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Executive Summary: Geothermal Energy Market Report [2026]

  • Industry Growth Overview: The industry recorded a -0.7% yearly growth rate. It includes more than 8400 companies, reflecting shifting investment conditions and slower progress in exploration, drilling, and power generation.
  • Manpower & Employment Growth: The sector employs 742 200 workers worldwide. It added 170+ employees last year, showing steady hiring across engineering, geoscience, operations, and field-service roles.
  • Patents: The ecosystem generated 38 700 patents from 16 200 applicants. The yearly patent growth reached 5.42%.
  • Global Footprint: The United States, the United Kingdom, Canada, Germany, and India serve as leading country hubs. London, Houston, New York City, Calgary, and Dubai anchor city-level geothermal activity.
  • Investment Landscape: The average investment value per round is USD 130.4 million. More than 1490 investors supported 1800 funding rounds and 800 funded companies focused on exploration, engineering, and project development.
  • Top Investors: Key investors include GIC, KKR, the US Department of Energy, and more. Their combined investment value exceeds USD 8.26 billion.
  • Startup Ecosystem: Five innovative startups include Factor2 Energy (CO2-based geothermal power), Genesys (closed-loop building-scale geothermal), Evolved Thermal Energy (geothermal heat pumps), Green Therma (geothermal well technology), and CoilRig (coiled-tubing drilling rigs).

 

 

Methodology: How we created this Geothermal Energy Report

This report is based on proprietary data from our AI-powered StartUs Insights Discovery Platform, which tracks 9 million global companies, 20K+ technologies and trends, as well as 150M patents, news articles, and market reports.

This data includes detailed firmographic insights into approximately 9 million startups, scaleups, and tech companies. Leveraging this exhaustive database, we provide actionable insights for startup scouting, trend discovery, and technology landscaping.

For this report, we focused on the evolution of geothermal energy over the past 5 years, utilizing our platform’s trend intelligence feature. Key data points analyzed include:

  • Total Companies working in the sector
  • News Coverage and Annual Growth
  • Market Maturity and Patents
  • Global Search Volume & Growth
  • Funding Activity and Top Countries
  • Subtrends within geothermal energy

Our data is refreshed regularly, enabling trend comparisons for deeper insights into their relative impact and importance.

Additionally, we reviewed trusted external resources to supplement our findings with broader market data and predictions, ensuring a reliable and comprehensive overview of the geothermal energy market.

What Data is used to create this Geothermal Energy Market Report?

Based on data provided by the StartUs Insights Discovery Platform, we observe that the geothermal energy market stands out in the following categories relative to the 20K+ technologies and trends we track.

These categories provide a comprehensive overview of the market’s key metrics and inform the future direction of the market.

  • News Coverage & Publications: The industry recorded more than 2810 publications last year, which reflects ongoing reporting, technical updates, and research visibility across geothermal development themes in global markets.
  • Funding Rounds: Our database includes 1800 funding rounds.
  • Manpower: The geothermal workforce exceeds 742 200 employees. The industry added 171 workers last year, indicating steady hiring across operational, engineering, and field-service roles.
  • Patents: The ecosystem generated 38 700 patents that highlight continued research in drilling efficiency, reservoir management, monitoring tools, and heat-extraction technologies that support long-term project performance.

Explore the Data-driven Geothermal Energy Outlook for 2026

Did you know that humans have used geothermal energy for more than 10 000 years? American Paleo-Indians relied on hot springs for cooking, bathing, and cleaning.

The geothermal energy market is projected to reach USD 13.56 billion by 2030. It is expected to grow at a compound annual rate of 5.3% during the forecast period, 2025 to 2030.

 

 

As per our platform data, the geothermal energy ecosystem includes more than 420 startups and 8400 companies. This mix shows how established operators and emerging innovators shape project pipelines, technology adoption, and resource development strategies.

The industry recorded a -0.7% yearly growth rate. This contraction reflects slower investment cycles, extended permitting timelines, and shifting national priorities that influence how geothermal assets move from exploration to commercial deployment.

The ecosystem generated 38700 patents, which indicates ongoing research in drilling efficiency, reservoir stimulation, monitoring technologies, and heat-extraction methods. It supports long-term performance across varied geological settings.

Patent filings in geothermal energy have historically remained limited compared to other renewables, with annual filings often totaling fewer than 800.

The sector employs 742 200 workers worldwide. Companies added 171 employees last year, showing steady hiring across engineering, geoscience, operations, and field-service roles despite slower market expansion.

The United States, the United Kingdom, Canada, Germany, and India represent the top country hubs. These locations anchor project pipelines, research facilities, and government-backed geothermal programs.

As of 2024, global geothermal power generation capacity reached 16873 MW. Thirty-five countries now produce geothermal power. The United States leads with 3,937 MW of installed capacity. Indonesia follows with 2,653 MW, the Philippines with 1,984 MW, Turkey with 1,734 MW, and New Zealand with 1,207 MW.

Further, London, Houston, New York City, Calgary, and Dubai emerge as leading city hubs. These cities host project developers, drilling specialists, and technology providers that shape global geothermal activity.

A Snapshot of the Global Geothermal Energy Market

The geothermal energy sector recorded a -0.7% yearly growth rate. This contraction reflects shifting investment conditions and slower project advancement across exploration, drilling, and power generation during the past year.

Our database includes 420+ startups. These companies continue shaping early innovation in drilling optimization, reservoir analytics, and cost-efficient deployment models. The market activity remains influenced by regulatory and geological factors.

Patent activity reached 38 700 filings from 16 200 applicants. This highlights ongoing research in well integrity, subsurface imaging, and thermal-exchange technologies that support long-term operational stability. Further, the yearly patent growth reached 5.42%.

China issued 20 480+ patents, while the United States issued more than 4020. These concentrations indicate how specific regions continue investing in geothermal science, engineering capabilities, and long-term technology competitiveness.

Explore the Funding Landscape of the Geothermal Energy Market

The geothermal energy investment landscape records an average investment value of USD 130.4 million per round. This figure shows that project development and subsurface engineering remain capital-intensive across global markets.

The sector includes more than 1490 investors. Their participation reflects a mix of strategic, financial, and infrastructure-focused stakeholders who support exploration programs, drilling operations, and geothermal plant construction.

In addition, more than 1800 funding rounds have closed. It demonstrates steady financial support that enables early-stage technologies, new operating models, and large-scale development projects to advance. Besides, more than 800 companies received the investment.

Who is Investing in the Geothermal Energy Market?

The combined value invested by top geothermal energy investors exceeds USD 8.26 billion. This concentration indicates that large institutions continue supporting capital-intensive project development across global markets.

 

 

Top Geothermal Energy Innovations & Trends

Discover the emerging trends in the geothermal energy market along with their firmographic details:

 

 

  • Underground Thermal Energy Storage segment involves 37 companies employing 370+ workers. It added at least one employee last year, showing minimal workforce expansion. The five-year trend growth rate of -33.33% reflects contraction. High upfront design requirements, evolving regulations, and integration challenges linked to large-scale storage infrastructure influence this slowdown. Nevertheless, the segment continues contributing to long-duration heat storage, district-energy applications, and seasonal balancing, even as deployment slows in markets adjusting to shifting energy priorities.
  • Groundwater Heat Pumps segment includes more than 1600 companies with 61 800 employees. The segment added 20 workers last year, reflecting stable staffing for installation, maintenance, and building-system integration roles. Besides, its five-year trend growth rate of -58.30% highlights a slowdown shaped by cost sensitivities, retrofit complexities, and uneven policy support across regions. Despite this decline, the segment continues to support energy-efficiency upgrades in markets focused on long-term decarbonization.
  • Geothermal Heating segment includes 930+ companies with 34 400 employees. The sector added 16 workers last year, showing steady participation across district-heating networks, building-scale systems, and commercial deployment models. Its five-year trend growth rate of 16.77% indicates rising interest in low-carbon heating solutions. This trend benefits from stronger policy alignment, expanded urban-energy planning, and more supportive financing approaches for district-level geothermal heating infrastructure.

5 Top Examples from 420+ Innovative Geothermal Energy Startups

The five innovative geothermal energy startups showcased below are picked based on data including the trend they operate within and their relevance, founding year, funding status, and more. Book a demo to find promising startups, emerging trends, or industry data specific to your company’s needs and objectives.

Factor2 Energy advances CO2-based Geothermal Power

German startup Factor2 Energy develops a CO2-based geothermal power technology that uses carbon dioxide as a working fluid to generate continuous, emission-free electricity.

 

 

The system injects CO2 into deep porous formations. There, it absorbs geothermal heat, becomes buoyant, and rises naturally to the surface without subsurface pumps.

It then drives a CO2 turbine through a thermosiphon effect. The fluid is cooled, condensed, and reinjected to complete a closed-loop cycle.

The technology improves cycle efficiency, reduces component complexity, and expands site eligibility by using CO2’s low viscosity and natural circulation properties.

In addition, Factor2 Energy avoids fracking, water-intensive processes, and deep drilling to lower environmental impact while enabling the reuse of existing infrastructure.

Also, the startup raised EUR 7.7 million in September 2025.

Genesys offers Geothermal for Building

US-based startup Genesys creates a closed-loop geothermal heating and cooling technology that uses its Closed-Loop Advection Device (CLAD) to transfer thermal energy between buildings and subsurface groundwater.

The system directs groundwater through interconnected underground loops. Heat transfers via advection before the water passes a well heat exchanger that delivers stable entering-water temperatures to heat pumps.

It leverages groundwater’s heat-transfer properties, reduces thermal buildup, and maintains consistent performance across different building sizes and load profiles.

Additionally, the technology operates without depleting groundwater, avoids fossil-fuel heat generation, and integrates with existing hydronic infrastructure.

Evolved Thermal Energy manufactures Geothermal Heat Pumps

Canadian startup Evolved Thermal Energy creates renewable thermal systems that use ground and air sources to provide heating, cooling, and hot water for residential properties.

The startup installs geothermal heat pumps that draw stable underground temperatures through buried loop systems. It also installs air source heat pumps that extract thermal energy from outdoor air and transfer it indoors through compressors and heat exchangers.

Its approach includes pre-qualification, system modeling, and contractor-led site assessments to ensure accurate project specifications and reliable installation outcomes.

Further, geothermal systems deliver efficient performance with zero on-site emissions. Air source systems offer flexible deployment for properties with limited land or geological constraints.

Green Therma makes Geothermal Well Technology

Danish startup Green Therma develops a geothermal heating solution that uses engineered subsurface systems to extract thermal energy for buildings, districts, and industrial sites.

The startup deploys its Heat4Ever system and DualVac technology to harvest heat from deep geological formations. The subsurface setup transfers naturally available energy to surface infrastructure through controlled circulation and efficient heat exchange.

Its approach relies on established drilling practices, scalable configurations, and quiet underground operations. These methods deliver predictable output without emissions or disruption to the surrounding environments.

Additionally, Green Therma’s system supports long-term reliability. It remains unaffected by weather conditions, fuel prices, or surface-level disturbances.

CoilRig builds Coiled Tubing Drilling Rigs

Australian startup CoilRig manufactures coiled tubing geothermal drilling rigs that enable the construction of shallow and mid-depth boreholes for renewable heat projects.

The startup applies advanced software, precision machinery, and engineered tubing systems to drill ~4-5-inch boreholes through soft and consolidated formations. These rigs maintain continuous circulation and stable drilling performance.

Its CTEnergy series features compact crawler-mounted rigs with integrated mud pumps, Tier 4 engines, and surface-start capabilities. These elements improve maneuverability and allow drilling in dense urban areas.

Moreover, the rigs remain positioned over the borehole during loop installation. They reduce operator fatigue compared to conventional tubing systems and lower overall operational complexity.

Gain Comprehensive Insights into Geothermal Energy Trends, Startups, and Technologies

The geothermal energy future outlook report shows the industry entering 2026 with steady momentum. Advanced drilling, reservoir analytics, and closed-loop systems are expanding commercial viability across varied geological settings.

Looking ahead, the sector will integrate hybrid geothermal systems, geopolymer well materials, lithium co-production, and grid-flexible storage solutions.

In addition, emerging trends such as plasma drilling, underground thermal energy storage, and modular micro-geothermal units are reshaping how companies scale geothermal assets within global energy portfolios.

Get in touch to explore 420+ startups and scaleups, as well as all market trends impacting geothermal energy companies.