Geothermal Power Equipment Global Market Report 2024

The geothermal power equipment market size has grown strongly in recent years. It will grow from $22.66 billion in 2023 to $24.51 billion in 2024 at a compound annual growth rate (CAGR) of 8.17%. The growth observed during the historical period can be attributed to several factors, including government incentives and policies supporting geothermal power development, increasing energy demand, fluctuations in fossil fuel prices leading to interest in alternative energy sources, concerns regarding energy security, and growing public awareness and acceptance of renewable energy solutions.

The geothermal power equipment market size is expected to see strong growth in the next few years. It will grow to $31.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.05%. The forecasted growth is driven by climate change mitigation policies, investment in energy storage solutions, geothermal resource potential, and volatility in fossil fuel prices. Major trends include advancements in drilling technology, modular power plants, digitalization, decentralized energy solutions, and product innovations.

The anticipated growth in the industrial sector is poised to drive the expansion of the geothermal power equipment market in the foreseeable future. The industrial sector encompasses a broad spectrum of economic activities, including manufacturing, construction, mining, agriculture, and related endeavors. It serves as a cornerstone of economic development, fostering job creation, stimulating economic growth, and bolstering exports. Geothermal power equipment plays a pivotal role within the industrial sector by curbing energy expenses, reducing greenhouse gas emissions, and enhancing operational efficiency through the generation of electricity and direct heat utilization. For instance, reports published by the Office for National Statistics, a UK-based government agency, indicated that the overall value of UK manufacturers' product sales surged to £580.83 billion in 2022, marking a notable 7% increase from £541.725 billion recorded in 2021. Consequently, the escalating demand for clean energy solutions is expected to propel the growth trajectory of the geothermal power equipment market.

Leading companies operating in the geothermal power equipment market are embracing a strategic partnership approach to deliver innovative geothermal heating and cooling solutions to customers. Strategic partnerships involve the collaborative effort of companies to leverage their respective strengths and resources, aiming to achieve mutual benefits and success. For instance, in April 2022, Robinson, a prominent US-based full-service home comfort company, forged a strategic partnership with Dandelion Energy, a leading US-based geothermal heating supplier. This partnership enables Robinson to offer Dandelion's sustainable geothermal systems to customers seeking to transition their homes away from fossil fuels. By integrating Dandelion's cutting-edge technology with Robinson's exceptional service and customer support, the objective is to provide customers with the optimal energy solutions while expanding Robinson's portfolio to include environmentally friendly residential heating and cooling solutions.

In December 2023, PT United Tractors Tbk, a prominent construction company based in Indonesia, completed the acquisition of PT Supreme Energy for an undisclosed sum. This strategic initiative forms a crucial component of United Tractors' overarching strategy to broaden its footprint in the renewable energy sector while lessening reliance on conventional energy sources. Furthermore, the acquisition is in line with United Tractors' commitment to fostering the development of green energy ventures and supporting the expansion of renewable and sustainable energy initiatives in Indonesia. PT Supreme Energy, an Indonesia-based entity, specializes in geothermal power generation, focusing on the exploration, construction, and operation of geothermal energy projects.

Major companies operating in the geothermal power equipment market report are Chevron Corporation, General Electric Company, Siemens Energy AG, Mitsubishi Heavy Industries Ltd., Toshiba Corporation, Schlumberger Limited, Baker Hughes Company, Halliburton Company, Alstom Transport SA, 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.

Asia-Pacific was the largest region in the geothermal power equipment market in 2023. The regions covered in the geothermal power equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the geothermal power equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Geothermal power equipment refers to the machinery, devices, and infrastructure employed in harnessing geothermal energy for electricity generation. This equipment utilizes the heat naturally stored within the Earth's crust to produce clean and renewable electricity through various processes. It encompasses a diverse array of technologies and components tailored to efficiently tap into the Earth's thermal resources.

The primary types of geothermal power equipment include full-flow power generation systems and dual-cycle power generation systems. Dual-cycle systems optimize efficiency and energy output by combining two distinct thermodynamic cycles. These systems incorporate various components such as transformers, turbines, separators, generators, and condensers. Transformers, for instance, facilitate the transfer of electrical energy between circuits through electromagnetic induction, serving multiple applications including space heating, aquaculture, horticulture, recreation, and more.

The geothermal power equipment market research report is one of a series of new reports that provides geothermal power equipment market statistics, including geothermal power equipment industry global market size, regional shares, competitors with a geothermal power equipment market share, detailed geothermal power equipment market segments, market trends and opportunities, and any further data you may need to thrive in the geothermal power equipment industry. This geothermal power equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The geothermal power equipment market consists of sales of products such as drilling rigs, turbines, generators, heat exchangers, pumps, and control systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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