Top Geothermal Energy Companies

The geothermal energy market is estimated to reach USD 13.56 billion by 2030, registering a CAGR of 5.3% during the forecast period. The growing demand for geothermal heat pumps and the rising use of geothermal energy for power generation are the driving factors for the geothermal energy market.

The geothermal energy market is served by a mix of large international and local players such as Ormat (US), Mitsubishi Heavy Industries Ltd. (Japan), and SLB (US). These companies follow strategies such as contracts, agreements, partnerships, collaborations, and expansions to increase their market share.

To know about the assumptions considered for the study download the pdf brochure

Ormat is one of the leading vertically integrated companies primarily engaged in the geothermal energy business. The company conducts its operations through three business segments, namely, Electricity, Product, and Energy Storage. Its Electricity business segment develops, builds, owns, and operates geothermal, solar PV, and recovered energy-based power plants in the US and geothermal power plants in other countries. The Electricity segment provides geothermal and recovered energy-based electricity generation and remote power units. The company also operates as an EPC contractor for geothermal and recovered energy power plants on a turnkey basis. Ormat operates in over 100 countries across Europe, North America, South America, Asia, and the Middle East & Africa.

Mitsubishi Heavy Industries is a Japanese multinational corporation specializing in shipbuilding, transportation systems, commercial aircraft, and power systems. The company offered its products and services to various end-use industries, such as energy, marine, automotive, defense, transportation, environment, and aerospace. It operates its business through four segments, namely, Energy Systems, Aircraft Defence & Space, Logistics, Thermal & Drive Systems, and Plants & Infrastructure Management. Through its Energy Systems business sector, the company provides geothermal energy systems and services. It also offers thermal power generation systems (gas turbine combined cycle and steam power), nuclear power generation systems (light-water reactors, nuclear fuel cycle & advanced solutions), wind power generators, engines for aircraft, compressors, air quality control systems, marine machinery, and renewable energy solutions. The company offers geothermal energy systems through the Mitsubishi Power and Turboden subsidiaries.

The company has operations across Europe, North America, the Middle East, South America, Africa, and the Asia Pacific regions. The corporation includes regional offices, warehouses, research & development facilities, and sales offices in over 100 countries worldwide.

Market Ranking

The geothermal energy market is very competitive, with a few large players accounting for a big share of the global market. Ormat (US) stands out as a global leader. It is a dominant force in the lower temperature segment owing to the popularity of its Ormat Energy Converter (OEC).  Mitsubishi Heavy Industries Ltd. (Japan) continues to grow its global presence and is focusing on sales contracts to strengthen its market position. Toshiba Energy Systems & Solutions Corporation is a world leader in geothermal power technology, offering a comprehensive range of products and services from small-scale modular systems to large utility installations. Its global track record, technological expertise, and commitment to sustainability position it at the forefront of the geothermal energy industry. Fuji Electric excels in managing diverse geothermal resources, including challenging steam conditions. With operations across Asia Pacific, Africa, and the Americas, the company delivers comprehensive solutions, handling full plant construction, as well as providing ongoing maintenance and upgrade services for geothermal power facilities worldwide. By proactively aligning with evolving standards and regulatory expectations, companies ensure safe, efficient, and environmentally responsible geothermal operations across global markets.

Related Reports:

Geothermal Energy Market by Application (Power generation, Residential & Commercial Heating and Cooling), Temperature (Low, Medium, & High temperature), Technology (Binary and Flash Cycle Plant, Dry Steam Plant, Ground Source Heat Pumps, Direct Systems), and Region - Global Forecast to 2030

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103,
Delray Beach, FL 33445
USA : 1-888-600-6441
sales@marketsandmarkets.com