Geothermal Energy Market Size Worth USD 11.11 Billion by 2034 | CAGR: 3.5%

The geothermal energy market size is expected to reach USD 11.11 billion by 2034, according to a new study by Polaris Market Research. The report “Geothermal Energy Market Size, Share, Trends, Industry Analysis Report By Technology (Flash Steam, Dry Steam, Binary Cycle Power Plants), By Power Output, By Application, By Region – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Geothermal energy is generated by the natural decay of radioactive elements in the Earth’s core, mantle, and crust. This heat can be harnessed to produce electricity, provide direct heating, and support industrial processes.

The global focus on reducing pollution has increased the use of clean and renewable energy sources. Geothermal energy produces very low emissions and helps reduce dependence on coal and other fossil fuels. It offers a reliable alternative that supports climate goals and energy security. Many countries are setting targets for renewable energy, and geothermal fits well into these long-term plans. People and companies are becoming more aware of the need for sustainable choices. This awareness is leading to higher demand for clean energy, making geothermal an important part of the future energy mix, thereby driving the market growth.

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The negative effects of climate change are becoming more visible through extreme weather and rising temperatures. Fossil fuels are a major cause of greenhouse gas emissions and global warming. Dependence on imported fuels further creates price and supply problems. Geothermal energy offers a clean and stable alternative that reduces carbon emissions. Using geothermal energy helps countries lower their environmental impact and meet international climate targets. The push to reduce fossil fuel use supports long-term growth of the geothermal energy market.

Geothermal Energy Market Report Highlights

• In 2024, the binary cycle power plants segment dominated with the largest share due to its capability to efficiently harness electricity from low to medium temperature geothermal sources, which are more prevalent globally
• The up to 5MW segment is expected to experience significant growth during the forecast period as these smaller-scale systems are particularly well-suited for localized energy solutions, making them ideal for deployment in remote or off-grid regions.
• Asia Pacific dominated the market with the largest share in 2024, driven by escalating energy demands and robust governmental initiatives supporting geothermal development.
• The North America industry is projected to witness substantial growth during the forecast period, driven by advancements in infrastructure, technology, and increased investments in geothermal projects.
• A few global key market players are Alterra Power Corporation, Ansaldo Energia, Atlas Copco Group, Exergy, General Electric, Mitsubishi Heavy Industries, Ormat Technologies, TAS Energy, Toshiba Corporation, and Turboden S.p.A.

Polaris Market Research has segmented the geothermal energy market report on the basis of technology, power output, application, and region:

By Technology (Revenue – USD Billion, 2020–2034)

• Flash Steam
• Dry Steam
• Binary Cycle Power Plants

By Power Output (Revenue – USD Billion, 2020–2034)

• Up to 5MW
• Above 5 MW

By Application (Revenue – USD Billion, 2020–2034)

• Residential
• Commercial
• Industrial

By Regional Outlook (Revenue – USD Billion, 2020–2034)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Argentina
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of Middle East & Africa