| Abstract |
Global geothermal power, direct use markets are set for massive growth in the coming years as the importance of energy sovereignty increases within economies. With an installed capacity of 18 gigawatts electric (GWe) today, the global power generation market is poised to grow to around 25 GWe by the end of the decade, marking a steep rise from previous years. The medium-deep to deep heating and cooling market today stands at an installed capacity of around 27.5 gigawatts thermal (GWt), and it is expected to continue growing at a compound annual growth rate (CAGR) of 8% between 2025 and 2030. The geothermal industry in the past has been restricted by various factors including resource availability and subsurface conditions, which has led to a handful of countries dominating the market share. The advent of disruptive technologies such as enhanced geothermal systems and advanced geothermal systems promises to tackle these issues and make geothermal deployable virtually anywhere in the world. Moreover, geothermal is also gaining popularity among the tech giants of the world looking for clean, firm electricity to power their campuses and data centers in line with their decarbonization commitments. In this paper Rystad Energy takes a closer look at the role that geothermal will play in the future energy system, which countries will be driving its growth, the impact of government policies in promoting project development, how co-location projects are reigniting interest from developers, the impact of disruptive technologies on the market, and much more. |