Geothermal Power Equipment Market to Hit $39.71 Billion by 2030, Driven by Renewable Demand

Dublin, Jan. 28, 2026 (GLOBE NEWSWIRE) -- The "Geothermal Power Equipment Market Report 2026" has been added to ResearchAndMarkets.com's offering.

The geothermal power equipment market has experienced robust growth, advancing from $29.67 billion in 2025 to an anticipated $31.43 billion in 2026, maintaining a compound annual growth rate (CAGR) of 5.9%. This upward trajectory is driven by initial geothermal field developments, increased renewable electricity demand, government incentives for clean energy, and extensive exploration activities.

Looking forward, the market is expected to rise significantly, reaching $39.71 billion by 2030, supported by a CAGR of 6%. The pursuit of baseload renewable power, the adoption of enhanced geothermal systems (EGS), and robust investments in geothermal infrastructure underscore this growth. Key industry trends include the deployment of advanced turbine technologies, the rise in binary and combined cycle systems, and increased demand for high-efficiency heat exchangers.

The burgeoning industrial sector is poised to further propel this market's expansion. Geothermal equipment plays a critical role in reducing energy costs and greenhouse gas emissions while enhancing operational efficiency for the industrial production of goods. The UK's manufacturing increase reported by the Office for National Statistics in 2023 illustrates a trend likely to impact similar markets globally.

Technological advancements stand at the forefront of market evolution, with major players like Toshiba Energy Systems & Solutions Corporation contributing to innovations such as high-efficiency steam turbine-generator systems. Such enhancements are expected to bolster renewable capacities, though they demand higher capital investment and sophisticated installation processes, particularly in remote regions.

The strategic acquisition of PT Supreme Energy by PT United Tractors Tbk exemplifies a broader industry shift towards renewable energy investments. This acquisition aligns with United Tractors' commitment to sustainable energy growth, emphasizing the importance of geothermal solutions in Indonesia.

Prominent companies in the geothermal sector, including Chevron Corporation, General Electric, and Siemens Energy AG, are focusing on innovations to meet the evolving challenges and opportunities within the market. These strategies are influenced by trade dynamics and tariffs, which have increased the costs of geothermal systems. However, this challenge is also stimulating domestic manufacturing and innovation in cost-efficient technologies.

The market showcases significant geographic diversity, with Asia-Pacific being the largest region in 2025. Countries like Australia, Brazil, China, and the USA are pivotal players, contributing to the global network of geothermal power equipment production and consumption.

Content Overview:

• Market Characteristics: Analyzes market offerings, factors differentiating brands, product innovation, and developmental trends.
• Supply Chain Insights: Detailed analysis of value chain, raw materials sourcing, and suppliers.
• Trends and Strategy: Impact of digital transformation, sustainability, and AI, with prescriptive strategies to leverage these trends.
• Regulatory and Investment: Examination of the regulatory environment and investment trends.
• Market Sizing: Historical and projected growth reflected in monetary terms, with a focus on contributing factors.
• TAM and MAS Analysis: Quantitative scoring for growth potential with strategic insights.
• Market Segmentation: Detailed submarkets and geographic breakdowns, including emerging hubs in Taiwan and Southeast Asia.
• Competitive Landscape: Insights into market competitiveness, key players, and significant financial deals.
• Company Evaluation: Rankings based on a matrix of performance indicators.

Markets Covered:

• By System: Full-Flow Power and Dual Cycle Systems.
• By Product: Transformers, Turbines, Generators, and others.
• Applications include Space Heating and Aquaculture.

Companies Mentioned: Leaders such as Chevron, Siemens Energy, and Mitsubishi Heavy Industries.

Geographical Coverage: Analysis across major markets including the USA, China, and India, among others, within regions like Asia-Pacific and Western Europe.

Time Series: Incorporates five-year historical and ten-year forecast data.

Data and Delivery: Offers segmented market data, competitor analysis, and sourcing in preferred formats, supported by bi-annual updates and expert consultancy for customization.

Key Attributes

The companies featured in this Geothermal Power Equipment market report include:

• Chevron Corporation
• General Electric Company
• Siemens Energy AG
• Mitsubishi Heavy Industries Ltd.
• Toshiba Corporation
• Schlumberger Limited
• Baker Hughes Company
• Halliburton Company
• Fuji Electric Co. Ltd.
• Ansaldo Energia S.p.A.
• Holtec International
• Thermax Limited
• Ormat Technologies Inc.
• Exergy International S.r.l.
• TAS Energy Inc.
• Alterra Power Corp.
• Turboden S.p.A
• Energy Venture Partners
• Edge Energy Ltd
• Ergil group
• Borealis GeoPower Inc.
• GreenFire Energy Inc.
• Geothermal Engineering Ltd.
• Loki Geothermal
• Gulf Coast Green Energy

For more information about this report visit https://www.researchandmarkets.com/r/x971ep

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• Geothermal Power Equipment Market