Full Title: 2025 U.S. Geothermal Market Report
Author(s): Dayo Akindipe, Faith Martinez Smith, Erik Witter, Hannah Pauling, Hyunjun Oh, Slater Podgorny, Jayaraj Rane, Jenna Harmon, Saqib Javed, Juliet Simpson, Dora Shlosberg, Emily Holt, Whitney Trainor-Guitton, Aaron Levine, Brian Schmidt, and Anine Pedersen
Publisher(s): National Laboratory of the Rockies
Publication Date: January 10, 2026
Full Text: Download Resource
Description (excerpt):
The 2025 U.S. Geothermal Market Report updates and expands on the 2021 U.S. Geothermal Power Production and District Heating Market Report, also referred to as the 2021 Geothermal Market Report (Robins et al., 2021). This report was developed by the National Laboratory of the Rockies (NLR), formerly known as NREL, a national laboratory supporting the U.S. Department of Energy (DOE), and Geothermal Rising, a professional and trade association for the geothermal industry, with support from the International Ground Source Heat Pump Association (IGSHPA), a professional organization for advancing geothermal heat pump technologies. The intent of this work is to provide policymakers, developers, researchers, engineers, financiers, and other stakeholders with an update on the U.S. geothermal market.
This report discusses updates since 2020 regarding technology, cost trends, and market activities for both geothermal power production as well as geothermal heating and cooling systems. A notable difference since the 2021 Geothermal Market Report is the inclusion of geothermal heat pumps (GHPs) for both single building and district heating and cooling applications. This section provides a summary of key findings— first for geothermal power generation, then for geothermal heating and cooling systems, and finally for emerging opportunities.