Allied Market Research published a report, titled, “Geothermal Turbines Market by Type (Dry Steam, Flash Cycle, Binary Cycle), by Application (Industrial, Residential, Agricultural, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global geothermal turbine industry was estimated at $67.5 billion in 2021, and is anticipated to hit $99.5 billion by 2031, registering a CAGR of 4.0% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.
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Determinants of growth-
Rising demand for heating and cooling systems, such as district heating and ground source heat pumps drive the growth of the geothermal turbine market growth. On the other hand, energy generation from geothermal power plants is capital-intensive and the development of these power plants needs substantial capital requirements, due to high exploration costs and resource assessment, including field infrastructure, drilling of production & injection wells, geothermal fluid collection, and other surface installations. These factors impede the growth to some extent. However, increase in adoption of binary cycle technology which enables the effective use of geothermal resources has created lucrative opportunities in the industry.
- Although the Covid-19 pandemic had a negative impact on the global geothermal turbine market in the initial period, sales of geothermal turbine experienced an incline by the end of 2021 due to several supportive government policies.
- There have also been initiatives to fulfill the expanding energy demand using renewable energy sources.
The binary cycle segment to rule the roost-
By type, the binary cycle segment accounted for more than two-fifths of the global geothermal turbine market share in 2021, and is expected to retain its dominance throughout the forecast period. The same segment would also cite the fastest CAGR of 4.4% from 2022 to 2031. This is due to the fact that by utilizing cutting-edge technology, this kind of plant guarantees zero emissions, maximum efficiency, and cheaper operating costs.
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The industrial segment dominated the market-
By application, the industrial segment held the highest share in 2021, garnering more than two-fifths of the global geothermal turbine market revenue. The same segment would also showcase the fastest CAGR of 4.5% from 2022 to 2031. This is attributed to the fact that in order to supply food, lessen poverty, and satisfy future energy needs, it is hoped that developing countries can utilize geothermal industrial heat to its fullest capacity.
Asia-Pacific grabbed the lion’s share-
By region, Asia-Pacific generated the major share in 2021, generating nearly two-fifths of the global geothermal turbine market revenue. The same region would also portray the fastest CAGR of 4.6% during the forecast period. Rise in energy demand and increase in energy security concerns across the region drive the market growth.
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Key players in the industry-
- Enel Spa
- Exergy International Srl
- ElectraTherm Inc.
- Fuji Electric Co., Ltd.
- Turboden S.p.A.
- Ansaldo Energia
- General Electric
- Mitsubishi Electric Corporation
- Ormat Technologies Inc.
- Toshiba Corporation
The report analyzes these key players in the global geothermal turbine market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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