Top Geothermal Energy Companies

Global Geothermal Energy Market size was valued at USD 7.45 Billion in 2023 and is poised to grow from USD 7.68 Billion in 2024 to USD 9.81 Billion by 2032, growing at a CAGR of 3.1% in the forecast period (2025-2032).

The global geothermal energy industry is becoming increasingly competitive, driven by technological progress, authorities' encouragement and increasing investments in renewable energy. Larger companies benefit from the scope and strong economies for financial support to expand their geothermal portfolio, while the start-ups focus on disinttenan technologies such as deep drilling, AI-operated exploration and geotromel systems for closed loop to chop a niche in the market. Meta participated with Sage Geosystems to develop geosal power up to 150 MW to support AI-operated data centers, reflecting the increasing coordination between the increasing power needs of geopolitical energy and artificial infrastructure. 'Ormat Technologies, Inc.', 'Calpine Corporation', 'Energy Development Corporation (EDC)', 'Fervo Energy', 'Eavor', 'Dandelion Energy', 'Quaise Energy', 'Ignis H2 Energy', 'Polaris Renewable Energy', 'Cyrq Energy', 'GeoFrame Energy', 'GreenFire Energ'

As the world transitions toward a decarbonized energy system, the demand for reliable, continuous power sources has surged. Unlike solar and wind energy, which are intermittent, geothermal power provides a stable baseload energy supply that can operate 24/7, making it a crucial component of a sustainable energy mix. Countries like the United States, Iceland, and Indonesia are expanding their geothermal capacity to reduce reliance on fossil fuels. For example, in 2024, Fervo Energy completed a breakthrough in enhanced geothermal systems (EGS), demonstrating the viability of AI-driven subsurface modeling to improve energy extraction efficiency.

Advancements in Enhanced Geothermal Systems (EGS): Traditional geothermal energy has been limited to naturally occurring hot water reservoirs, but the development of Enhanced Geothermal Systems (EGS) is changing this. EGS technologies artificially create reservoirs by injecting fluid into hot dry rocks, significantly expanding the potential areas where geothermal energy can be harnessed. In 2024, Fervo Energy successfully tested an EGS system in Nevada, producing commercial-scale power using fiber-optic sensing and AI-driven optimization. This breakthrough is expected to drive the expansion of geothermal power in non-traditional regions.

How Is North America Leading the Geothermal Energy Market?