According to a new report published by Allied Market Research, titled, “Geothermal Turbines Market,” The geothermal turbines market size was valued at $67.5 billion in 2021, and is estimated to reach $99.5 billion by 2031, growing at a CAGR of 4.0% from 2022 to 2031.
The geothermal turbines market encompasses the production, installation, and maintenance of turbines that convert geothermal energy—heat from beneath the Earth’s surface—into electricity. These turbines are a critical component in geothermal power plants, where steam or hot water extracted from geothermal reservoirs drives the turbine blades to generate clean, renewable energy.
As a sustainable energy technology, geothermal turbines play an essential role in reducing reliance on fossil fuels and lowering greenhouse gas emissions. The market includes various turbine types, such as flash steam turbines, dry steam turbines, and binary cycle turbines, each suited to different geothermal resource conditions.
Driven by increasing global energy demand, growing environmental concerns, and advancements in geothermal extraction technologies, the geothermal turbines market is positioned for steady growth. Governments and private sectors worldwide are investing in geothermal projects to diversify energy portfolios and support climate change mitigation efforts, making geothermal turbines a key technology in the transition toward greener energy systems.
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The geothermal turbine market is primarily driven by the rising global demand for energy, increasing environmental awareness, and the ongoing depletion of fossil fuels. One of the key technological advancements supporting this market is the development of Enhanced Geothermal Systems (EGS), which extract heat from deep underground rock formations by injecting fluid into hotter, impermeable reservoirs. This innovation is opening new opportunities for geothermal energy across various sectors.
As a result, many countries are ramping up their investments in geothermal technology. For example, in 2018, the U.S. Department of Energy announced up to $140 million in funding over five years to support geothermal research and development at the University of Utah, with the Frontier Observatory for Research in Geothermal Energy (FORGE) as the designated research site.
However, market growth is challenged by rising steel prices, which significantly impact the cost of power plant installations—especially in utility-scale projects where steel can account for over 65% of the total cost of solar tracking systems. Similarly, geothermal power plants require substantial capital investment, which can hinder the expansion of this market.
Despite these challenges, the global rise in electricity demand is expected to boost interest in geothermal energy as a reliable and sustainable power source. Governments worldwide are increasing their focus on clean energy alternatives to curb pollution, further promoting the adoption of geothermal technologies.
Recent developments also reflect growing momentum in the sector. In June 2022, Dominica Geothermal Development announced a 10 MW geothermal project in Laudat, Roseau Valley, with construction expected to begin within a year and complete in 18 months. Additionally, in July 2022, the California Independent System Operator (CAISO) brought its first geothermal power plant online, adding 30 MW of clean electricity to the grid.
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The geothermal turbine market analysis is segmented based on type, application, and region. Based on type, the market is categorized into dry steam, flash cycle, and binary cycle. Based on application, it is divided into residential, industrial, agricultural, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the global geothermal turbine market forecast include Ansaldo Energia, Calpine, Enel Spa, Exergy International Srl, ElectraTherm Inc., Fuji Electric Co., Ltd., General Electric, Halliburton, Mitsubishi Electric Corporation, Ormat Technologies Inc., Toshiba Corporation and Turboden S.p.A.
Geothermal turbine market opportunities, growth drivers, and restraints are explained to better understand the market dynamics. This report further highlights key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain the intense competition in the industry.
Key findings of the study:
- By type, the binary cycle segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.4% from 2022 to 2031.
- By application, the Industrial segment is anticipated to register the highest CAGR of 4.5% during the forecast period.
- By Region, the Asia-Pacific garnered the highest geothermal turbine market share of 39.2% in 2021, in terms of revenue, growing at a CAGR of 4.6%.
