The geothermal turbine market will exhibit high potential growth in the coming years. Owing to the factors that it has excellent reliability and can be used for both direct heating and electricity generation. In addition, a rise in infrastructural development activities and industrial growth boost demand for electricity thus in turn increase in the demand for the market. The geothermal turbines market size was valued at $67.5 billion in 2021 and is estimated to reach $99.5 billion by 2031, growing at a CAGR of 4.0% from 2022 to 2031.
Geothermal power plants use steam to produce electricity. The steam comes from reservoirs of hot water found a few miles or more below the earth’s surface. The steam rotates a turbine that activates a generator, which produces electricity.
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The market is primarily driven by expanding global demand for energy, growing environmental awareness, and depletion of fossil fuels. Development of enhanced geothermal systems (EGS) technology, which extracts heat from reservoirs by injecting fluid into deeper, hotter rock, in recent years, is paving the way for geothermal expansion in a variety of sectors. Hence, many economies are continually eager to increase their investments in these technologies. For instance, the U.S. Department of Energy stated in 2018 that it would provide the University of Utah with up to $140.0 million in funding over the following five years for geothermal research & development, with the FORGE field laboratory serving as the location for work.
An increase in steel costs, which further raises the cost of the power plant installation employed in the majority of utility-scale projects, is one of the main reasons impeding the growth of the geothermal turbine market. Steel often accounts for more than 65% of the entire cost of solar tracking systems, making them more expensive. Geothermal energy power plant installation requires substantial expenditure. Such power plant deployment requires huge capital costs for the building. This factor is estimated to hamper the geothermal turbine market growth.
Furthermore, the electricity demand is increasing across the globe and can be attributed to the rise in demand for the geothermal turbine market. that anticipated to prosper market growth during the forecast period. Moreover, the rising focus of governments of several countries towards green energy generation controls the rise in pollution has increased the government’s creativity for the geothermal turbine as an alternative source of energy generation over the forthcoming years.
In June 2022, Dominica Geothermal Development announced the 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.
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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.
Key players operating in the global geothermal turbine market forecast 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.
Geothermal turbine market opportunities, growth drivers, and restraints are explained 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 the 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 the intense competition in the industry.
Impact of COVID-19 on the global geothermal turbine market 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.
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Key findings of the study:
- By type, the binary cycle segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.4% from 2022 to 2031.
- By application, the Industrial segment is anticipated to register the highest CAGR of 4.5% during the forecast period.
- By Region, the Asia-Pacific garnered the highest geothermal turbine market share of 39.2% in 2021, in terms of revenue, growing at a CAGR of 4.6%.
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