Geothermal Energy Market Size

Geothermal Energy market size is expected to reach USD 152 Billion by the end of 2036, growing at a CAGR of 27.6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of the geothermal energy was USD 35 Billion and the reason behind this growth is propelled by the growing need for sustainability thus the world today focuses on how to get a better, cleaner, and greener future. According to the International Energy Agency (IEA), 1 Jan 2024 report- the usage of renewable energy reaches an estimated 507GW in 2023, which is almost 50% higher than in 2022, and with continuous governmental support in 130+ countries, this market is expected to grow in the forecasted years.

Furthermore, geothermal energy is not only seen as a source of clean power but also as a cost-efficient, loads of energy generating source of energy, just what every country needs to think of for sustainable development and to plan accordingly for the near future.

Additionally, each country is trying to build or find a method that is more advanced and more eco-friendly and the one that allows the lower-temperature geothermal resources utilization According to the Economist Intelligence Unit, there has been an increase of about 71% in the online search of sustainable goods, globally.