This global assessment provides an overview of developments in the geothermal sector and the factors that will shape the geothermal market in the near future. Geothermal energy – a clean and reliable source of heat and electricity – will play a critical role in the clean energy transition alongside other renewable energy sources. Geothermal resources are widely available in areas with volcanic activity, as well as in sedimentary basins. With the recent accelerated deployment of variable power from wind and solar photovoltaic, geothermal can contribute to the stabilisation of electricity grids. In addition, geothermal energy technology has evolved beyond its focus on the electricity market to encompass a broader range of applications within the energy sector, including for sustainable heating and cooling. These attributes make geothermal a cost-effective and weather-independent source of renewable energy.