Geothermal Turbines Market Size was valued at USD 63.47 billion in 2023. The Geothermal Turbines market industry is projected to grow from USD 65.72 Billion in 2024 to USD 83.84 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.09% during the forecast period (2024 - 2032). Increased The growing share of renewable energy sources and increasing Demand for clean energy are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Geothermal electricity generation relies mainly on technologies that exploit conventional geothermal resources, such as dry steam plants, flash plants (single, double, and triple), binary plants, and combined cycle or hybrid plants. However, as high-quality conventional resources become harder to access, deeper resources may become accessible in the future through the development of enhanced geothermal systems.
At the end of 2021, the total installed geothermal power generation capacity stood at 15,960 MW. Additional capacity was added in several countries, along with Colombia and Taiwan, which have added geothermal power recently in the year. The US is the leading producer of geothermal electricity in the world. In 2021, there were geothermal power plants in California, Nevada, Utah, Oregon, Hawaii, Idaho, and New Mexico, which produced about 16.2 billion kilowatt-hours (kWh), equal to about 0.4% of total US utility-scale electricity generation. By 2050, geothermal power output in and outside of the western part of the US may be significantly increased to offer 60+ gigawatts of electric (GWe) of reliable, flexible, clean energy. This factor drives the market CAGR.
Additionally, geothermal power generation is escalating steadily with the growing demand for renewable energy. Several governments are taking green initiatives globally to overcome greenhouse gas emissions. Generating energy with no or few greenhouse gas emissions will reduce air pollution. Geothermal power is reducing the dependency on the energy generated from fossil fuels. Geothermal power plants emit 99% less carbon dioxide than fossil fuels. Since energy is one of the most reliable, cost-effective, sustainable, and environmentally friendly, the market demand for this renewable energy source will continually increase as the world is looking for renewable solutions to a great extent.
Furthermore, The population is increasing at a steady pace. The construction sector is also booming with an increase in the population. Residential and commercial building construction has been growing significantly due to the steady rise in population. Several heat networks have been built across the globe to fulfill the growing residential and commercial heating requirements, such as space heating and water heating. Geothermal power is a convenient source for district heating; a huge part of the energy is used in residential and commercial buildings globally. So with the increasing building construction and growing heating requirements, the Demand for is also increasing Geothermal Turbines market revenue.
Based on type, the Geothermal Turbines market segmentation includes dry steam, flash cycle, and binary cycle. The binary cycle is the fastest-growing segment during the forecast period. This is attributed to the Majority of binary plants being utilized in low- or medium-enthalpy geothermal fields, where resource fluid is heated in a closed loop by process fluid which leads surge in Demand for the market.
Based on Application, the Geothermal Turbines market segmentation includes industrial, residential, and agricultural. The industrial segment witnessed the highest geothermal turbine market share in 2022. Owing to mainly certain industries, geothermal heating needs can be fulfilled as long as they do not require extremely high temperatures. Geothermal heating can replace fossil fuels and provide continuous industrial output.
Figure1: Geothermal Turbines Market, by Application, 2024 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American geothermal turbines market area will dominate this market; dominating commercial and residential applications are the primary reasons behind the growth of the geothermal sector across this Region.
Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: Geothermal Turbines Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Geothermal Turbines market accounts for the second-largest market share. The primary reason for the substantial growth over the past decades across the Region was the capacity addition of geothermal in Turkey. Further, the German Geothermal Turbines market held the largest market share, and the UK Geothermal Turbines market was the fastest growing market in the European Region.
The Asia-Pacific Geothermal Turbines Market is expected to grow at the fastest CAGR from 2023 to 2032. This is attributed to the fact that the national government has been forced to take action and adopt laws due to the tremendous potential for geothermal energy generation in these economies. These policies may allow oil & gas firms to explore regional geothermal energy potential, fostering market expansion. Moreover, China’s Geothermal Turbines market held the largest market share, and the Indian Geothermal Turbines market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Geothermal Turbines market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The geothermal turbine industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Geothermal Turbines industry to benefit clients and increase the market sector. The Geothermal Turbines industry has offered some of the most significant environmental advantages in recent years. Major players in the Geothermal Turbines market, including Toshiba Energy Systems & Solutions Corporation, Mitsubishi Power, Ltd., Ormat Technologies Inc., Fuji Electric, Ansaldo Energia, Turboden S.p.A, Exergy International Srl, Halliburton, Calpine, Enel Spa, GE, and Electra Therm, Inc. and others, are attempting to increase market demand by investing in research and development operations.
EXERGY INTERNATIONAL Srl is a leading provider of clean energy technologies. We are experts in designing, engineering, and manufacturing Organic Rankine Cycle (ORC) systems with the pioneering Radial Outflow Turbine. EXERGY's proprietary technologies, covered by several patents, allow for highly efficient energy production via the exploitation of heat sources from geothermal, waste heat from industry, biomass, and concentrated solar power. EXERGY undertakes the development and manufacturing process of the ORC turbine and plant internally. This includes R&D, testing, engineering, project management, and after-sales service. EXERGY International Srl and Geothermal Development & Investment Inc. signed a partnership agreement for the exclusive distribution of turnkey geothermal power plants in Japan using advanced, highly efficient ORC (Organic Rankine Cycle) technology.
Enel Green Power S.p.A. is an Italian multinational renewable energy corporation headquartered in Rome. The company was formed as a subsidiary of Enel's power generation firm in December 2008. Enel Green Power agreed with Vulcan Energy for geothermal lithium research by leveraging development opportunities offered by the "Cesano" license in the outskirts of Rome. This agreement brings together the respective expertise of these companies in geothermal energy and lithium extraction to develop joint initiatives at the site located in Latium and beyond.
April 2021: Ansaldo Energia has been awarded from GruppoArvedi a contract for the supply and refurbishment of a new combined cycle plant in Servola. Such a plant includes an AE64.3A gas turbine equipped with the latest generation technologies already validated to guarantee high efficiency, operational flexibility, and low emissions.
June 2022: EXERGY International Srl and Geothermal Development & Investment Inc. signed a partnership agreement for the exclusive distribution of turnkey geothermal power plants in Japan using advanced, highly efficient ORC (Organic Rankine Cycle) technology.
July 2022: Enel Green Power agreed with Vulcan Energy for geothermal lithium research by leveraging development opportunities offered by the "Cesano" license in the outskirts of Rome. This agreement brings together the respective expertise of these companies in geothermal energy and lithium extraction to develop joint initiatives at the site located in Latium and beyond.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 63.47 billion |
| Market Size 2024 | USD 65.72 billion |
| Market Size 2032 | USD 83.84 billion |
| Compound Annual Growth Rate (CAGR) | 3.09% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Toshiba Energy Systems & Solutions Corporation, Mitsubishi Power, Ltd., Ormat Technologies Inc., Fuji Electric, Ansaldo Energia, Turboden S.p.A, Exergy International Srl, Halliburton, Calpine, Enel Spa, GE, Electra Therm, Inc. |
| Key Market Opportunities | · Increasing Demand for heating and cooling systems, including ground source heat pump |
| Key Market Dynamics | · The Increasing growing share of renewable energy sources. Increasing Demand for clean energy |
Geothermal Turbines Market Highlights:
Frequently Asked Questions (FAQ) :
The Geothermal Turbines market size was valued at USD 63.47 Billion in 2023.
The market is projected to grow at a CAGR of 3.09% during the forecast period, 2024-2032.
North America had the largest share of the market.
The key players in the market areToshiba Energy Systems & Solutions Corporation, Mitsubishi Power, Ltd., Ormat Technologies Inc., Fuji Electric, Ansaldo Energia, Turboden S.p.A, Exergy International Srl, Halliburton, Calpine, Enel Spa, GE, and Electra Therm, Inc.
The Binary Cycle Geothermal Turbines category dominated the market in 2022.
The Industrial had the largest share of the market.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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