The global geothermal energy market is witnessing steady growth as countries increasingly focus on renewable and low-carbon energy sources. 

According to Fortune Business Insights, the market was valued at USD 74.4 billion in 2025 and is projected to grow from USD 79.06 billion in 2026 to USD 118.81 billion by 2034, registering a CAGR of 5.22% during the forecast period. The growing emphasis on clean electricity generation, energy security, and reducing dependence on fossil fuels is supporting the adoption of geothermal energy worldwide.

Asia-Pacific Leads the Geothermal Energy Market

Asia-Pacific dominated the geothermal energy market with a 37.46% market share in 2025. The region benefits from substantial geothermal resources and increasing investments in renewable power infrastructure. Countries such as Indonesia, the Philippines, and Japan are strengthening geothermal power generation to meet rising electricity demand while supporting their clean-energy objectives. Government initiatives, technological advancements, and favorable geological conditions are expected to contribute to regional market expansion.

Growing Investments in Geothermal Power

The transition toward renewable energy is encouraging utilities, energy companies, and technology providers to invest in geothermal projects. Improvements in drilling technologies, geothermal power-generation equipment, and enhanced geothermal systems are creating opportunities for accessing geothermal resources in new locations. In addition, geothermal energy offers an advantage over intermittent renewable sources because geothermal plants can provide relatively consistent electricity generation.

Major Companies Operating in the Geothermal Energy Market

The competitive landscape includes major energy companies, geothermal technology providers, and power-generation specialists. Key players include:

• Ormat Technologies Inc. (U.S.) – A major geothermal power technology and generation company.
• Calpine (U.S.) – An energy producer with geothermal power-generation operations.
• Mitsubishi Corporation (Japan) – Active in geothermal power projects and renewable energy development.
• Enel Green Power North America Inc. (U.S.) – Develops and operates renewable energy projects, including geothermal facilities.
• EthosEnergy (U.S.) – Provides services and solutions for power-generation equipment and infrastructure.
• GEG Power (Iceland) – Focuses on geothermal energy and related power-generation solutions.
• ElectraTherm (U.S.) – Provides geothermal and waste-heat power-generation technologies.
• Toshiba International Corporation (Japan) – Supplies geothermal power-generation equipment and turbine technologies.
• First Gen Corporation (Philippines) – A significant geothermal power producer in the Philippines.
• Berkshire Hathaway Energy (U.S.) – Has investments and operations across the energy sector, including geothermal generation.
• Turboden S.p.A. (Italy) – Develops Organic Rankine Cycle technology for geothermal and other renewable applications.
• Reykjavik Geothermal (Iceland) – Provides geothermal development and engineering expertise.

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Future Outlook

The geothermal energy industry is expected to benefit from increasing global investment in renewable energy infrastructure and growing demand for reliable low-carbon electricity. Technological improvements could expand the economic potential of geothermal resources, while supportive government policies and decarbonization targets are likely to encourage new project development. With the market expected to reach USD 118.81 billion by 2034, geothermal energy is positioned to remain an important component of the global renewable energy landscape.

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