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| Data Timeline | Historical Data: 2022–2025 | Base Year: 2025 | Forecast Period: 2026–2034 |
|---|---|
| Type Segment | Dry Steam, Flash Cycle, Binary Cycle |
| Application Segment | Industrial, Residential, Agricultural, Others |
| Regions & Countries |
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|---|
Government Support and Incentives Improvements in turbine efficiency, drilling techniques, and geothermal reservoir management Decreasing costs of geothermal power generation Increasing Electricity Demand
High Initial Investment Competition from Other Renewables
Continued research and development in turbine efficiency Expansion of Resource Exploration
Country-level data · Company profiles · Editable dataset · Analyst consultation included.
| Region / Country | 2021 (A) | 2025 (A) | 2033 (P) | CAGR |
|---|
A = Actual · E = Estimated · P = Projected · 🔒 Locked values require full access. Click headers to sort.
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The competitive landscape of the geothermal turbines market is characterized by technological advancements and strategic partnerships. Companies compete based on turbine efficiency, reliability, and the ability to harness geothermal resources effectively. Innovations in binary cycle and flash cycle technologies are driving market differentiation. Additionally, partnerships with governments and energy stakeholders play a crucial role in securing project financing and accessing geothermal reserves. The market's dynamics emphasize the importance of sustainable energy solutions amid global efforts to reduce carbon emissions.
For instance, In February 2023, Fuji Electric Co., Ltd. announced that it had secured a contract to supply a geothermal power facility for the Menengai Geothermal Power Station in Kenya. This contract was awarded through Toyota Tsusho Corporation, which had entered into an EPC contract with QPEA GT Menengai Limited, a subsidiary of Globeleq. Globeleq, a British independent power producer specializing in power projects across Africa, facilitated the agreement. (Source: https://www.fujielectric.com/about/news/detail/20230216150033102.html)
| Company | 2022 (A) | 2023 (A) | 2024 (A) | 2025 (A) |
|---|---|---|---|---|
| Toshiba Energy Systems & Solutions Corporation (Japan) | ••• | ••• | ••• | ••• |
| Fuji Electric Co. | ••• | ••• | ••• | ••• |
| Ltd. (Japan) | ••• | ••• | ••• | ••• |
| Mitsubishi Power | ••• | ••• | ••• | ••• |
| Ltd. (Japan) | ••• | ••• | ••• | ••• |
| Ormat Technologies Inc. (U.S.) | ••• | ••• | ••• | ••• |
| Ansaldo Energia S.p.A. (Italy) | ••• | ••• | ••• | ••• |
| Halliburton (U.S.) | ••• | ••• | ••• | ••• |
| Turboden S.p.A (Italy) | ••• | ••• | ••• | ••• |
| Exergy International Srl (Italy) | ••• | ••• | ••• | ••• |
| Calpine Corporation (U.S.) | ••• | ••• | ••• | ••• |
| Enel S.p.A. (Italy) | ••• | ••• | ••• | ••• |
| General Electric Company (U.S.) | ••• | ••• | ••• | ••• |
| ElectraTherm | ••• | ••• | ••• | ••• |
| Inc. (U.S.) | ••• | ••• | ••• | ••• |
Revenue data requires full access. *2nd & 3rd tier companies available on enquiry.
Request company profile for validation →According to Cognitive Market Research, the global geothermal turbines market size is USD 68154.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.90% from 2024 to 2031.
Geothermal turbines are crucial components in geothermal power plants, which harness heat from beneath the Earth's surface to generate electricity. These turbines convert thermal energy from pressurized steam or hot water into mechanical energy, which drives generators to produce electricity. They typically operate in conjunction with geothermal wells that extract high-temperature fluids from underground reservoirs. Geothermal turbines come in various types such as steam turbines, binary cycle turbines, and flash steam turbines, each suited to different geothermal resource conditions. Their efficiency and reliability make them pivotal in sustainable energy production, utilizing the Earth's natural heat to generate clean and renewable electricity.
For instance, In March 2024, Toshiba Energy Systems & Solutions Corporation secured an order from SEPCOIII Electric Power Construction Co., Ltd. to supply steam turbines and generators for the refurbishment of Units 1 through 3 at Kenya's historic Olkaria I geothermal power plant. Toshiba ESS's advanced steam turbines and generators were chosen for the renovation project, aimed at boosting the output of Units 1 through 3 from 15 MW to 21 MW each. This enhancement allows for increased efficiency in power generation, requiring less steam. KenGen recognized these capabilities, leading to the contract's adoption. The equipment is scheduled for delivery to the site by December 2025. (Source: https://www.global.toshiba/ww/news/energy/2024/03/news-20240319-01.html)
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| Type | Dry Steam, Flash Cycle, Binary Cycle |
| Application | Industrial, Residential, Agricultural, Others |
| List of Competitors | Toshiba Energy Systems & Solutions Corporation (Japan), Fuji Electric Co., Ltd. (Japan), Mitsubishi Power, Ltd. (Japan), Ormat Technologies Inc. (U.S.), Ansaldo Energia S.p.A. (Italy), Halliburton (U.S.), Turboden S.p.A (Italy), Exergy International Srl (Italy), Calpine Corporation (U.S.), Enel S.p.A. (Italy), General Electric Company (U.S.), ElectraTherm, Inc. (U.S.) |
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
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