Geothermal Power Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMEP2475 | Last Updated On: Sep 02 2022 | Available Formats

> Global Geothermal Power Market Expected to reach a high CAGR of 22.6% By 2029: DataM Intelligence

Geothermal Power Market is Segmented By Power Plant Type (Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Stations), By End-Users(Residential, Commercial, Industrial, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029


Market Overview

[180 Pages Report] The Global Geothermal Power Market is expected to grow at a high CAGR of 22.6% during the forecasting period (2022-2029).

Geothermal Power Market - Strategic Insights



Market CAGR


Segments Covered

By Power Plant Type, By End-Users and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Geothermal Power is the power generated by geothermal energy, i.e., the energy generated and stored within the Earth.

Market Dynamics:

The market is driven by the rising demand for geothermal power due to the high capacity of geothermal power, the cost-effectiveness of geothermal energy, reduction in pollution by geothermal power plants, and increasing energy demand

Geothermal power generation is more beneficial in comparison to other renewable energy sources, such as hydropower, wind, and bioenergy.  The geothermal power generation possesses advantages such as low atmospheric pollution, less usage of the land, no or zero liquid pollution on the re-injection of effluent fluid, and high availability. Geothermal power generation has lower life-cycle greenhouse gas emissions than fossil fuel-based generation. Several factors such as the limited presence of fossil fuels, rise in the greenhouse gas emission, and increasing energy demand are hindering the market growth.

There is an increase in the launch of the geothermal power plant. For instance, in September 2019, Sumitomo Corp. had launched a geothermal power plant on Sumatra Island in Indonesia amid the country’s push for natural energy. In February 2021, a Memorandum of Understanding (MoU) was signed by the administration of the Union Territory of Ladakh to establish the first ever geothermal field development project in India at Puga in Ladakh.

Several organizations, associations, and institutes are raising the investment and funding for geothermal power. For instance, in April 2020, Ethiopia had signed a power purchase agreement worth USD 800 million with the developers of a 150 MW geothermal plant.

However, the huge investment for the geothermal power plants is hindering the market growth. According to the International Renewable Energy Agency (IRENA), the global total installed costs for the geothermal power plants range from USD 1,870 per KW and USD 5,050 per KW. Another major concern is that the geothermal power plants could harm the environment.

COVID-19 Impact Analysis

The COVID-19 pandemic has disrupted the global economy. Consequently, it has also affected the global geothermal power market. Apart from the disruptions in supply-chain management, the construction of many geothermal power plants was halted due to the government enforced lockdowns and curfews. Even the funding and conception of projects relating to geothermal power plants were abandoned due to the uncontrollable deteriorating situations in almost all the countries. For example, geothermal-powered heating and cooling projects in Europe came to a halt in 2020 due to financial uncertainties during the coronavirus pandemic, according a report by the European Geothermal Energy Council. While an average of 12 new projects were commissioned every year between 2010 and 2019, none were approved in 2020, and only two existing projects were completed. The COVID-19 pandemic also put on hold all the seven geothermal projects in Turkey which were being built for producing electricity in the country. But the post-pandemic situation is different. The market has recovered and is set to grow with a high rate. As geothermal power plant helps in setting a carbon-neutral plant, therefore, many countries are planning to invest in it to improve upon the existing environment-harming plants.

Segment Analysis

The global geothermal power market is segmented based on the power plant type as the dry steam power plant, flash steam power plant, and binary cycle power plant

The flash steam power stations segment accounts for the highest market share in 2019 as the flash steam electricity plants in the operation. The flash steam power stations plants according to the size depending on they are single, double, or triple-flash plants. These plants take the high-pressure hot water from deep inside the earth and convert it to steam to drive generator turbines. These plants condense to water and are injected back into the ground to be used again whenever the steam cools down.

The binary cycle power plants segment is expected to witness positive market growth. The binary cycle power plants are the closed-loop systems that are applied to the low- or medium-enthalpy geothermal fields where the resource fluid is used, via heat exchangers, to heat a process fluid in a closed-loop.

Further, the market is also classified based on the end-users as residential, commercial, industrial, and others

The industrial segment accounts for the highest market share in 2019 due to the high usage of geothermal power for food dehydration, gold mining, and milk pasteurizing. Geothermal power is also useful for geothermal power. Various industries such as pulp and paper, cement, food, aquaculture, lumber, and others also use geothermal power. The lumber and cement industries involve the use of geothermal power to dry the materials being produced. Geothermal power is a great source for meeting energy requirements in the future.

Geographical Presentation

By region, the global geothermal power market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa

Among all of the regions, North America dominated the global geothermal power market and expected to grow at the highest CAGR during the forecasted period due to the presence of a large number of geothermal reserves. There is growing technological advancement for the generation of geothermal power. Several companies are focusing on the planned capacity expansions in existing power plants along with the upcoming geothermal projects. The Geysers in California, USA is the largest geothermal power station in the world.

The Asia Pacific region is expected to have positive market growth due to the rapid urbanization and industrialization that has increased the electricity demand. There is growing electrification of low-income & rural communities. There is a growing generation of electricity from renewable sources. There is growing government initiatives for promoting sustainable energy generation. There is large-scale geothermal production in the Philippines, Japan, and Indonesia. The Japanese government has provided the feed-in-tariffs for geothermal production through the mall scale projects. As of June 2021, Indonesia’s geothermal energy reserves is approximately 400 gigawatts (GW).

Competitive Analysis

The global geothermal power market is highly competitive with the presence of several international and local markets. Revenue generation and opportunities intensify the market competition. Calpine, Gradient Resources, Enel Spa, General Electric, The Tata Power Company Limited, Mitsubishi Hitachi Power Systems Inc., Toshiba Corporation, Korea Electric Power Corporation, and Siemens AG are the leading market players with significant market share.

The major players are using geothermal power plant launch, collaborations, acquisitions, mergers, licensing, market expansion, and capacity utilization strategies for holding their position in the market. For instance, In December 2019, Climeon had collaborated with the New Zealand-based geothermal minerals firm Geo40 to capture valuable minerals and increase the geothermal electricity production in a heat power bottoming cycle plant at an existing geothermal plant in New Zealand.

In August 2019, Geotérmica del Norte, a joint venture between Enel Chile’s renewable subsidiary Enel Green Power Chile (EGPC) and ENAP had built a third-generation unit of 33 MW at the geothermal power plant Cerro Pabellón. The construction of the new unit would involve an investment of around USD 100 million and expected to start operations in the second half of 2020.


Overview: Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources.

Product Portfolio: Calpine uses simple-cycle, combined-cycle and cogeneration technologies to produce electricity from natural gas and manages geothermal power plants to generate steam for clean and sustainable power.

Key Developments: Calpine was acquired by an affiliate of Energy Capital Partners and other investors, including Access Industries Inc. and Canada Pension Plan Investment Board. As of 2021, Calpine Corporation is undertaking  the Santa Ana Battery Storage Project.

Why Purchase the Report?

  • Visualize the composition of the global geothermal power market products in terms of power plant type and end-users highlighting the critical commercial assets and players.
  • Identify commercial opportunities in the global geothermal power market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of global geothermal power market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

**The global geothermal power market report will provide access to approximately 53 market data tables, 44 figures, and 180 pages

Target Audience

  • Industry Investors/Investment Bankers
  • Suppliers/Buyers
  • Education and Research Institutes
  • Manufacturers
  • Research Professionals
  • Emerging Companies
  • Distributors

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