Geothermal Power Market By Product Type (Flash Steam Power Plants, Dry Steam Power Plants, Binary Cycle Power Plants, Enhanced Geothermal Systems), By Technology (Dry Steam Technology, Flash Steam Technology, Binary Cycle Technology, Enhanced Geothermal Systems Technology), By Application (Power Generation, Industrial Heating, Direct Use Applications, District Heating), By End-User Industry (Power Generation Companies, Government Agencies, Industrial Sector, Utilities, Agriculture), and By Region; Global Insights & Forecast (2023 – 2030).

As per Intent Market Research, the Geothermal Power Market was valued at USD 4.7 billion in 2024-e and will surpass USD 13.1 billion by 2030; growing at a CAGR of 15.8% during 2025 - 2030.

The geothermal power market continues to grow, driven by the increasing demand for renewable energy sources, technological advancements, and growing environmental concerns. Geothermal power harnesses the Earth's natural heat to generate electricity, with a variety of technologies and applications enabling its use in different sectors. The market comprises several subsegments, including product types, technologies, and end-user industries, each contributing to the sector’s expansion. Among the key growth drivers are the development of new geothermal plants, increasing awareness of sustainability, and government incentives supporting renewable energy initiatives.

Flash Steam Power Plants Are Largest Owing to High Efficiency

Flash steam power plants are currently the largest segment in the geothermal power market, accounting for a significant share of geothermal power generation. These plants work by utilizing geothermal fluids, which are heated to the point where they rapidly "flash" to steam when pressure is reduced. The steam is then used to drive turbines that generate electricity. Flash steam plants are highly efficient, particularly in regions with high-temperature geothermal resources, making them ideal for large-scale power production. They are especially dominant in countries like the United States, where geothermal resources are abundant.

As the demand for stable and renewable energy grows, flash steam plants continue to be a preferred choice due to their capacity to handle higher temperatures, providing more reliable and consistent power output. The operational efficiency and scalability of flash steam technology ensure that these plants remain competitive in the growing geothermal power market, making them a staple in the infrastructure of geothermal-based energy production.

Dry Steam Technology Leads in Market Share and Proven Track Record

Dry steam technology, which utilizes the natural steam from geothermal reservoirs to drive turbines directly, is one of the oldest and most established methods for generating geothermal power. As one of the earliest technologies used in geothermal plants, it has a proven track record and remains highly effective in areas with naturally occurring steam resources, such as those found in the Geysers field in California. The simplicity and efficiency of dry steam technology contribute to its continued dominance in the geothermal energy sector.

Dry steam power plants are particularly important for regions where geothermal resources are located at the surface, offering an ideal solution for generating clean and renewable energy with minimal environmental impact. Given its reliability, dry steam technology is expected to continue being a leading solution in the geothermal power market, with advancements in efficiency and turbine technology enhancing its capabilities.

Power Generation Application Is Largest Due to Growing Energy Demands

Power generation remains the largest application of geothermal energy, accounting for the majority of geothermal power capacity worldwide. As the demand for clean, renewable energy sources increases globally, geothermal power provides a reliable alternative to fossil fuels. Geothermal power plants, especially those using flash steam or binary cycle technologies, are capable of providing baseload power generation, ensuring a stable and continuous supply of electricity, which is crucial for grid stability.

The ability to generate electricity 24/7, regardless of weather conditions, makes geothermal power a preferred option for governments and energy companies aiming to reduce carbon emissions and transition to sustainable energy solutions. As energy needs continue to grow, especially in emerging markets, the importance of geothermal power for power generation will continue to rise, contributing to a more diversified and resilient global energy mix.

Power Generation Companies Are Largest End-User Industry

Power generation companies represent the largest end-user industry in the geothermal power market. These companies focus on harnessing geothermal resources to generate and supply electricity to local and national grids. With an increasing global emphasis on renewable energy, power generation companies are investing heavily in geothermal energy projects to meet the demand for clean energy. These companies are also benefitting from supportive government policies and financial incentives that encourage the development of renewable energy infrastructure.

The power generation sector's transition to more sustainable energy sources has driven the expansion of geothermal power projects worldwide. As governments set ambitious climate goals, power generation companies are increasingly relying on geothermal energy as a key part of their long-term strategy to reduce greenhouse gas emissions and promote environmental sustainability.

North America Is Largest Region for Geothermal Power

North America remains the largest region in the geothermal power market, primarily due to the abundance of geothermal resources in the United States. The region is home to some of the world's largest geothermal power plants, particularly in California, Nevada, and other western states. The U.S. government has long supported the geothermal energy sector, providing incentives and funding for exploration, drilling, and plant construction. As a result, the country has maintained a leading role in the global geothermal energy market.

In addition to the United States, Canada and Mexico have also seen an increasing number of geothermal projects, although they are smaller in scale compared to the U.S. market. The rapid growth of renewable energy initiatives in North America, alongside the continued development of geothermal resources, positions the region as the dominant player in the geothermal power sector.

Leading Companies and Competitive Landscape

The geothermal power market is highly competitive, with several global players leading the charge in the development of geothermal energy solutions. Companies such as Ormat Technologies, Calpine Corporation, and Enel Green Power are at the forefront, with strong portfolios of geothermal power plants across key regions. Ormat Technologies, for instance, has become a dominant player in the geothermal market due to its innovative technology and its extensive portfolio of geothermal power plants around the world.

Additionally, companies like Mitsubishi Heavy Industries, KenGen, and Energy Development Corporation are playing critical roles in expanding the geothermal power market, especially in developing countries with significant untapped geothermal potential. With the ongoing evolution of geothermal technologies and the push for greater sustainability in the energy sector, competition among these companies is intensifying, particularly in terms of technology innovation and strategic partnerships. As the demand for renewable energy continues to rise, the geothermal power market is expected to see more mergers and acquisitions, partnerships, and investments from key players, which will shape the market's future landscape

Recent Developments:

• Ormat Technologies announced the development of a new geothermal plant in Nevada, which will significantly increase its energy production capacity.
• Enel Green Power recently acquired geothermal assets in Latin America, strengthening its renewable energy portfolio in the region.
• Calpine Corporation completed the acquisition of a geothermal power plant in California, expanding its renewable energy base.
• Mitsubishi Heavy Industries is investing in the development of advanced geothermal power technologies to improve efficiency and sustainability.
• KenGen received government approval for expanding geothermal production in Kenya, contributing to the country's renewable energy targets

List of Leading Companies:

• Ormat Technologies
• Calpine Corporation
• Enel Green Power
• Contact Energy
• Siemens Gamesa Renewable Energy
• Mitsubishi Heavy Industries
• Geothermal Development Company (GDC)
• Tocardo International
• Alaska Power & Telephone
• Orka Energy
• Fervo Energy
• Energy Development Corporation (EDC)
• Reykjavik Energy
• KenGen
• The Icelandic National Power Company

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