Geothermal Energy Market
Size, Global Trends 2025-2034

Geothermal
Energy Market size exceeded USD 63.7 billion in 2023 and
is projected to expand at more than 8.6% CAGR from 2024 to 2032, driven by the
increasing deployment of clean energy solutions globally.

Geothermal power is gaining
prominence among proven renewable energy choices, as industries transition
toward renewable energy owing to a commitment to sustainability
and economic concerns. The introduction of clean energy programs, as
well as renewable source integration objectives, has increased the
deployment of clean energy sources including solar, geothermal, and wind
energy. Geothermal energy can be used to provide
emission-free power, clean heating, and even co-generate electricity and heat
as part of the transition to clean energy. Furthermore, advancements in several
energy storage technologies have encouraged the use of renewable energy
sources, which is likely to bolster the industry growth.

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Additionally, improvements
in geothermal systems will make it more feasible to utilize geothermal energy
in varied industries. The Department of Energy estimates that by 2050,
geothermal energy might produce 90 gigawatts in the United States, up from the
current 3.7 gigawatts. In February 2023, the U.S. Department of Energy
invested around $75 million in Enhanced Geothermal Systems pilot projects.
By achieving the objectives of these projects, geothermal energy will emerge as
a clean, economical choice to assist in the U.S. government’s aim of producing
100% carbon-free electricity by 2035. As a result, rising investments in
geothermal energy generation are set to promote business growth.

Geothermal energy market in
Indonesia is anticipated to reach over 19 billion by 2032. Indonesia is one of
the top countries with strong geothermal potential and as Southeast Asian
nations promote geothermal energy in a bid to achieve carbon neutrality, geothermal
projects are gaining traction and attracting massive foreign investments. To
that effect, leading businesses are trying to strengthen and highlight
renewable energy initiatives. For instance, in January 2023, INPEX CORPORATION,
a Japanese oil company, expanded its geothermal business in Indonesia by
partnering with Rajabasa Geothermal Project through INPEX GEOTHERMAL, LTD., a
subsidiary created to conduct geothermal business.

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In terms of technology, the
geothermal energy market from binary segment generated more than USD 15 billion
in revenue in 2022 on account of its high efficiency, minimal emissions, and
ease of integration with several other energy sources such as hydropower, solar, and
others. In February 2022, Pertamina Geothermal Energy completed the
building of a binary cycle geothermal power plant at Lahendong, Tomohon, North
Sulawesi. This small-scale power plant with a capacity of 0.5 MW offers development
prospects for other small-scale PLTPs. Such initiatives are likely to
contribute to segment growth through 2032.

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