Enhanced Geothermal System Market Size

Enhanced Geothermal System Market size was over USD 2.16 Billion in 2023 and is poised to cross USD 4.77 Billion by the end of 2036, growing at more than 6.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of enhanced geothermal system is estimated at USD 2.28 Billion. The major factor influencing the growth in the market revenue is the growing demand for electricity. Over the past 50 years, the global demand for electricity has increased steadily, and in 2022, it was predicted to be about 25,499 terawatt hours. Hence, the demand for geothermal system is set to grow in order to satisfy this growing demand which is also estimated to expand the market growth.

Moreover, due to its large baseload potential and elimination of a storage requirement, geothermal energy is continually in demand in contrast to other renewable energy sources. Hence, the ability of enhanced geothermal system to generate reliable baseload power with little to no negative environmental effects is a crucial advantage. As a result, the market demand for enhanced geothermal system is surging. Moreover, enhanced geothermal system are a great way to satisfy the baseload energy demand or the bare minimum that is needed on an electrical grid during the day and night.