Geothermal Energy Poised to Nearly Double in Value by 2034

Core Insights - Geothermal power is recognized for its high capacity factor, providing consistent baseload power, making it essential for resilient, low-carbon electricity grids [1] Market Overview - The global geothermal power market is projected to grow from $7.4 billion in 2024 to $14.5 billion by 2034, reflecting a CAGR of 7.0% from 2025 to 2034 [2] Technological Advancements - Market expansion is driven by advancements in exploration and drilling technologies, particularly Enhanced Geothermal Systems (EGS), which improve efficiency and reduce operational costs [3] Power Station Configurations - The geothermal industry utilizes three primary power station configurations: dry steam, flash steam, and binary cycle, with binary cycle technology currently holding the largest market share due to its ability to use low-to-medium temperature resources [4][6] Financial and Regulatory Challenges - The geothermal market faces significant challenges, including high initial capital investments and the financial risks associated with non-productive wells, leading to longer payback periods compared to other renewable energy technologies [5]