PUBLISHER: Allied Market Research | PRODUCT CODE: 1193140
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193140
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.
Geothermal energy is a major source of renewable energy. It offers various advantages vis-a-vis conventional sources of energy. Geothermal energy is extracted from the earth without burning fossil fuels. Geothermal fields produce no emissions. Geothermal energy also offers various advantages as compared to other renewable sources such as solar, wind, and biomass.
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 turbine 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.
The geothermal turbine market is segmented on the basis of type, application, and region. On the basis of type, the market is categorized into dry steam, flash cycle, and binary cycle. On the basis of application, it is divided into residential, industrial, agricultural, and others. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global geothermal turbine market profiles leading players that include 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.
Growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights key areas of investment. In addition, it includes Porter's five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain intense competition in the industry.
Key Benefits For Stakeholders
By Type
By Application
By Region