Global geothermal market to breach $10b by 2032

APAC accounts for the biggest share, thanks to its abundant reserves.

The global geothermal power market is projected to surpass $10b by 2032, with the expansion being led by electricity generation.

According to DataM Intelligence 4Market Research, the rising energy demand in emerging economies fuels the expansion of geothermal projects. Asia-Pacific holds the largest market share due to rich geothermal reserves, with Indonesia, the Philippines, and Japan taking the lead.

Specifically in Japan, J-POWER in November acquired a state-of-the-art large-diameter drilling rig to accelerate geothermal well development and improve operational stability nationwide. In September, meanwhile, Baseload Capital announced a strategic investment in Furusato Netsuden to expand its geothermal portfolio, including the 5 megawatt Waita No. 2 plant set for 2026, amidst the country’s 23 gigawatt (GW) untapped capacity.
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A public-private council also finalised a 2050 roadmap for next-generation geothermal technologies like supercritical and enhanced geothermal systems (EGS), targeting exploratory wells by 2028 and rollout from 2030 with over 7.7 GW potential.​

“Technological advancements in enhanced geothermal systems are opening new markets. Government policies and incentives are major growth enablers worldwide,” DataM said.