The global geothermal power market is expected to grow from $7.4bn in 2024 to $14.5bn by 2034, driven by rising demand for round‑the‑clock, low‑carbon energy, according to a new report by Allied Market Research.

The report finds that geothermal power – electricity generated from heat within the Earth’s crust – is set to expand at a compound annual growth rate of 7% between 2025 and 2034, as countries work to replace fossil fuels and meet net‑zero targets. Unlike solar and wind, geothermal plants can operate continuously, making them attractive for baseload supply and industrial heat while cutting greenhouse gas emissions and import dependence.

Read more in Power Technology here.

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