Dublin, Aug. 25, 2025 (GLOBE NEWSWIRE) — The “Geothermal Energy Market by Application (Power generation, Residential & Commercial Heating and Cooling), Temperature (Low, Medium, & High temperature), Technology, and Region – Global Forecast to 2030” has been added to ResearchAndMarkets.com’s offering.
The global geothermal energy market is anticipated to reach USD 13.56 billion by 2030, growing at a CAGR of 5.3% over the forecast period. This surge is driven by the imperative for renewable power generation, the escalating adoption of ground source heat pumps (GHP), and policies favoring sustainable energy initiatives.
The report predicts market trends and present a detailed analysis of drivers like renewable power demand and government incentives against barriers such as alternative energy competition and exploration costs. Opportunities from advanced technologies and new applications highlight geothermal energy’s potential in sustainable development.
Key players in this market include leaders like Ormat, MITSUBISHI HEAVY INDUSTRIES, GE Vernova, and others, offering extensive geographical presence. The comprehensive analysis covers company profiles, strategies, and market innovations.
Flash Steam Plants Leading the Charge
Within the market, technologies such as binary cycle, flash steam, dry steam plants, ground source heat pumps, and direct systems play key roles. The flash steam plants segment is set to register the highest growth rate, thanks to government policies and advanced technologies in dry steam plants. These plants range from single-flash (0.2-80 MW) to triple-flash (60-150 MW) configurations and are notable for their CO2 emissions of about 27 kg/MWh, contrasting with zero emissions from binary plants.
Power Generation: A Principal Application
Geothermal energy is extensively applied in power generation, as well as residential and commercial heating and cooling. Power generation is projected to remain the most substantial application sector due to the growing demand for sustainable energy solutions. Geothermal’s distinct advantage over other renewables like wind and solar is driving this trend.
North America’s Strategic Position
North America emerges as the second-largest market for geothermal energy. The region’s market growth is propelled by technological advancements, strategic regional emphasis on geothermal resources, and significant investments fueling new projects. North America’s innovative and financial strengths position it prominently on the global stage.
Innovations and Developments
- Technological progress, such as Enhanced Geothermal Systems (EGS) and innovative techniques, expand and diversify geothermal applications, from energy to mineral extraction.
- Industry leaders like Mitsubishi Power continue to enhance their capacities, evident in the upgrading of Indonesia’s Darajat Geothermal Power Plant.
- Market diversification is showcased by Ormat Technologies, enhancing its portfolio through acquisitions like the Blue Mountain geothermal plant in Nevada.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 285 |
| Forecast Period | 2025 – 2030 |
| Estimated Market Value in 2025 | 9.81 Billion |
| Forecasted Market Value by 2030 | 13.56 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Surging Demand for Ground Source/Geothermal Heat Pumps
- Government Policies and Initiatives
- Use of Geothermal Energy for Power Generation
Challenges
- Resource Uncertainty and Exploration Risk
- Absence of Geothermal Professionals, Consultants, and Businesses
- Growing Use of Solar, Wind, Gas, and Other Alternative Renewable Energy Sources
- Limited Exploration and Drilling Techniques to Identify and Develop Undiscovered Geothermal Resources
- Expensive Geothermal Well Drilling, Leading to High Upfront Project Costs
Opportunities
- Co-Production and Conversion of Oil & Gas Wells for Geothermal Energy
- Geothermal Potential for Low- and Medium-Temperature Resources
- Decarbonization and Energy Security
Case Studies
- Need for Precise Reservoir Management
- Elderly Accommodation Center in Meung Sur Loire, France, Uses Geothermal Energy for Heating and Cooling
- Feasibility of Geothermal Power in New Markets and Contribution to Local Decarbonization
Industry Trends
- Revenue Shifts and New Revenue Pockets for Geothermal Energy System Providers
Company Profiles
- Ormat
- Mitsubishi Heavy Industries, Ltd.
- Ge Vernova
- Ansaldo Energia
- Fuji Electric
- Toshiba America Energy Systems Corporation
- Siemens Ag
- Exergy International Srl
- Altarock Energy
- Baker Hughes Company
- Slb
- Halliburton
- Nov
- Weatherford
- Welltec
- Mannvit
- Nibe Group
- Carrier Global Corporation
- Danfoss
- Trane Technologies
- Bosch Thermotechnik GmbH
- Viessmann Group
- Dandelion Energy
For more information about this report visit https://www.researchandmarkets.com/r/knmhlx
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- Global Geothermal Energy Market
