ID: MRFR/E&P/8973-HCR | March 2021 | Region: Global | 111 pages
Geothermal power is an independent power generation system which uses thermal energy from the earth. During the power generation process, wells are drilled some miles deep into the earth to pump hot water to the surface. When the water reaches the surface, the pressure is dropped, converting water into steam. The steam spins the turbine, which is connected to the generator that produces electricity.
The major factors driving the growth of the global geothermal turbines market are the increasing growing share of renewable energy sources and increasing demand for clean energy. Moreover, increasing demand for heating and cooling systems including ground source heat pump and district heating is expected to contribute to the growth of the geothermal turbines market.
Many major players such as Mitsubishi Power, Ltd., Turboden S.p.A, and Toshiba Energy Systems & Solutions Corporation are actively focusing on signing geothermal power plants contracts and agreements, of which geothermal turbines is a significant part. For instance, in October 2019, Toshiba Energy Systems & Solutions Corporation entered into a contract with PT Inti Karya Persada Tehnik (IKPT), Indonesia to supply a set of steam turbine and generator for Dieng Small Scale Geothermal Power Plant located in Central Java, Indonesia. Moreover, these kinds of contracts will lead to long-term service agreements between power generation companies and companies offering geothermal turbines under which the companies provide the customers with lifecycle solutions and service contracts that are customizable to meet their desired outcomes. Such developments are expected to drive the growth of the global geothermal turbines market during the forecast period. Similarly, in June 2020, KenGen, Kenya’s electricity generation company and Gesto Energia collaborated for services and supervision of geothermal power plant Olkaria V, with installed capacity of 140MW. Gesto developed the geothermal project for KenGen as a milestone for the development of geothermal energy in Africa. Additionally, many countries across the globe are focusing on unconventional resources for catering to increasing electricity demand. For instance, Ethiopia is one of the emerging markets for renewable power generation and in April 2020, the Ethiopian government signed a power purchase agreement worth USD 800 million with the developers of a 150 MW geothermal plant. The geothermal power has provided the country to enhance its energy security by providing constant output power to support the industrialization.
Global Geothermal Turbines Market has been segmented based on Type and Application. Based on type, the geothermal turbines market is divided into dry steam, flash cycle, and binary cycle. The binary cycle segment is expected to grow at highest growth rate during the forecast period as within this type of geothermal turbines, nothing is emitted to the atmosphere. These turbines support moderate-temperature water, and it is by far the most common geothermal resource. The binary plants are mostly applied to low- or medium-enthalpy geothermal fields where resource fluid is used to heat process fluid in a closed loop. Also, these plants range in size from less than 1 MW to 50 MW. Moreover, most geothermal power plants are expected to be binary-cycle plants. Such factors are anticipated to lead to a significant share of the binary cycle segment. Based on application, the global market is divided into industrial, residential, agricultural, and others. The industrial segment is expected to hold a larger market share as most geothermal turbines are used for heating greenhouses, fisheries, and industrial processes.
Global Geothermal Turbines Market is expected to register a 3.24% CAGR during the forecast period.
Global Geothermal Turbines Market is expected to rate high growth during the forecast period due to the increasing share of renewable energy in the total energy mix. Also, the amount of heat within 10,000 metres of the earth's surface contains 50,000 times more energy compared to all oil and gas resources globally. Moreover, deployment of geothermal energy results in reduction in global warming effects and reduced health risks. All these factors are expected to drive the demand for geothermal turbines during the forecast period.
Based on region, the geothermal turbines market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America accounts for the largest share of the geothermal turbines market due to increasing geothermal power plants development. According to EIA, as of 2019, California has the highest number of geothermal power plants amounting to 30, followed by Nevada (23), Idaho, Hawai, Utah, New Mexico, and Oregon with significant number of geothermal power plants. Moreover, geothermal power is generated primarily in California with almost 2,683 MWe installed capacity. Also, there are 414 active producing steam wells in California, which holds over 95% of the steam wells in the US. All these factors are likely to drive the demand for geothermal turbines in the region.
The Key Players operating in the Global Geothermal Turbines Market are Toshiba Energy Systems & Solutions Corporation, Mitsubishi Power, Ltd., Ormat Technologies Inc., Fuji Electric, Ansaldo Energia, Turboden S.p.A, Exergy International Srl, Halliburton, Calpine, Enel Spa, GE, and ElectraTherm, Inc.
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Toshiba Energy Systems & Solutions Corporation, Mitsubishi Power, Ltd., Ormat Technologies Inc., Fuji Electric, Ansaldo Energia, Turboden S.p.A, Exergy International Srl, Halliburton, Calpine, Enel Spa, GE, and ElectraTherm, Inc.|
|Key Market Opportunities||Increasing Demand for heating and cooling systems including ground source heat pump|
|Key Market Drivers||