Geothermal Power Equipment Market Report 2026

The geothermal power equipment market size has grown strongly in recent years. It will grow from $29.67 billion in 2025 to $31.43 billion in 2026 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to early development of geothermal fields, rising demand for renewable electricity, government incentives for clean energy, long term use of flash steam technologies, increasing geothermal exploration activities.

The geothermal power equipment market size is expected to see strong growth in the next few years. It will grow to $39.71 billion in 2030 at a compound annual growth rate (CAGR) of 6%. The growth in the forecast period can be attributed to growing need for baseload renewable power, rising adoption of enhanced geothermal systems (egs), increasing investments in geothermal infrastructure, expansion of hybrid geothermal applications, technological advancements in drilling and heat extraction. Major trends in the forecast period include increasing deployment of advanced turbine technologies, growing adoption of binary and combined cycle geothermal systems, rising demand for high efficiency heat exchangers and separators, expansion of geothermal direct use applications, growing investments in modular and small scale geothermal systems.

The rising industrial sector is expected to drive the growth of the geothermal power equipment market going forward. The industrial sector refers to a category of economic activity that involves the production of goods through manufacturing, construction, mining, agriculture, and other related activities. It aims to stimulate economic development, create employment opportunities, and boost exports. Geothermal power equipment is used in the industrial sector to reduce energy costs, lower greenhouse gas emissions, and improve operational efficiency through electricity generation and direct heat utilization. For example, in September 2024, according to the Office for National Statistics, a UK-based government agency, the total value of UK manufacturers’ product sales was $570.13 billion (£456.1 billion) in 2023, an increase of $21.5 billion (£17.2 billion) (3.9%) from $548.63 billion (£438.9 billion) in 2022. Therefore, the rising industrial sector is expected to propel the growth of the geothermal power equipment market.

Key companies operating in the geothermal power equipment market are emphasizing technological advancements, such as high-efficiency steam turbine-generator systems, which are integrated power conversion units designed to transform geothermal steam into electricity with enhanced thermodynamic efficiency and reliability. For example, in March 2024, Toshiba Energy Systems & Solutions Corporation, a Japan-based provider of large-scale power generation equipment, received an order to supply steam turbines and generators for the renovation of Units 1 through 3 at the Olkaria I geothermal power plant in Kenya. The upgraded equipment is expected to increase each unit’s output from 15 MW to 21 MW while improving steam-utilization efficiency. This trend boosts baseload renewable capacity, reduces lifecycle costs, and supports deployment in emerging markets; however, it also requires higher upfront capital investment, longer lead times, and complex installation coordination in remote locations.

In December 2023, PT United Tractors Tbk, an Indonesia-based construction company, acquired PT Supreme Energy for an undisclosed amount. This strategic move is part of United Tractors' broader strategy to expand its presence in the renewable energy market and reduce its dependency on traditional energy sectors. Also, this acquisition aligns with United Tractors' commitment to supporting green energy business development and its efforts to contribute to the growth of renewable and sustainable energy in Indonesia. PT Supreme Energy is an Indonesia-based geothermal power generation company that focuses on exploring, constructing, and operating geothermal energy projects.

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, 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.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs on metal components, turbines, and electrical equipment have increased procurement and installation costs for geothermal power systems, particularly affecting developing regions that rely on imported machinery. Full flow and dual cycle systems face the greatest impact due to their dependence on high value components. However, tariffs are also encouraging domestic manufacturing of geothermal equipment, promoting localized supply chains, and fostering innovation in cost efficient renewable energy technologies.

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.

Geothermal power equipment refers to the machinery, devices, and infrastructure used to generate electricity from geothermal energy. Geothermal power harnesses the heat stored within the Earth's crust to produce electricity through various processes. This equipment encompasses a range of technologies and components designed to efficiently harness the Earth's natural heat for clean, renewable electricity generation.

The main types of geothermal power equipment are full-flow power generation systems and dual-cycle power generation systems. A dual-cycle power generation system is a type of power generation system that combines two different thermodynamic cycles to maximize efficiency and energy output. It includes a variety of products, such as transformers, turbines, separators, generators, condensers, and other products. Transformers are electrical devices used to transfer electrical energy between two or more circuits through electromagnetic induction and are used for various applications such as space heating, aquaculture, horticulture, recreation, and others.Asia-Pacific was the largest region in the geothermal power equipment market in 2025. The regions covered in the geothermal power equipment market report are Asia-Pacific, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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