Geothermal power equipment market to top $41B by 2030, report says

The geothermal power equipment market is set for steady growth through 2030 as clean-energy targets, energy-security concerns and policy support lift demand for turbines, pumps and drilling systems. The Business Research Company says the market could pass $41 billion by 2030, with North America leading and full-flow systems dominating.

Why it matters: - Geothermal power is gaining share in the clean-energy mix because it provides reliable baseload electricity, unlike intermittent wind and solar. - The market outlook points to rising demand for specialized equipment as governments and utilities push to cut emissions, strengthen energy security and expand domestic power generation. - The report forecasts the market will surpass $41 billion by 2030, making geothermal equipment a meaningful segment of the broader energy infrastructure market.

What happened: - The Business Research Company released its Geothermal Power Equipment Global Market Report 2026 – Market Size, Trends, And Forecast 2026-2035 on Oct. 27, 2026. - The report says the geothermal power equipment market is entering a high-growth phase driven by clean-energy goals and new technology. - The market is projected to grow at a 6% compound annual growth rate through 2030. - North America is expected to remain the largest regional market in 2030. - The United States is projected to be the largest national market in North America.

The details: - Ceramic bearing technology is improving pump durability, efficiency and performance in high-temperature geothermal settings. - 3M Company introduced 3M Hydrodynamic Thrust Bearings in November 2025, using silicon carbide ceramic pads and a patented spring-mount, segmented tilting-pad design for geothermal pumps and other high-temperature uses. - The report says rising renewable-energy commitments will add about 1.5% annual growth to the market. - Energy-security priorities are expected to contribute roughly 1.3% annual growth. - Government incentives, including tax credits, grants, low-interest loans, renewable mandates and exploration subsidies, are expected to add about 1.0% annual growth. - Full-flow power generation systems are projected to account for 65% of the market in 2030, equal to about $26 billion. - The market is segmented by product into transformers, turbines, separators, generators, condensers and other equipment. - Applications include space heating, aquaculture, horticulture, recreation and other uses. - Siemens AG led global sales in 2025 with a 9% market share, according to the report. - The top 10 companies held 28% of total revenue in 2025, reflecting a moderately fragmented market. - Key companies named in the sector include General Electric Vernova, Toshiba, Mitsubishi, Fuji Electric, Baker Hughes, Schlumberger, Ormat Technologies, Ansaldo Energia, Halliburton and others.

Between the lines: - The report suggests geothermal is moving from a niche renewable into a more strategic infrastructure category as countries look for always-on clean power. - The concentration of market share among a handful of suppliers points to a competitive field that still leaves room for expansion and new entrants. - Technology upgrades in drilling, reservoir engineering, turbine design and digital monitoring appear to be as important as policy support in driving adoption. - North America’s lead reflects both resource availability and policy support, while the U.S. market benefits from enhanced geothermal systems in western states and investment in drilling and reservoir stimulation.

What's next: - The report expects full-flow and dual cycle systems to add more than $11 billion combined to the market by 2030. - Full-flow systems are forecast to add about $6 billion, while dual cycle systems are expected to add about $5 billion between 2025 and 2030. - Growth should continue to track investments in enhanced geothermal systems, high-efficiency turbines, heat conversion technology and public-private partnerships. - The Business Research Company says its latest 2026 reports include market attractiveness scoring, TAM analysis, company scoring matrices, forecasting dashboards and trend analysis.

The bottom line: - Geothermal power equipment is moving into a faster-growth phase as clean-energy policy, energy security and equipment innovation converge.