The global geothermal energy market size was valued at USD 7.9 billion in 2025 and is projected to grow from USD 8.2 billion in 2026 to USD 10.8 billion in 2033, at a CAGR of 4.2% from 2026 to 2033. Asia Pacific dominated the market, accounting for a revenue share of 30.0% in 2025. Several factors drive the growing demand for geothermal energy.
One of the main drivers is the increasing demand for an uninterrupted power supply across the residential, commercial, and industrial sectors, and the rising demand for sustainable power generation across industries. Geothermal energy is sourced from reservoirs of hot water beneath the Earth's surface. With applications across several economic sectors, increased use of geothermal energy has the potential to reduce fossil fuel use and associated greenhouse gas emissions, supporting the global ambition to reduce carbon emissions. As several countries across the globe strive to reduce dependence on fossil fuels, geothermal energy is emerging as a promising solution to mitigate growing energy demand and reduce greenhouse gas emissions in the coming years.
The U.S. is among the early adopters of renewable energy in the power generation sector, owing to the increased emphasis on clean energy under the government's Energy Act. Such initiatives have provided guidelines, including the Inflation Reduction Act (IRA) and the Infrastructure Investment and Jobs Act, for implementing renewable energy sources in the energy generation sector. Rising distribution costs, main grid failures leading to blackouts, and incentive programs introduced by the U.S. government are expected to drive end-users to switch to geothermal energy sources, thereby augmenting market demand.
In February 2026, the U.S. Department of Energy announced USD 171.5 million in funding to support the growth of geothermal energy adoption in the country. Government Efforts to meet rising electricity demand through renewable energy sources are also expected to contribute significantly to market growth. The share of renewable energy is expected to rise significantly as governments commit to harvesting as much energy as possible from renewable sources while reducing carbon emissions, thereby driving growth in the renewable energy market.
Global Geothermal Energy Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global geothermal energy market report based on technology, power, application, and region:
- Technology Outlook (Revenue, USD Billion, 2021 - 2033)
Flash Steam
Dry Steam
Binary Cycle Power Plants
- Power Outlook (Revenue, USD Billion, 2021 - 2033)
Upto 5MW
Above 5 MW
- Application Outlook (Revenue, USD Billion, 2021 - 2033)
Residential
Commercial
Industrial
- Regional Outlook (Revenue, USD Billion, 2021 - 2033)
North America
Europe
- Germany
- France
- Italy
- Sweden
- Finland
- Switzerland
- Netherlands
Asia Pacific
- China
- Japan
- South Korea
- Australia
Central & South America
Middle East & Africa
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Insights
- 2.2. Segmental Outlook
- 2.3. Competitive Outlook
Chapter 3. Geothermal Energy Market Variables, Trends & Scope
- 3.1. Global Geothermal Energy Market Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Technology Overview
- 3.4. Regulatory Framework
- 3.5. Market Dynamics
- 3.5.1. Market Driver Analysis
- 3.5.2. Market Restraint Analysis
- 3.5.3. Industry Challenges
- 3.6. Porter's Five Forces Analysis
- 3.6.1. Supplier Power
- 3.6.2. Buyer Power
- 3.6.3. Substitution Threat
- 3.6.4. Threat from New Entrant
- 3.6.5. Competitive Rivalry
- 3.7. PESTEL Analysis
- 3.7.1. Political Landscape
- 3.7.2. Economic Landscape
- 3.7.3. Social Landscape
- 3.7.4. Technological Landscape
- 3.7.5. Environmental Landscape
- 3.7.6. Legal Landscape
Chapter 4. Geothermal Energy Market: Technology Outlook Estimates & Forecasts
- 4.1. Geothermal Energy Market: Technology Movement Analysis, 2025 & 2033
- 4.2. Flash Steam
- 4.2.1. Market estimates and forecast, 2021 - 2033 (USD Million)
- 4.3. Dry Steam
- 4.3.1. Market estimates and forecast, 2021 - 2033 (USD Million)
- 4.4. Binary Cycle Power Plants
- 4.4.1. Market estimates and forecast, 2021 - 2033 (USD Million)
Chapter 5. Geothermal Energy Market: Power Outlook Estimates & Forecasts
- 5.1. Geothermal Energy Market: Power Movement Analysis, 2025 & 2033
- 5.2. Upto 5MW
- 5.2.1. Market estimates and forecast, 2021 - 2033 (USD Million)
- 5.3. Above 5 MW
- 5.3.1. Market estimates and forecast, 2021 - 2033 (USD Million)
Chapter 6. Geothermal Energy Market: Application Outlook Estimates & Forecasts
- 6.1. Geothermal Energy Market: Application Movement Analysis, 2025 & 2033
- 6.2. Residential
- 6.2.1. Market estimates and forecast, 2021 - 2033 (USD Million)
- 6.3. Commercial
- 6.3.1. Market estimates and forecast, 2021 - 2033 (USD Million)
- 6.4. Industrial
- 6.4.1. Market estimates and forecast, 2021 - 2033 (USD Million)
Chapter 7. Geothermal Energy Market Regional Outlook Estimates & Forecasts
- 7.1. Regional Snapshot
- 7.2. Geothermal Energy Market: Regional Movement Analysis, 2025 & 2033
- 7.3. North America
- 7.3.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.3.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.3.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.3.4. U.S.
- 7.3.4.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.3.4.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.3.4.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.3.5. Canada
- 7.3.5.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.3.5.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.3.5.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.3.6. Mexico
- 7.3.6.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.3.6.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.3.6.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.4. Europe
- 7.4.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.4.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.4.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.4.4. Germany
- 7.4.4.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.4.4.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.4.4.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.4.5. France
- 7.4.5.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.4.5.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.4.5.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.4.6. Italy
- 7.4.6.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.4.6.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.4.6.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.4.7. Sweden
- 7.4.7.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.4.7.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.4.7.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.4.8. Finland
- 7.4.8.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.4.8.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.4.8.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.4.9. Switzerland
- 7.4.9.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.4.9.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.4.9.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.4.10. Netherlands
- 7.4.10.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.4.10.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.4.10.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.5. Asia Pacific
- 7.5.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.5.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.5.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.5.4. China
- 7.5.4.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.5.4.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.5.4.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.5.5. South Korea
- 7.5.5.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.5.5.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.5.5.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.5.6. Japan
- 7.5.6.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.5.6.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.5.6.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.5.7. Australia
- 7.5.7.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.5.7.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.5.7.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.6. Central & South America
- 7.6.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.6.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.6.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.6.4. Brazil
- 7.6.4.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.6.4.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.6.4.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.6.5. Chile
- 7.6.5.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.6.5.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.6.5.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.7. Middle East & Africa
- 7.7.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.7.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.7.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.7.4. Market estimates and forecast, by end-use, 2021 - 2033 (USD Million)
- 7.7.5. Saudi Arabia
- 7.7.5.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.7.5.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.7.5.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
- 7.7.6. UAE
- 7.7.6.1. Market estimates and forecast, by technology, 2021 - 2033 (USD Million)
- 7.7.6.2. Market estimates and forecast, by power, 2021 - 2033 (USD Million)
- 7.7.6.3. Market estimates and forecast, by application, 2021 - 2033 (USD Million)
Chapter 8. Competitive Landscape
- 8.1. Recent Developments & Impact Analysis, By Key Market Participants
- 8.2. Company Categorization
- 8.3. Company Ranking
- 8.4. Heat Map Analysis
- 8.5. Company Market Share Analysis, 2023
- 8.6. Market Strategies
- 8.7. Vendor Landscape
- 8.8. Strategy Mapping
- 8.9. Company Profiles/Listing
- 8.9.1. Turboden S.p.A
- 8.9.1.1. Company Overview
- 8.9.1.2. Financial Performance
- 8.9.1.3. Technology Benchmarking
- 8.9.2. Green Energy Geothermal
- 8.9.2.1. Company Overview
- 8.9.2.2. Financial Performance
- 8.9.2.3. Technology Benchmarking
- 8.9.3. Berkshire Hathaway Inc.
- 8.9.3.1. Company Overview
- 8.9.3.2. Financial Performance
- 8.9.3.3. Technology Benchmarking
- 8.9.4. Terra Gen
- 8.9.4.1. Company Overview
- 8.9.4.2. Financial Performance
- 8.9.4.3. Technology Benchmarking
- 8.9.5. Reykjavik Geothermal
- 8.9.5.1. Company Overview
- 8.9.5.2. Financial Performance
- 8.9.5.3. Technology Benchmarking
- 8.9.6. Alterra Power Corporation
- 8.9.6.1. Company Overview
- 8.9.6.2. Financial Performance
- 8.9.6.3. Technology Benchmarking
- 8.9.7. TAS Energy
- 8.9.7.1. Company Overview
- 8.9.7.2. Financial Performance
- 8.9.7.3. Technology Benchmarking
- 8.9.8. Atlas Copco Group
- 8.9.8.1. Company Overview
- 8.9.8.2. Financial Performance
- 8.9.8.3. Technology Benchmarking
- 8.9.9. Exergy
- 8.9.9.1. Company Overview
- 8.9.9.2. Financial Performance
- 8.9.9.3. Technology Benchmarking
- 8.9.10. ElectraTherm
- 8.9.10.1. Company Overview
- 8.9.10.2. Financial Performance
- 8.9.10.3. Technology Benchmarking
- 8.9.11. Calpine Corporation
- 8.9.11.1. Company Overview
- 8.9.11.2. Financial Performance
- 8.9.11.3. Technology Benchmarking
- 8.9.12. Fuji Electric Co. Ltd.
- 8.9.12.1. Company Overview
- 8.9.12.2. Financial Performance
- 8.9.12.3. Technology Benchmarking
- 8.9.13. Mitsubishi Heavy Industries
- 8.9.13.1. Company Overview
- 8.9.13.2. Financial Performance
- 8.9.13.3. Technology Benchmarking
- 8.9.14. Toshiba Corporation
- 8.9.14.1. Company Overview
- 8.9.14.2. Financial Performance
- 8.9.14.3. Technology Benchmarking
- 8.9.15. General Electric
- 8.9.15.1. Company Overview
- 8.9.15.2. Financial Performance
- 8.9.15.3. Technology Benchmarking