Abstract

Next-generation geothermal technology (NGGT)—a suite of options that goes beyond conventional hydrothermal technologies and leverages practices from the unconventional oil and gas (O&G) sector to reach hotter temperatures under the ground—is primed to become a commercialized industry within the next 10 years. NGGT builds on existing technologies, policies, permitting regimes, and workforce skills, enabling innovation without starting from scratch. It offers an efficient way to extract clean firm heat and convert it into power, which will be essential as demand accelerates due to advances in AI and the electrification of sectors historically reliant on fuels. Some NGGTs are highly flexible, ramping up and down like an energy storage unit—a capability that could help balance variable renewable generation and maintain grid reliability.

This report analyzes the global market outlook for NGGT, providing forecasts for capacity additions and revenue from 2025 to 2034, segmented by major regions. It examines the primary drivers of market development, including technical synergies with O&G, workforce opportunities, and mineral recovery potential, while also addressing barriers such as financing constraints, engineering challenges, and policy uncertainty. Special attention is given to the evolving policy landscape, highlighting factors that will influence NGGT deployment and commercialization.

The race to commercialize NGGT is just beginning. Financial support must grow exponentially for a commercial market to form, and a transformative communications strategy will be needed to build public and policymaker awareness. As demand for clean firm power accelerates and new opportunities emerge for pairing NGGT with data centers and other large energy consumers, strategic investment and collaboration will be essential. This report offers actionable insights for stakeholders seeking to understand the opportunities and risks in this rapidly evolving sector.

What Questions Does This Report Answer? 

• How much NGGT capacity is expected to come online each year over the next decade, and how much revenue is projected from those additions?
• What are the key technical, financial, and policy barriers to commercializing NGGT for power generation?
• What advantages does NGGT offer compared with conventional geothermal and other clean firm technologies, and what factors are driving recent market momentum?
• Which companies and stakeholders are active across the NGGT value chain, from technology development to project deployment?
• Which global regions and countries present the strongest opportunities for NGGT deployment over the next decade?
• How are policy and regulatory frameworks shaping NGGT market development and investment?

Who Would Benefit from This Report? 

• Policymakers and regulators
• Investors and project financiers
• Developers and vendors
• Utilities
• OEMs and technology providers
• Entrepreneurs/startups
• Large heat and power consumers

Key Market Forecasts in This Report

• NGGT for Power Generation, Capacity Additions by Region, World Markets: 2025–2034
• NGGT for Power Generation, Revenue by Region, World Markets: 2025–2034
• NGGT for Power Generation, Cumulative Capacity by Region, World Markets: 2025–2034
• NGGT for Power Generation, Capacity Additions and Revenue, North America: 2025–2034
• NGGT for Power Generation, Capacity Additions and Revenue, Europe: 2025–2034
• NGGT for Power Generation, Capacity Additions and Revenue, Asia-Pacific: 2025–2034
• NGGT for Power Generation, Capacity Additions and Revenue, Latin America: 2025–2034
• NGGT for Power Generation, Capacity Additions and Revenue, Middle East & Africa: 2025–2034
• NGGT for Power Generation, Additional Jobs by Segment, World Markets: 2025–2034
• NGGT for Power Generation, Market Growth Potential, World Markets: 2025–2034