Global spending on geothermal is expected to grow ~20% per year through 2030. (Rystad)
Rystad’s model shows the cost profile is stable worldwide—roughly half of spending goes to surface facilities, 47% to drilling and subsurface work, and some 2% to early exploration, which still carries outsized risk because it determines whether a project advances at all.
Market priorities differ by region: The US is scaling enhanced geothermal systems to supply round-the-clock power for data centers, Europe is using geothermal to decarbonize, and SE Asia continues to build out conventional geothermal for electricity as demand grows.
Cost comparisons matter: Heating projects average about $3/W, while power-generating plants trend closer to $6/W due to turbines and additional surface infrastructure—a gap that guides where policymakers and investors see the most immediate opportunity.