Geothermal Power Market as a Baseload Renewable Source
The Global Geothermal Power Market size is expected to be worth around USD 11.4 Billion by 2034, from USD 7.7 Billion in 2024, growing at a CAGR of 4.0% during the forecast period from 2025 to 2034.
The geothermal power market is progressing steadily, with long-term potential backed by proven technology and strong demand from industrial sectors. Its ability to provide continuous, reliable energy makes it a valuable part of the renewable energy mix. Flash steam plants and high-temperature resources are setting the standard, while small, modular setups are helping expand access to geothermal in more regions.
A majority of geothermal energy production over 74.5% comes from high-temperature sources (above 150°C), which are more efficient and reliable for continuous power generation. Industrial applications take the lead in usage, accounting for 65.9% of the market, thanks to their constant need for both heat and power. On the regional front, North America is ahead, making up around 48.6% of the global market, with a valuation of USD 3.7 billion. The region's dominance is supported by favorable government policies, tax incentives, and well-developed geothermal infrastructure. This highlights the continent’s strong commitment to clean and reliable energy.
Key Takeaways
The market is on track to grow by nearly 48% by 2034.
Flash steam plants dominate the market due to efficiency at high temperatures.
Small-scale projects (up to 5 MW) are the most commonly deployed type.
North America leads globally, driven by investment and policy support.
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