_ The views and opinions expressed in guest editorials published in JPT are those of the individual authors and do not necessarily reflect the official policy, position, or views of SPE, its members, or its affiliates. Geothermal is entering a new phase of industrial growth, with drilling activity, capital investment, and project development accelerating across next-generation systems. In the western US alone, 14 next-generation geothermal developers are advancing projects, and our internal research at Hephae Energy Technology suggests about 30 drilling rigs may be active by the first quarter of 2028 (Fig. 1). This represents a clear and emerging serviceable market for high-temperature directional drilling technologies. Globally, the opportunity is even more significant. By 2040, the total demand for high-temperature drilling is projected to reach approximately 5, 500 rigs, with 4, 900 rigs supporting next-generation geothermal development and the remainder serving high-temperature gas applications. Our modeling, shown in Fig. 2, is based on the International Energy Agency’s (IEA) next-generation geothermal power forecast in 2025. This trajectory signals a shift in subsurface energy development, as geothermal transitions from niche deployment to a scalable, global industry. At the same time, investment is accelerating. More recent analysis by the IEA indicates that financing for next-generation geothermal reached approximately 2. 2 billion in 2025, representing an 80% year-over-year increase and a substantial rise from just 22 million in 2018. This rapid growth reflects increasing confidence in geothermal’s role as a source of clean, firm power capable of supporting electrification, data centers, and energy-intensive industries. This momentum is not driven by resource discovery, but rather by technology. The heat beneath our feet has always been there. The challenge has been access. From Resource Abundance to Global Energy Systems Geothermal energy has long been recognized as one of the most reliable and resilient sources of renewable, firm power. Yet it still contributes only a small fraction of global electricity supply due to limited access to subsurface heat. Conventional geothermal systems rely on naturally occurring hydrothermal reservoirs, where heat, permeability, and fluid coincide near the surface. These resources are geographically constrained, largely confined to tectonically active regions such as Iceland, Indonesia, and parts of the western US, which limits broader deployment. Scaling geothermal globally requires a next-generation approach. Next-Generation Geothermal: Expanding the Addressable Resource Next-generation geothermal technologies, primarily, though not exclusively, enhanced geothermal systems and advanced geothermal systems are fundamentally changing the industry. By applying directional drilling techniques and thereby engineering reservoirs, these systems enable access to heat in regions previously considered impractical. These next-generation systems leverage decades of proven drilling expertise from the oil and gas industry and extend it into new thermal regimes. The implication is profound: geothermal is no longer constrained by geography, making it a globally deployable energy solution. However, this development introduces a new challenge: unlocking heat at scale requires drilling directional wells deeper and hotter than ever before.
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