While geothermal still represents just a fraction of the overall energy market, a renewed interest in energy efficiency and clean, electric technologies is creating a favorable environment for growth. Per a December 2018 study by Global Market Insights Inc., the global geothermal market is forecasted to reach $4 billion in 2024.
“Demand for geothermal is healthy around the globe, but we certainly have a lot of headroom to grow — especially in North America,” said Tim Litton, director of marketing communications, WaterFurnace Intl. “We offer utilities a powerful way to shave peak demand, create stable year-round usage, and increase net revenue while we offer building owners a way to decrease energy costs, create positive cash flow, and increase comfort.”