How Has the Geothermal Power Equipment Market Size Evolved in Recent Years?
The geothermal power equipment market has seen considerable growth due to a variety of factors.
• The market size for geothermal power equipment has experienced robust growth in recent times. The market is projected to escalate from $27.91 billion in 2024 to $30.16 billion in 2025, with a compound annual growth rate (CAGR) of 8.1%.
The past growth could be tied to government initiatives and policies, the increase in energy requirements, fluctuations in fossil fuel prices, concerns over energy security, and increasing public awareness and acceptance.
What Is The Forecast For The Geothermal Power Equipment Market Size?
The geothermal power equipment market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for geothermal power equipment is anticipated to experience robust growth in the coming years, reaching a value of $38.62 billion by 2029 with a compound annual growth rate (CAGR) of 6.4%.
The expected growth during the forecast period is due to factors such as climate change mitigation strategies, investments in energy storage technologies, the potential of geothermal resources, and fluctuations in the prices of fossil fuels. Key trends projected for the forecast period encompass technology advancements in drilling, modular power plants, digitalization and remote monitoring, decentralized energy solutions, and product innovations.
What Are The Essential Drivers Behind The Growth Of The Geothermal Power Equipment Market?
The growth of the geothermal power equipment market is anticipated to be driven by the expanding industrial sector. This sector encompasses economic activities such as manufacturing, construction, mining, agriculture, and others that produce goods. The purpose of the industrial sector is to foster economic growth, generate jobs, and enhance exports. To reduce energy expenses, lower greenhouse gas emissions, and increase operational efficiency through electricity production and direct heat use, the industrial sector utilizes geothermal power equipment. As an illustration, the Office for National Statistics, a government agency based in the UK, indicated in July 2023 that the total sales value for UK manufacturers in 2022 was 580.83 billion (£429.8 billion), a rise of 38.34 billion (£28.4 billion) (7%) from 541.725 billion (£401.5 billion) compared to the previous year. Consequently, the increased need for clean energy is projected to facilitate continued growth in the geothermal power equipment market.
How Is The Global Geothermal Power Equipment Market Divided Into Key Segments?
The geothermal power equipment market covered in this report is segmented –
1) By Type: Full-Flow Power Generation System, Dual Cycle Power Generation System
2) By Product: Transformers, Turbines, Separators, Generators, Condensers, Other Products
3) By Application: Space Heating, Aquaculture, Horticulture, Recreation, Other Applications
Subsegments:
1) By Full-Flow Power Generation System: Flash Steam Power Plants, Binary Cycle Power Plants, Dry Steam Power Plants
2) By Dual Cycle Power Generation System: Combined Cycle Systems, Hybrid Systems
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What New Trends Are Influencing The Geothermal Power Equipment Market?
Leading businesses within the geothermal power equipment sector are employing a strategic partnership model in order to deliver cutting-edge geothermal heating and cooling solutions to their customers. Strategic partnerships involve companies utilizing each other's resources and strengths to achieve mutual success and benefit. For instance, in April 2022, a top-tier full-service home comfort company called Robinson, based in the US, forged a partnership with Dandelion Energy, a US geothermal heat supplier. The objective of this partnership is to enable Robinson to distribute Dandelion's eco-friendly geothermal system to customers looking to shift their homes away from reliance on fossil fuels. The goal, by merging Dandelion's technology with Robinson's services and customer support, is to deliver geothermal power services offering the best energy options to consumers, while enriching Robinson's range with green solutions for residential heating and cooling.
Who Are the Key Players In The Geothermal Power Equipment Market?
Major companies operating in the geothermal power equipment market 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
What Are The Regional Insights Into The Geothermal Power Equipment Market?
Asia-Pacific was the largest region in the geothermal power equipment market in 2024. The regions covered in the geothermal power equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
