Geothermal energy is gaining momentum as a key player in the renewable energy landscape.
The global geothermal energy market, valued at $6.6 billion in 2021, is projected to reach $9.4 billion by 2027, growing at a steady rate of 5.9% annually.
While geothermal has long been overshadowed by solar and wind, recent policy shifts, technological advancements, and the urgent need for grid stability are driving its expansion.
According to Oak Ridge National Laboratory, widespread adoption of geothermal heat pumps could cut U.S. carbon emissions by 7 gigatons by 2050 and eliminate the need for 24,500 miles of new transmission lines.
As industries push toward electrification, experts emphasize the need for a balanced approach. “We need to electrify quickly, yet deliberately,” said Jenny Gao of Energy Impact Partners. “Bedrock exemplifies this approach as well as any company we’ve seen.”
Beyond its environmental benefits, geothermal is increasingly recognized for its ability to stabilize power grids during extreme temperatures. As climate change fuels more frequent heatwaves and winter storms, reliable baseload power is more crucial than ever.
Government agencies and private companies are working to accelerate geothermal development. The Bureau of Land Management (BLM) recently announced steps to streamline permitting and access to geothermal resources on federal lands. Meanwhile, companies like SLB and Star Energy Geothermal are collaborating to advance drilling technologies.
Even with the Trump administration doubling down on oil and gas, geothermal is still getting some love—mainly because it plays nice with the fossil fuel industry. Since geothermal drilling uses a lot of the same techniques as oil and gas extraction, companies can repurpose their expertise (and equipment) instead of starting from scratch. The International Energy Agency (IEA) even pointed out that advances in shale drilling could help push geothermal forward, making it an easier sell for traditional energy players.
While geothermal energy is generally viewed positively, it still lags behind solar and wind in public enthusiasm. The main reasons? Lack of awareness, concerns about location-dependent availability, and misconceptions about environmental impact. However, when people learn about geothermal’s benefits—such as its ability to provide clean, steady power—support increases.
What people like about geothermal energy: It produces minimal emissions compared to fossil fuels. Unlike solar and wind, geothermal provides a steady energy supply. And regions with geothermal resources can create jobs and energy independence.
Concerns that remain: There are geographic limitations. In other words, not all areas have suitable conditions for geothermal power. Plus, developing geothermal plants requires significant upfront investment and some projects raise concerns about land stability and water use.
Despite these challenges, ongoing education and technological improvements are gradually shifting public perception. As governments and companies invest more in geothermal, its role in the global energy transition is set to expand significantly.
With billions in funding, new policies, and growing awareness, the geothermal energy market is heating up—literally and figuratively. The question now is whether it can scale quickly enough to meet the world’s growing energy demands.
