What is the market size of geothermal energy | Industry Trends & Forecast 2025

What is the size of Geothermal Energy Market?

There are numbers of factors which are contributing in the expansion of the market include rising demand for renewable and sustainable energy sources, growing need to reduce carbon emissions, increasing investments in clean energy infrastructure, and advancements in drilling and heat pump technologies. Supportive government policies and financial incentives for renewable power generation are also fueling the market growth.

Key Growth Drivers of the Geothermal Energy Market

• Rising demand for clean and renewable energy generation
• Increasing need to reduce greenhouse gas emissions
• Technological advancements in geothermal heat pump systems
• Expanding applications in power generation and direct heating
• Rising investments in sustainable infrastructure projects
• Growing adoption of hybrid and binary cycle power plants

Geothermal Energy Market Trends

Geothermal Energy Market is witnessing major growth with increasing deployment of enhanced geothermal systems (EGS) that enable deeper heat extraction. More people are combining geothermal energy with other renewable energy sources, like solar and wind. Technological advancements in drilling and reservoir stimulation are making projects more economically viable. District heating applications are becoming popular in cities, and more people are using geothermal heat pumps to heat their homes and businesses. The need for decentralized power generation solutions is also pushing new ideas in modular geothermal plant designs.

Emerging Developments in the Geothermal Energy Market

Geothermal Energy Market is evolving through advancements in closed-loop geothermal systems that minimize environmental impact. Therefore, to improve operational efficiency, businesses are focusing on automation and digital monitoring technologies. More money is going into research and development, which is making reservoir mapping and predictive analytics better for managing projects. Energy companies and research institutions are working together to come up with new ideas for low-temperature geothermal technologies. The exploration of geothermal potential in areas that haven't been used before and better ways to get money are also helping the market grow.

List of Leading Companies in the Geothermal Energy Market

Some of the leading companies include:

• Ormat Technologies Inc.
• Enel Green Power S.p.A.
• Calpine Corporation
• Mitsubishi Heavy Industries Ltd.
• Toshiba Energy Systems & Solutions Corporation
• Chevron New Energies
• Reykjavik Geothermal Ltd.

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