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

globenewswire.com
CVX Chevron is mentioned as a prominent company focusing on innovations in the geothermal sector, indicating its involvement and strategic positioning within this growing market. GE General Electric is listed as a prominent company focusing on innovations in the geothermal sector, highlighting its engagement with renewable energy technologies. ETR Siemens Energy AG is identified as a key player focusing on innovations in the geothermal market, suggesting its strategic importance and active role in the sector's development.

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:

Markets Covered:

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:

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

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