The global geothermal market is moving steadily into the mainstream of the energy industry, valued at around USD 20.4 billion in 2024 with a projected CAGR of 6.1% through 2032. Installed power capacity stands at 16.9 GW, with flash steam plants accounting for nearly 60% of the share, while geothermal heat pumps contribute the largest revenue pool, exceeding USD 11 billion. Supply additions in 2024 reflect a disciplined but consistent expansion, with New Zealand, Indonesia, and Türkiye spearheading new capacity in geothermal project development. On the demand side, governments and corporates are aligning toward firm renewable baseload, making geothermal integral to renewable energy portfolios and energy transition strategies.
Geothermal overview
Published by MMR Statistics Research Team, Updated