Geothermal Energy Outlook 2024: Key Data & Innovation Insights

The geothermal energy industry is undergoing changes driven by sustainable energy demand and technological innovations. This geothermal energy outlook explores key market data as well as areas of innovation and their implications for companies worldwide.

The 2024 Geothermal Energy Outlook examines the sector, including the development, extraction, and use of geothermal resources for electricity generation and heating solutions. Firms in this industry are progressing with technologies like enhanced geothermal systems, binary cycle power plants, and direct-use applications. The report delivers a detailed analysis of the geothermal energy industry, investigating market trends, regulatory settings, firmographic data, and key players.

This report was last updated in July 2024.

This geothermal energy report serves as a reference for stakeholders within the industry, investors, policymakers, and economic analysts, providing a snapshot of the industry’s health to map its trajectory for innovation and growth in the coming years.

StartUs Insights Geothermal Energy Report 2024

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Executive Summary: Geothermal Energy Report 2024

This report uses data from the Big Data and AI-powered StartUs Insights Discovery Platform, covering more than 4.7 million global companies, as well as 20K+ technologies and emerging trends. We also analyzed a sample of 280+ geothermal energy startups developing innovative solutions to present five examples from emerging geothermal energy industry trends.

  • Industry Growth Overview: The geothermal energy market shows an industry experiencing a growth rate of 18.78% in the previous year and has around 1570 companies.
  • Manpower & Employment Growth: The industry employs 169.2K workers worldwide, with an increase of 7.4K new employees in the last year.
  • Patents & Grants: The ecosystem holds over 2200 patents and over 300 grants. This shows intellectual property and financial support activities.
  • Global Footprint: Key country hubs are the US, Germany, Canada, France, and the UK, while city hubs include Houston, Calgary, London, Jakarta, and Nairobi.
  • Investment Landscape: Investment in geothermal energy is noteworthy, with an average investment value of USD 16.1 billion per round. The industry has drawn more than 180 investors, participating in over 300 funding rounds.
  • Top Investors: Investors such as GIC, Andera Partners, Breakthrough Energy Ventures, and others have collectively invested over USD 576 million.
  • Startup Ecosystem: Innovative startups include TerraNexum (AI-based Optimization for Geothermal Energy), GeoFlow Imaging (Precision Geothermal Exploration), HammerDrum (Geothermal Drilling), GeoAirCon (Geothermal Heating & Cooling), and Umny (Geothermal Data Prediction).
  • Recommendations for Stakeholders: Entrepreneurs should develop modular and scalable solutions to lower upfront costs and enhance deployment speed. Governments should establish supportive regulatory frameworks, provide incentives, and invest in infrastructure to stimulate market growth. The companies should increase collaboration with research institutions, invest in workforce training, and adopt sustainable practices to reduce environmental impact.

Explore the Data-driven Geothermal Energy Report for 2024

The Geothermal Energy Report 2024 uses data from the Discovery Platform and encapsulates the key metrics that underline the sector’s dynamic growth and innovation. The heatmap provides a detailed analysis of the ecosystem, emphasizing key metrics and geographical distribution. The database includes 289 startups and around 1570 companies, indicating a solid and active industry.

In the previous year, the industry saw a growth rate of 18.78%, demonstrating progress and innovation. The ecosystem holds over 2200 patents and over 300 grants.

With a global workforce of 169K+, the industry also experienced an employee increase of 7K+ in the past year. Notable country hubs are the US, Germany, Canada, France, and the UK, while city hubs include Houston, Calgary, London, Jakarta, and Nairobi. This highlights the active and growing nature of the startup landscape.

What data is used to create this geothermal energy report?

Based on the data provided by our Discovery Platform, we observe that the geothermal energy industry ranks among the top 5% in the following categories relative to all 20K topics in our database. These categories provide a comprehensive overview of the industry’s key metrics and inform the short-term future direction of the industry.

  • News Coverage & Publications: The geothermal energy industry has seen considerable news coverage and publications, with around 3100 publications in the previous year.
  • Funding Rounds: The industry has been proactive in securing funding, with above 300 funding rounds recorded in our database.
  • Manpower: The geothermal sector employs approximately 169K workers, having added around 7K new employees in the previous year.
  • Patents: The industry holds a notable number of patents, with over 2200 patents filed.
  • Grants: Moreover, it has secured above 300 grants, indicating financial support.
  • Yearly Global Search Growth: The annual global search growth for geothermal energy is at 7.01%, suggesting an increase in interest and awareness in the sector.

A Snapshot of the Global Geothermal Energy Industry

The geothermal energy industry shows steady growth and significant investment activity. The sector, with a workforce of 169.2K, experienced an increase of 7.4K employees in the past year, suggesting a consistent expansion. The industry includes more than 1570 companies, indicating a varied and active landscape.

Explore the Funding Landscape of the Geothermal Energy Industry

Investment in geothermal energy is significant, with an average investment value of USD 16.1 billion per round. The industry has seen participation from over 180 investors in more than 300 funding rounds. These investments have been channeled towards over 170 companies, indicating a wide interest and belief in the sector’s potential. This underscores the active ecosystem of the geothermal energy industry and its positive outlook for ongoing growth and innovation.

Who is Investing in Geothermal Energy?

The geothermal energy industry has seen considerable investment, with leading investors contributing a combined value of over USD 576 million. Here are the investors and their respective contributions:

  • GIC has invested in 2 companies, contributing a notable USD 440 million, demonstrating its commitment to geothermal energy.
  • Andera Partners has invested USD 50.3 million across 2 companies, reflecting its strategic interest in sustainable energy solutions.
  • Breakthrough Energy Ventures has allocated USD 42.5 million to 2 companies, underlining its focus on innovative energy technologies.
  • Nabors has invested USD 20 million in 2 companies, supporting the growth and development of geothermal projects.
  • TechEnergy Ventures has contributed USD 18 million to 2 companies, highlighting its involvement in the renewable energy sector.
  • Eren Groupe has invested USD 3.7 million across 2 companies, indicating its commitment to green energy initiatives.
  • U.S. Department of Energy has provided USD 2.5 million in funding to 2 companies, supporting advancements in geothermal technologies. and more.

Several emerging trends are shaping the geothermal energy landscape. Here are a few of them along with the firmographic insights:

  • Thermal Energy Management is growing, with 2780 companies identified in the sector. This industry employs a total of 258.5K workers, with an addition of 12K new employees in the last year, indicating a growing workforce. The annual trend growth rate stands at 15.29%, reflecting an increase in interest and investment in this area.
  • Geothermal Heating is another trend in the energy sector, comprising 628 companies. The industry employs 31.5K workers, with a growth of 1.1K new employees in the past year. Despite a slower annual trend growth rate of 0.66%, the sector remains important for its sustainable and efficient heating solutions.
  • Geothermal Exploration focuses on discovering and developing geothermal resources, identifying 103 companies in this niche sector. The industry employs 15.9K workers, with 979 new employees added in the last year. With an annual trend growth rate of 0.36%, the sector shows steady expansion.

5 Top Examples from 280+ Innovative Geothermal Energy Startups

The five innovative 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.

TerraNexum offers AI-based Optimization for Geothermal Energy

US-based startup TerraNexum addresses sustainability challenges in energy and carbon resource flows. Its product, QGO (Quantum Geospatial Organizer), employs AI and optimization to enhance geothermal energy and carbon sequestration. This product offers a comprehensive view of market opportunities and caters to community needs. TerraNexum benefits corporate and government stakeholders and mitigates project risks, further promoting renewable energy with minimal land and water footprint.

GeoFlow Imaging enables Precision Geothermal Exploration

New Zealand-based startup GeoFlow Imaging develops geothermal exploration technology. It uses seismic array technology from flow imagining practices. This allows the economic output of a site to be accurately measured before any wells are sunk. It enables companies to locate productive new wells in existing fields. GeoFlow Imaging adapts the principle established in shale formation stimulation monitoring to geothermal flow systems.

HammerDrum innovates Geothermal Drilling

Swiss startup HammerDrum develops a drilling machine for automatic drilling in boreholes. This compact machine enables automated work in confined spaces and differs from traditional surface-controlled methods. The electrically operated drill, six meters in length, descends into the borehole via a steel cable. Once at the bottom, the machine secures itself with a gripper and drills predefined sections using a striking rotation mechanism. It collects cuttings during batch drilling and returns to the surface upon completion of the process. Further, superficial handling fits in a standard container and allows drilling over an area of two parking spaces.

GeoAirCon provides Geothermal Heating & Cooling

Pakistani startup GeoAirCon develops ground-sourced climate control technology. This technology utilizes temperate underground temperatures and reduces climate control and air-conditioning costs. Its components include a coil fin unit, HDPE piping, circulation pump, and in-line chiller system. Further, the startup’s low-cost heat exchange technology has applications in industrial, commercial, residential, and agricultural uses.

Umny facilitates Geothermal Data Prediction

Canadian startup Umny provides accurate ground data for geothermal projects. Its platform predicts the ground thermal profile of a site or area. This prediction model utilizes a database of real measurements from around the world. It offers thermal properties with greater accuracy than interpolation or calculation. It also reduces the cost and time compared to a drill test. The startup’s products include customizable PDF reports, raw data in CSV format, an online dashboard, and custom site maps.

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

The 2024 geothermal energy outlook indicates growth and considerable investment, with positive future prospects driven by technological advancements and increased sustainability efforts. Trends such as thermal energy management, geothermal heating, and geothermal exploration are expected to continue influencing the industry, promoting efficiency, and expanding renewable energy resources. Get in touch to explore all 280+ startups and scaleups, as well as all industry trends impacting geothermal energy companies.

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