The global geothermal power market is set for steady growth, moving from USD 7.7 billion in 2024 to USD 11.4 billion by 2034, growing at a 4.0% CAGR. One major driver is the flash steam power plant technology, which now holds over 59.4% of the market share due to its effectiveness in regions with high underground temperatures, like the U.S., Indonesia, and the Philippines. Most geothermal plants being built are small-scale systems under 5 MW, which currently account for nearly 87.6% of all installations. These smaller plants are easier to deploy, more flexible, and suitable for powering small communities or industrial site
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