First Gen Corporation are the major companies operating in the Geothermal Energy Market.

Which is the fastest growing region in Geothermal Energy Market?

North America is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Geothermal Energy Market?

In 2025, the North America accounts for the largest market share in Geothermal Energy Market.

What years does this Geothermal Energy Market cover, and what was the market size in 2024?

In 2024, the Geothermal Energy Market size was estimated at 15.67 gigawatt. The report covers the Geothermal Energy Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Geothermal Energy Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Geothermal Energy Market Research

Mordor Intelligence delivers a comprehensive analysis of the geothermal energy market, leveraging our extensive experience in energy sector consulting. Our detailed research covers the dynamics of the geothermal energy industry, including enhanced geothermal systems and geothermal power generation technologies. The report provides an in-depth analysis of geothermal energy costs. It examines both traditional and emerging technologies while assessing the reliability of geothermal energy across different regions.

Stakeholders benefit from our thorough examination of geothermal power market trends and projections for geothermal energy growth. We pay particular attention to geothermal energy companies and their strategic positioning. The analysis includes detailed forecasts of geothermal market size and geothermal energy market segmentation. This information is available in an easy-to-download report PDF format. Our research encompasses geothermal power companies, developments in the geothermal turbines market, and comprehensive evaluations of geothermal service contracts, providing actionable insights for industry participants.