Geothermal Energy Market Size, Share & Industry Growth Analysis, By Type (Binary Cycle, Flash, and Dry Steam), By Application (Industrial, Commercial, Residential, and Others), and Regional Forecast, 2024-2032
The global geothermal energy market size was valued at USD 66.24 billion in 2023 and is projected to grow from USD 70.14 billion in 2024 to USD 117.02 billion by 2032, exhibiting a CAGR of 6.61% during the forecast period. Asia-Pacific dominated the geothermal energy market with a market share of 37.14% in 2023.
Geothermal energy is green, low-carbon, recyclable, and renewable energy characterized by large reserve, wide distribution, clean, environmental protection, stability, and reliability. This form of energy uses heat below the ground and can be used for various purposes, including generating electricity, heating, and cooling. With technological advancements, the energy is now being captured at a high volume. Increasing the requirement for clean energy for a range of applications, in turn, increases geothermal power generation across the globe.
The global COVID-19 pandemic has been unprecedented and staggering, with geothermal energy market experiencing higher-than anticipated demand across all regions compared to pre-pandemic levels. Despite the pandemic, the renewable energy market across the globe has shown steady year-on-year growth. According to the IEA report, the geothermal capacity increased by 500 MW in 2020. Although the capacity addition growth was lower than the previous year, the market performance was adequate overall.
