World's Top 15 Companies in Geothermal Energy In 2025 Watch List; Statistics Report (2024–2035)
RELEASE DATE: Jul 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Geothermal Energy Market Size is projected to grow from USD 9.75 Billion in 2024 to USD 15.78 Billion by 2035, at a CAGR of 4.47 % during the forecast period 2025–2035. The heat from the Earth's interior, specifically from the core and mantle, and the continuous radioactive decay within the Earth.
Introduction
The international geothermal electricity market is more and more a clean, safe, and renewable energy that employs the inner heat of the Earth to produce electricity, deliver heat, and serve industry. Geothermal is low-carbon-producing and high-baseload-capacity compared to other energy sources such as wind or solar power. This underutilized resource is gaining speed due to technology improvement and expanding government and private sector investment.
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Geothermal Energy Market Size & Statistics
- The Market for Geothermal Energy was estimated to be worth USD 9.75 Billion in 2024.
- The market is going to expand at a CAGR of 4.47 % between 2025 and 2035.
- The Global Geothermal Energy Market Size is anticipated to reach USD 15.78 Billion by 2035.
- North America is expected to generate the highest demand during the forecast period in the Geothermal Energy market.
- Asia Pacific is expected to grow the fastest during the forecast period in the geothermal energy market.
Regional growth and demand
North America is expected to grow the largest share during the forecast period in the Geothermal Energy market. The majority of this built geothermal capacity is in Nevada, California, and Utah, making the United States the leader in this growth. Production tax credits, Department of Energy subsidies, and grid modernisation initiatives are only a few examples of favourable federal and state policies that have stimulated significant geothermal investment. Furthermore, increased technological innovation, particularly in enhanced geothermal systems (EGS), is being driven by both established energy corporations and new geothermal start-ups in the United States. For district heating, Canada is also investing in low-temperature geothermal energy. Geothermal energy in North America is currently a global hotspot due to the region's strong regulation, established energy networks, and financial accessibility.
Asia Pacific is expected to generate the fastest demand during the forecast period in the Geothermal Energy market. Asia-Pacific is looking towards geothermal power these days to fulfill the increasingly growing requirement of electricity and to achieve the net-zero emission target of CO2, too. Geothermal resources abound in Indonesia, New Zealand, and other Asia-Pacific nations and can be used fruitfully as sources of green energy all year round. Heavy investments are hence being undertaken by the governments and private sectors
Top 10 Geothermal Energy Trends
- Enhanced Geothermal Systems (EGS)
- Geothermal Heat Pumps
- Hybrid Renewable Systems
- Geothermal Direct-Use
- Increased Investment and Research
- Market Growth
- Advancements in Drilling and Power Plant Technologies
- Focus on Sustainability
- Growing Demand in Emerging Markets
- Cost Efficiency
1. Enhanced Geothermal Systems (EGS)
Through expanding access to hotter, drier rock formations where traditional hydrothermal reservoirs do not exist, enhanced geothermal systems, or EGS, are transforming the geothermal energy landscape. Directional drilling and hydraulic stimulation are two ways through which EGS is creating artificial geothermal reservoirs virtually everywhere.
2. Geothermal Heat Pumps (GHP)
The use of geothermal heat pumps for heating and cooling residential and commercial buildings is growing in popularity. These systems maintain indoor comfort with excellent energy efficiency and low emissions by making use of the Earth's top layers' steady temperature.
3. Hybrid Renewable Systems
Constructing hybrid systems by combining geothermal energy with other renewable resources like solar PV, wind, and energy storage is becoming more and more popular. Together, they guarantee a steady supply of renewable energy and increase grid stability. Geothermal energy provides a steady baseload in areas with fluctuating patterns of solar or wind, which makes hybrid systems more appealing to governments and utility companies looking to diversify their energy sources.
4. Geothermal Direct-Use Applications
Geothermal energy is being used more and more for direct uses, including district heating, aquaculture, greenhouse heating, and industrial activities, in addition to producing power. In nations like Iceland, Kenya, and Turkey, where naturally occurring geothermal heat is utilised to boost agriculture and lessen reliance on electricity in rural areas, this tendency is particularly noticeable.
5. Increased Investment and Research
The governmental and private funds are contributing to the steady increase in geothermal energy investment worldwide. While large corporations and venture capitalists are investing in firms focused on EGS, drilling efficiency, and AI-powered resource mapping, governments are encouraging the adoption of geothermal energy through tax incentives, subsidies, and low-interest loans. This pattern is stimulating innovation and quickening market expansion.
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Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the Geothermal Energy market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 10 Companies Leading the Geothermal Energy Market
- Turboden S.p.A.
- Alterra Power Corporation
- TAS Energy
- Atlas Copco Group
- Exergy
- Toshiba Corporation
- Mitsubishi Heavy Industries
- General Electric
- Ansaldo Energia
- Ormat Technologies
1. Turboden S.p.A.
Headquarters – Italy
Turboden is a prominent Italian producer of Organic Rankine Cycle (ORC) technologies for geothermal and other low-enthalpy heat sources. Their technology makes it possible to economically produce electricity even from medium- and low-enthalpy geothermal resources. With activities in more than 30 countries, Turboden is playing an important role in the construction of decentralized and modular geothermal power globally
2. Alterra Power Corporation
Headquarters – Canada
Innergex Renewable Energy subsidiary Alterra Power, a Canadian renewable energy corporation, has large geothermal activities in Iceland and the United States. Alterra is highly renowned for its sustainable development practice and has participated in large-scale geothermal power plants such as Iceland's Reykjanes and Svartsengi plants, producing clean baseload electricity in the region.
3. TAS Energy
Headquarters – USA
TAS Energy specializes in modular geothermal and waste heat recovery solutions. TAS Energy is renowned for its agile, quick-deployment offerings with ORC and other leading turbine technologies. TAS Energy's offerings are most applicable to small-to-mid-scale geothermal projects, lower capital expenditures, and construction time for developing economies.
4. Atlas Copco Group
Headquarters – Sweden
Atlas Copco offers compressed air and critical drilling solutions that are widely used in the exploration and development of geothermal wells. Its energy-efficient and rugged drilling equipment is behind high-temperature and deep geothermal developments worldwide. Atlas Copco contributes to improved drilling speed and safety, and hence it is a mainstay in the geothermal value chain.
5. Exergy
Headquarters – Italy
Exergy is a leading provider of binary cycle geothermal power plants and ORC turbines. Its patented Radial Outflow Turbine (ROT) technology boasts high efficiency and flexibility with changing geothermal conditions. Exergy has more than 500 MW installed geothermal capacity globally with significant presence in Turkey, Indonesia, and the U.S.
Are you ready to discover more about the Geothermal Energy market?
The report provides an in-depth analysis of the leading companies operating in the global geothermal energy market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Toshiba Corporation
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- Turboden S.p.A.
- Alterra Power Corporation
- TAS Energy
- Atlas Copco Group
- Exergy
- Mitsubishi Heavy Industries
- General Electric
- Ansaldo Energia
- Ormat Technologies
Conclusion
The geothermal power industry is transforming from a clean, renewable niche product into a mass-market clean energy with technology advancement, sustainability agenda, and rising energy needs. Relatively to solar and wind, geothermal provides consistent 24/7 power with a very low environmental impact, and therefore is a vital component in transitioning to net-zero energy grids. With modularity, hybrid integration, and advanced geothermal systems (EGS) raising prospects for deployment, developed and emerging economies are stepping up investment. Emerging norms for geothermal development are being set by nations like the United States, Indonesia, and Kenya, while corporations like Ormat, Toshiba, and Exergy are driving innovation. With ongoing government subsidization, private investment, and policy guidelines oriented around climate, geothermal energy will have a significantly greater share in the world's energy basket in the future.
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