Geothermal Turbines Market Growth Assessment, Segmentation, and Demand
The global geothermal
turbines market is expected to display higher growth rate
over the next five years. Rapid surge in market is credited to the rising
importance towards renewable energy generation technologies. Rising crude oil
prices and exhaustion of fossil fuel reserves are the major factors driving
governments to promote use of renewable energy generation technologies in the
past few years. Globally, market is predicted to generate massive revenue over
next five years, providing numerous opportunities for industry participants to
invest in research and development of geothermal turbines market.
Electricity generation from renewable
resources is gaining prominence from domestic as well as commercial sector,
thereby lowering overall carbon footprint across the globe. Use of renewable
fuel to limit greenhouse gas emissions and diversify the energy mix are the key
industry trend associated with geothermal turbines market. Rising energy
demands, particularly from emerging economies across the globe has stirred the
massive investment by government as well as businesses for renewable energy
generation, in the past few years.
Geothermal turbine that are increasingly
adopted in power plants uses hydrothermal resources. The hydrothermal resources
consists of both water (hydro) and heat (thermal). Geothermal power plants are
established either on dry steam wells or from hot water wells. Hydrothermal
resources consist of hot water or steam and powers a geothermal turbine that
generates electricity.
Increasing expansion of existing power plants
and rising number of forthcoming geothermal projects are anticipated to create
several revenue option for industry participants until the end of the forecast
period. In addition, recent technological advancements coupled with
manifestation of several geothermal reserves, particularly in the North America
and East Asia region are estimated to further complement the industry growth.
However, presence of policy barriers and insufficient transmission
infrastructure are key challenges for market expansion.
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The geothermal turbines market is
broadly categorized into major three segments based on the application type
such as dry steam plants, flash steam plants and binary cycle power plants.
Flash steam plants segment is growing rapidly in the market with substantial
revenue generation in the last few years. Growing popularity of geothermal
turbines in flash steam plants segment is attributed to the cost advantage and
higher market penetration.
The market is divided by region as
North America, Europe, Asia-Pacific, Latin America and Africa. North America
has shown major growth in recent years owing to the rise in implementation of
latest technologies in energy generation sector, surge in number of research
& development activities in the region and existence of well-established industrial
infrastructure. In European region, Germany, France and United Kingdom are
projected to witness steady growth due the favorable government policies and
presence of adequate transmission infrastructure.
Asia-Pacific region is estimated to
hold a major share in the geothermal turbines industry with massive growth in
forecast period. Countries such as India, China and Singapore are leading the
Asia-Pacific market with strong economic growth, rising crude oil prices,
increasing energy demands, several government initiative to promote use of
renewable energy, and significant investment by leading industry players
considering potential growth opportunities in the region.
The key players in the geothermal
turbines market are Calpine Corp., Enel Green Power North America Inc.,
Gradient Resources, Inc., Berkshire Hathaway Energy Co., Terra-Gen Power LLC,
U.S. Geothermal, Inc., Toshiba International Co., EthosEnergy Group Ltd., and
ThermaSource LLC.
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