Geothermal Energy Market Size

Geothermal Energy Market Size

Geothermal Energy Market size exceeded USD 63.7 billion in 2023 and is projected to expand at more than 8.6% CAGR from 2024 to 2032, driven by the increasing deployment of clean energy solutions globally.

Geothermal power is gaining prominence among proven renewable energy choices, as industries transition toward renewable energy owing to a commitment to sustainability and economic concerns. The introduction of clean energy programs, as well as renewable source integration objectives, has increased the deployment of clean energy sources including solar, geothermal, and wind energy. Geothermal energy can be used to provide emission-free power, clean heating, and even co-generate electricity and heat as part of the transition to clean energy. Furthermore, advancements in several energy storage technologies have encouraged the use of renewable energy sources, which is likely to bolster the industry growth.

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Additionally, improvements in geothermal systems will make it more feasible to utilize geothermal energy in varied industries. The Department of Energy estimates that by 2050, geothermal energy might produce 90 gigawatts in the United States, up from the current 3.7 gigawatts. In February 2023, the U.S. Department of Energy invested around $75 million in Enhanced Geothermal Systems pilot projects. By achieving the objectives of these projects, geothermal energy will emerge as a clean, economical choice to assist in the U.S. government’s aim of producing 100% carbon-free electricity by 2035. As a result, rising investments in geothermal energy generation are set to promote business growth.