Global Geothermal Power Generation Market Size is Expected to Grow to $18.62 Billion by 2029

Global Geothermal Power Generation Market Overview

According to Global Market Monitor, the global geothermal power generation market will reach $12.61 billion in 2024 and is expected to grow to $18.62 billion by 2029.

In geothermal power generation, magma reservoirs heat groundwater into high-temperature and high-pressure steam, which drives turbines to generate electricity. Geothermal power generation generates electricity by effectively using geothermal energy stored relatively close to the earth's surface. As a renewable clean energy, it does not emit any environmental pollutants, such as carbon dioxide, which has attracted people's attention.

The US has the Largest Installed Capacity of Geothermal Power Generation.

At present, there are more than 50 countries are developing geothermal energy, of which 31 countries have geothermal power plants in operation, and the United States, Indonesia, the Philippines, and Turkey are the top four countries in geothermal power use. The United States has the largest installed capacity of geothermal power in the world, with a total installed capacity of 3,700 megawatts. Seven countries, led by Kenya, Iceland, and El Salvador, geothermal power accounts for more than 10 percent of total electricity generation, and China is the eighth country in the world to achieve geothermal power generation.

China's Geothermal Power Generation Market is on a Small Scale.

According to the data of the 2023 annual working conference of the National Geothermal Energy Center, China is rich in geothermal energy resources, the annual recoverable resources of shallow geothermal energy in 336 major cities in the country is equivalent to 700 million tons of standard coal, the annual recoverable resources of medium and deep geothermal energy are equivalent to more than 1.8 billion tons of standard coal, and the geothermal energy resources of dry hot rock are huge potential. In the initial stage of development, China's geothermal power generation did not receive price subsidies similar to wind and solar power generation, and geothermal power generation is small in scale and slow in growth, accounting for less than 1% of the world's geothermal power generation. By establishing CNNC Kunhua Energy Company to enter the southwest region, China Nuclear Power actively explores the potential of geothermal power generation.

By Type	Back Pressure
	Binary
	Double Flash
	Dry Steam
	Single Flash
	The single flash segment held the largest market share.
By Application	Dry steam power stations
	Flash steam power stations
	Binary cycle
	The largest segment by application is the flash steam power stations.