Geothermal power market seen reaching $21.18B by 2030

The global geothermal power generation market is projected to grow from $14 billion in 2026 to $21.18 billion by 2030, driven by rising demand for renewable, baseload electricity and new geothermal technologies. Asia-Pacific led the market in 2025, while binary cycle plants, enhanced geothermal systems and modular projects are expected to shape the next phase of growth. Why it matters: - Geothermal power is gaining importance as utilities and governments look for steady renewable electricity with very low greenhouse gas emissions. - The market’s projected rise signals more investment in firm clean power at a time when demand for renewable energy is climbing. - The report points to technologies and project types that could broaden geothermal’s role beyond traditional plant configurations. What happened: - The Business Research Company projected the geothermal power generation market will grow from $12.59 billion in 2025 to $14 billion in 2026. - The report forecast the market will reach $21.18 billion by 2030. - The company said the 2026-2035 report covers market size, trends and global forecasts for geothermal power generation. - Asia-Pacific was the largest geothermal power generation market region in 2025. - The report also covers South East Asia, Western Europe, Eastern Europe, North America, South America, the Middle East and Africa. The details: - Geothermal power generation uses heat from beneath the Earth’s surface to produce electricity. - The process relies on geothermal reservoirs, underground hot water or steam to drive turbines. - The market’s 2025-to-2026 growth rate was estimated at 11.2%. - The 2026-to-2030 growth rate was projected at 10.9%. - Drivers in the near term include geothermal steam availability, early adoption of dry steam plants, government incentives, demand for stable baseload power and more geothermal exploration. - Longer-term growth is expected from more binary cycle plants, demand for zero-emission power, development of enhanced geothermal systems, investment in resource-rich areas and progress in drilling and reservoir engineering. - Emerging trends include broader use of binary cycle and flash steam plants, stronger dry steam technology adoption, investment in high-temperature reservoirs and more modular small-scale projects. - The report said Asia-Pacific leads because of abundant geothermal resources, supportive government policies and higher investment in geothermal projects. - The 2026 edition of the report adds market attractiveness scoring, total addressable market analysis, company scoring matrix graphics and tables, Excel forecasting dashboards, market hotspot infographics, and updated technology and trend analysis. Between the lines: - The forecast reflects a broader energy shift toward reliable clean power, not just intermittent sources like wind and solar. - Geothermal’s value proposition is strongest where countries want round-the-clock generation and already have access to favorable underground heat resources. - The emphasis on modular projects and enhanced geothermal systems suggests the market is trying to expand beyond conventional geology constraints. - The cited jump in renewable electricity capacity worldwide in 2023 underscores why geothermal is getting more attention from investors and policymakers. - The International Energy Agency said global renewable capacity grew from about 338 gigawatts in 2022 to about 507 gigawatts in 2023. What’s next: - More binary cycle, flash steam and dry steam projects are expected as developers chase lower-carbon baseload supply. - Enhanced geothermal systems and drilling improvements could open more locations to commercial development. - Investment is likely to increase in geothermal-rich regions, especially across Asia-Pacific. - The report positions small-scale and modular geothermal plants as a growth area for the coming years. The bottom line: - Geothermal power is moving from a niche renewable to a more strategic clean-energy option, with market growth expected to stay strong through 2030.