Geothermal market seen rising to $8.74B by 2030

The global geothermal energy market is projected to grow from $6.6 billion in 2025 to $8.74 billion by 2030 as utilities and investors back low-carbon power, heating and drilling advances. Asia-Pacific leads the market now, while North America is expected to post the fastest growth. Why it matters: - Geothermal energy is gaining ground as a steady, low-carbon source of heat and electricity. - Rising investment in renewables is helping move geothermal projects from exploration into deployment. - The market’s projected growth points to broader adoption of technologies that can support power generation, direct heating and industrial use. What happened: - The Business Research Company published a geothermal energy market outlook covering 2025 to 2030. - The report puts the market at $6.6 billion in 2025 and $6.99 billion in 2026. - The report forecasts the market will reach $8.74 billion by 2030. - The report estimates a 5.9% CAGR from 2025 to 2026 and a 5.7% CAGR from 2026 to 2030. - The forecast cites a free sample report and the full market report . The details: - The near-term growth drivers include high-temperature geothermal resources, early adoption of flash steam plants, government incentives, rising demand for heating and broader geothermal exploration. - Longer-term growth is expected to come from enhanced geothermal systems, wider use of ground source heat pumps, rising demand for low-carbon power, hybrid geothermal technologies, and better drilling and subsurface mapping. - The report highlights growing installations of geothermal power plants, more direct heating applications, continued adoption of enhanced geothermal systems and higher use in industrial processes. - Geothermal energy comes from heat inside the Earth, mainly from the planet’s formation and radioactive decay. - Geothermal reservoirs contain hot water and steam at different depths and temperatures, which can be used for heat and electricity. - The report says Asia-Pacific was the largest geothermal market in 2025. - North America is expected to post the fastest growth during the forecast period. - The regional scope also includes Southeast Asia, Western Europe, Eastern Europe, South America, the Middle East and Africa. Between the lines: - The forecast suggests geothermal is moving from a niche resource toward a broader part of the clean-energy mix. - Investment momentum matters because geothermal projects typically need capital for exploration, drilling, plant construction and operations before they generate returns. - The reported rise in global energy investment from about $2.4 trillion in 2022 to about $2.8 trillion in 2023 points to stronger financing conditions for renewables, including geothermal. What’s next: - Developers are likely to focus on enhanced geothermal systems, drilling improvements and better subsurface mapping to expand viable projects. - Growth in direct heating and industrial applications could broaden geothermal demand beyond power generation. - Regional competition may intensify as North America accelerates and Asia-Pacific tries to hold its lead. The bottom line: - Geothermal energy is set for steady expansion through 2030, with technology upgrades and renewable investment driving the next phase of growth.