7.8.5.3Vertical

Ground Source Heat Pump Systems

Companies installing geothermal heat pump systems.

Market snapshot

These figures describe Geothermal Energy (7.8.5), the segment that Ground Source Heat Pump Systems sits within — not Ground Source Heat Pump Systems on its own.

FragmentationConsolidatingEstimate
Federal indicators
Net generation
~16 TWh (0.4% of U.S. generation)
Operating capacity
~4 GW nameplate
Trend
-0.3% CAGR (2018–2025)
Share of U.S. generation
0.4% (2018) → 0.4% (2025)

U.S. Energy Information Administration — Electric Power Operational Data, 2025 (net generation, all sectors). U.S. Energy Information Administration — Form EIA-860M, December 2024 (operating generators). U.S. Energy Information Administration — Electric Power Operational Data, 2018–2025.

Conventional geothermal generation (NAICS 221116) is included under Power Generation; enhanced geothermal (EGS) is an emerging category not separately disclosed, so the segment is not separately sized here.

Business model & economics

Revenue model

Firm baseload generation, PPAs, and heat sales

Key economics

Recurring revenue
High

firm baseload PPAs

EBITDA margin
Strong

firm, low-marginal-cost baseload

Capex intensity
High

Characteristics

  • Firm, 24/7, carbon-free baseload power.
  • Enhanced geothermal (EGS) unlocking new potential.
  • Attractive for data centers seeking clean firm energy.

Geographic concentration

AlabamaAlaskaArizonaColoradoFloridaGeorgiaIndianaKansasMaineMassachusettsMinnesotaNew JerseyNorth CarolinaNorth DakotaOklahomaPennsylvaniaSouth DakotaTexasWyomingConnecticutMissouriWest VirginiaIllinoisNew MexicoArkansasDelawareDistrict of ColumbiaHawaiiIowaKentuckyMarylandMichiganMississippiMontanaNew HampshireNew YorkOhioOregonTennesseeVirginiaWashingtonWisconsinNebraskaSouth CarolinaIdahoVermontLouisianaRhode IslandCaliforniaUtahNevada

Geothermal energy is concentrated in the geologically active West — Nevada, Utah, and California — which hosts nearly all U.S. geothermal generation.

NevadaUtahCalifornia

U.S. Census Bureau — 2022 County Business Patterns (employment by state), NAICS 221116. Concentration shown by location quotient.

M&A deal context

Deal activityModerate

Who’s acquiring

  • Geothermal & EGS developers
  • Energy majors & oilfield-services crossovers
  • VC, data-center & infrastructure investors

What’s driving deals

  • Clean firm power for data centers.
  • Enhanced-geothermal and drilling-tech crossover.
  • Baseload-renewable demand.

Find Ground Source Heat Pump Systems acquisition targets

Search Acquisera’s index for companies classified under Ground Source Heat Pump Systems (7.8.5.3) and build a targeted deal pipeline.

Search companies