Geothermal Turbines Market Research, 2031
The global geothermal turbines market size was valued at $67.5 billion in 2021 and is projected to reach $99.5 billion by 2031, growing at a CAGR of 4% from 2022 to 2031.
The geothermal turbines market majorly focuses on the indicators that are comprehensively included while conducting a thorough analysis. The key indicators include product mapping of players, impact of key regulations on the market, value chain analysis, porter's five forces, top player positioning, market dynamics, covid impact, top investment pockets, market size, and forecast in terms of value($Million), and top winning strategies that have helped understand the growth strategies adopted by the key players and their potential impact on the market.
Geothermal is a dependable and unvarying source of energy that can be acquired without burning any external fuel. The energy can be managed from underground sources such as hot rocks, hot dry steam, and wet steam sources. The use of geothermal energy is greatly impacted by factors including steam & water temperature, accessibility, reservoir porosity, and permeability. The energy can be used for cooling, district heating, or for electricity generation depending on its properties.
The rise in the share of renewable energy sources and the demand for clean energy are the key factors propelling the growth of the global geothermal turbines market. In addition, it is projected that rising demand for heating and cooling systems, such as district heating and ground source heat pumps, will propel the geothermal turbines market growth. Moreover, as renewable energy is becoming a larger portion of the overall energy mix, the global geothermal turbine market is predicted to rise at a rapid rate during the forecast period.
Energy generation from geothermal power plants is capital-intensive and the development of these power plants needs substantial capital requirements, owing to high exploration costs and resource assessment, including field infrastructure, drilling of production and injection wells, geothermal fluid collection and disposal systems, and other surface installations. This is one of the main factors preventing a lot of new competitors from entering the industry. However, these plants have a considerable initial cost. The market expansion among medium and large-tier businesses has been encouraged by their extremely low and predictable operational expenses.
Furthermore, as energy from the earth's surface is used to generate electricity, geothermal energy serves as one of the clean energy sources. Currently, demand for heating and cooling systems that use ground-source heat pumps and district heating is growing substantially. In addition, governments offer several incentives to support market growth. To promote this market, the Alberta government introduced Bill-36, the Geothermal Resource Development Act, in 2020 which aims at defining a working framework for developing geothermal resources in Alberta. Moreover, an increase in the adoption and advancement of binary cycle technology enable the effective use of geothermal resources and creates a wide range of opportunities for the market.
Depending on the type, 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 industrial segment witnessed the highest geothermal turbines market share in 2021. Owing to mainly certain industries heating needs can be fulfilled by geothermal heating, as long as they do not require extremely high temperatures. Geothermal heating can replace fossil fuels and provide continuous industrial output.
Region-wise Asia-Pacific is the largest segment during the forecast period. This is attributed to the fact that the national government has been forced to take action and adopt laws as a result of the tremendous potential for geothermal energy generation in these economies. These policies may make it possible for oil & gas firms to explore regional geothermal energy potential, hence fostering market expansion.
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.
The global geothermal turbine market forecast profiles leading players, including 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. The global geothermal turbine market report provides an in-depth competitive analysis as well as profiles of these major players.
Recent Development Strategies Undertaken By Key Players:
In April 2021, Ansaldo Energia has been awarded from Gruppo Arvedi a contract for supply and refurbishment of new combined cycle plant in Servola. Such plant includes an AE64.3A gas turbine, equipped with latest generation technologies already validated to guarantee high efficiency, operational flexibility, and low emissions.
In 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.
In 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.
Impact of COVID-19 on the global geothermal turbines industry
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge loss of lives and the economy around the globe. The adoption of geothermal turbines for electricity generation, which was strongly dependent on China and India, as well as the world economy both, suffered from the health crisis brought on by the spread of COVID-19.
Due to supply chain interruption and a lack of raw materials, manufacturing units were forced to shut down during the lockdown and, in turn, negatively impacting the geothermal turbine for power generation market statistics. Additionally, labor shortage caused supply chain issues in the United States, a dominating country in the geothermal turbine market, and a nationwide lockdown hampered industrial progress.
Further, the disruptions to transport and logistics affected due to strict government regulations as well as nationwide lockdown led to a significant pause in delivering the product, rising shipment costs and price of fuel, taxes, workforce, and disruptions to shipping facilities. However, it is anticipated that sales of geothermal turbines for power generation will increase in the next years due to elements including supportive government policies and initiatives to fulfill expanding energy demand using renewable energy sources.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the geothermal turbines market analysis from 2021 to 2031 to identify the prevailing geothermal turbines market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the geothermal turbines market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of regional and global geothermal turbine market trends, key players, market segments, application areas, and market growth strategies.
Geothermal Turbines Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 99.5 billion |
 Growth Rate | CAGR of 4% |
 Forecast period | 2021 - 2031 |
 Report Pages | 218 |
 By Type |
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 By Application |
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 By Region |
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 Key Market Players | Chevron Corporation, MITSUBISHI ELECTRIC CORPORATION, Toshiba Corporation, Calpine, Ansaldo Energia, Exergy International Srl, ElectraTherm Inc., GE, Fuji Electric, Enel SpA. |
Analyst Review
According to CXOs of leading companies, the global geothermal turbine market is projected to exhibit high growth potential. Geothermal energy is heat derived within the sub-surface of the earth. On the basis of characteristics, geothermal energy can be used for heating and cooling purposes. It can also be harnessed to generate clean electricity.
In addition, rise in global population, industrial growth, and rise in infrastructural development activities boost demand for electricity. Consumers are increasingly favoring clean technologies for a variety of end uses, including the power industry. Geothermal energy has excellent reliability and can be used for both direct heating and electricity generation. Sales of geothermal power equipment are anticipated to increase, owing to the switch from solar and wind to geothermal energy. Technological advances, as well as changes in exploration and drilling, power production, steam field, and heating technologies are anticipated to raise the standard of equipment used in geothermal power plants and, as a result, enhance growth of the geothermal turbines market. For instance, In June 2022, Dominica Geothermal Development announced development of a geothermal project in the village of Laudat in Roseau Valley, Dominica with a planned capacity of 10 MW. Construction of the power plant is anticipated to begin within a year and be finished in 18 months. In July 2022, the first geothermal power plant of the California Independent System Operator (CAISO) started its commercial operations. The facility has the ability to produce 30 MW of electricity.
The CXOs further added that sustained economic growth and the development of the commercial and industrial sectors have surged the popularity of geothermal turbine market.
Rising demand for heating and cooling systems, such as district heating and ground source heat pumps, will propel the geothermal turbines market growth.
Industrial is the leading application of geothermal turbines market
Asia-Pacific is the largest regional market for Geothermal Turbines
The global geothermal turbines market was valued at $67.5 billion in 2021, and is projected to reach $99.5 billion by 2031, growing at a CAGR of 4% from 2022 to 2031.
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. are the top companies to hold the market share in Geothermal Turbines
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