Press release
Geothermal Power Equipment Market Poised for 6.4 % Growth, Set to Hit $8.4 Billion by 2029
Geothermal Power Equipment Market Insights
The geothermal power equipment market is set to grow from $27.91 billion in 2024 to $30.16 billion in 2025, with a CAGR of 8.1%. Growth factors include government incentives, rising energy demand, fossil fuel price volatility, energy security concerns, and increasing public awareness.
The geothermal power equipment market is set to grow substantially, reaching $38.62 billion by 2029 at a CAGR of 6.4%. Growth will be driven by global climate change mitigation policies, increasing investments in energy storage solutions, recognition of geothermal resource potential, and fluctuations in fossil fuel prices. Key trends include advancements in drilling technology, development of modular power plants, digitalization and remote monitoring of geothermal infrastructure, decentralized energy solutions, and continuous product innovations.
What Are the Key Drivers Behind the Growth of the Geothermal Power Equipment Market?
The growth of the industrial sector is expected to drive the expansion of the geothermal power equipment market in the future. The industrial sector encompasses various economic activities related to the production of goods through manufacturing, construction, mining, agriculture, and related industries, with the goal of stimulating economic growth, creating jobs, and boosting exports. Geothermal power equipment is used in this sector to reduce energy costs, lower greenhouse gas emissions, and improve operational efficiency through electricity generation and direct heat utilization. For instance, in July 2023, the Office for National Statistics, a UK-based government agency, reported that the overall value of UK manufacturers' product sales in 2022 reached £580.83 billion ($429.8 billion), a 7% increase from £541.7 billion ($401.5 billion) in 2021. Therefore, the increasing demand for clean energy is driving the growth of the geothermal power equipment market.
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Who Are the Major Industry Players Fueling Geothermal Power Equipment Market Expansion?
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
Which Key Developments Are Influencing the Geothermal Power Equipment Market?
In the geothermal power equipment market, companies are adopting strategic partnerships to offer innovative geothermal heating and cooling solutions. For example, in April 2022, Robinson, a home comfort company from the US, collaborated with Dandelion Energy, a geothermal heating supplier, to offer Dandelion's sustainable geothermal systems to customers transitioning away from fossil fuels. This partnership aims to provide customers with environmentally friendly heating and cooling solutions.
How Is the Segmentation of the Geothermal Power Equipment Market Defined?
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 Is the Leading Region in 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.
What Is Covered In The Geothermal Power Equipment Global Market Report?
- Market Size Analysis: Analyze the Geothermal Power Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Geothermal Power Equipment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Geothermal Power Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Geothermal Power Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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