Geothermal Turbines Market Research Report 2024
Geothermal Turbines Market Global Industry Analysis and Forecast (2024-2032) By Type (Flash Steam, Binary Cycle, Dry Steam), Capacity (Low Capacity (<1MW), Medium Capacity (1MW – 10MW), High Capacity (>10MW)), Application (Electric Power Generation, Direct Use, Cogeneration), End-User (Industrial, Residential), And Region
Geothermal Turbines Market Synopsis
Geothermal Turbines Market Size Was Valued at USD 67.73 Billion in 2023 and is Projected to Reach USD 120.49 Billion by 2032, Growing at a CAGR of 6.61% From 2024-2032.
Geothermal turbines are mechanical devices that are designed to convert thermal energy from geothermal sources into mechanical power, which is then used to generate electricity.Geothermal turbines are utilized in geothermal power plants to produce electric power, Hot water, and steam stored underground are accessed and channelled toward the geothermal turbine under high pressure. The steam turns the turbine, causing the blades to rotate and generate electricity through a connected generator. This sustainable energy source can offer a steady and dependable power source, decreasing dependence on fossil fuels and decreasing greenhouse gas emissions.
Geothermal is used for home applications where heat pumps use geothermal power to provide effective heating for homes. They operate by taking heat from the ground or water and moving it inside to heat spaces in cold weather. Geothermal turbines improve the efficiency of the heat pump system by aiding in the circulation of the heat transfer fluid. This eco-friendly heating option decreases energy usage and carbon footprints.Geothermal turbines are utilized in agricultural environments to offer warmth for greenhouses. Geothermal heat is distributed throughout the greenhouse, ensuring ideal temperatures for crop development even in colder regions. This permits cultivation throughout the year, which helps in increasing crop production and broadening the period for growth. Using geothermal energy for greenhouse heating decreases the dependency on conventional heating methods, resulting in energy savings and increased sustainability in agriculture.
Geothermal energy has many applications in multiple industrial processes. The geothermal turbines produce high-pressure steam or hot water that is seamless for heating, drying, and running different operations. Sectors like food processing, pulp and paper production, mineral extraction, and manufacturing can take advantage of the dependable and sustainable energy provided by geothermal turbines, leading to lower energy expenses and environmental footprint.Geothermal energy is commonly used directly for heating applications it can be utilized for heating spaces and producing hot water in residential, commercial, and institutional environments. The heat is taken out from beneath the surface.The Above Bar Graph Depicts the Geothermal Energy Production Worldwide in 2019 it was 87.26 billion Kilowatt hours of energy production where it has been increased in the year 2023 to 97.69 billion Kilowatt.
Top Active Players Involved Are:
“Alstom (France), Ansaldo Energia (Italy), Baker Hughes (United States), Bharat Heavy Electricals Limited (India), Doosan Heavy Industries & Construction (South Korea), Elliott Group (United States), Fuji Electric (Japan), General Electric (United States), Harbin Electric International (China), Kawasaki Heavy Industries (Japan), MAN Energy Solutions (Germany), Mitsubishi Heavy Industries (Japan), Ormat Technologies (United States), Power Machines (Russia), Shanghai Electric (China), Siemens Energy (Germany), Sumitomo Corporation (Japan), TSK Group (Spain), Toshiba Energy Systems & Solutions (Japan), Turboden (Italy), Voith Group (Germany), Wood Group (United Kingdom), Yokogawa Electric (Japan), Enel Green Power (Italy), KenGen (Kenya) and Other Active Players.”
Geothermal Turbines Market Trend Analysis
Increasing Global Emphasis on Renewable Energy Sources
- The increasing focus worldwide on renewable energy sources has become a major factor in the geothermal turbine market. With increasing concerns about climate change and environmental sustainability, there is a growing acknowledgment of the necessity to shift from fossil fuels to clean, renewable energy sources. Geothermal energy has become recognized as a feasible and eco-friendly solution due to its minimal carbon emissions and dependable characteristics.
- The growing recognition of the harmful effects of greenhouse gas emissions on the environment and climate has resulted in a worldwide effort to decrease carbon footprints. Geothermal turbines provide an appealing decision to fossil fuel-powered electricity generation, as they have fewer greenhouse gas emissions and a reduced environmental footprint.
- The uncertainty and randomness of fossil fuel costs have increased the economic appeal of renewable energy sources like geothermal energy. Geothermal turbines offer a consistent and reliable energy source, decreasing reliance on unstable fuel prices and enhancing energy stability.
- The renewable energy industry has experienced prominent progress in technology and saving measures, which has increased the competitiveness of geothermal energy in the worldwide energy market. Enhancements in drilling methods, advances in geothermal system designs, and improved turbine efficiency have all helped make geothermal projects more feasible and expandable.
- Supportive policies and regulations have been set in place by governments and international organizations to speed up the uptake of renewable energy. Providing feed-in tariffs, tax benefits, and grants incentivizes investment in geothermal energy infrastructure, leading to the expansion of the geothermal turbines market, the worldwide dedication to reaching the United Nations Sustainable Development Goals, specifically Goal 7 (Affordable and Clean Energy), has advanced the progress and implementation of geothermal energy technologies. Hence, in this way, Increasing Global Emphasis on Renewable Energy Sources acts as a Driver in the Geothermal Turbines Market.
Technological Innovations
- Technological advances create great projections in the geothermal turbine industry, leading to progress, enhancing effectiveness, and broadening the potential of geothermal power production. These new developments could increase the use of geothermal energy and improve its competitiveness in the worldwide energy market.
- Advancements in drilling techniques enable the extraction of geothermal resources to be carried out more effectively at greater depths. Directional drilling allows for reaching deeper reservoirs formerly unreachable, thus increasing opportunities for geothermal energy production. Enhanced drilling methods enhance the precision and efficiency of good buildings, cutting expenses and decreasing the ecological footprint.
- Improvements in turbine design and technology are boosting the effectiveness and productivity of geothermal power plants. Revolutionary turbine designs improve energy conversion efficiency, boosting the overall electricity production from geothermal sources. High-performance turbines can utilize heat resources more efficiently, enhancing plant performance and cutting operational expenses.
- The incorporation of digital technologies and data analytics offers a new chance in the geothermal turbines industry. Advanced data analytics and real-time monitoring systems allow operators to enhance plant operations, optimize resource management, and pinpoint potential performance bottlenecks. These tech solutions can improve plant reliability, productivity, and operational efficiency.
- The Advancements in materials science play an important role in creating stronger and longer-lasting turbine parts. Advanced materials that have exceptional resistance to corrosion and excellent thermal properties lead to increased durability of turbines and decreased need for maintenance, leading to greater availability of plants and reduced overall costs over their life cycle. Hence, in this way, Technological Innovations act as an opportunity in the Geothermal Turbines Market.
Geothermal Turbines Market Segment Analysis:
The Geothermal Turbines market is segmented on the basis of Type, Capacity, Application, and End-User.
By Type, Binary Cycle Segment Is Expected to Dominate the Market During the Forecast Period
- Hence, in this way By Type, Binary Cycle Segment Is Expected to Dominate the Geothermal Turbines Market.
By End-User, Industrial Segment Held the Largest Share In 2023
- The industrial sector dominated the geothermal turbine market because of various significant factors, establishing it as the top consumer of geothermal energy production.
- The significant energy demand of the industrial sector is one of the main factors contributing to its dominance. Industries need a substantial amount of electricity to operate, which includes powering manufacturing processes, equipment, and facilities. Geothermal energy proves to be a dependable and environmentally friendly option to meet energy requirements. The significant energy usage in the industrial sector is the main driver for the need for geothermal turbines, making it the biggest segment in the market for end-users.
- The industrial sector also enjoys the long-term cost benefits of geothermal energy. Geothermal energy provides consistent and anticipated electricity rates due to its immunity to the fluctuation of fossil fuel prices. Industrial users can lower operational costs and enhance competitiveness by utilizing geothermal turbines for a reliable and cost-effective energy supply.
- The geothermal energy is in line with the sustainability aims of the industrial sector. Numerous sectors are placing more emphasis on minimizing their impact on the environment and shifting towards cleaner sources of energy.
- Geothermal energy offers an appealing option for industries seeking to reach sustainability goals and comply with regulations due to its limited environmental impact and low carbon emissions. Therefore, there is a significant trend in the industrial sector towards utilizing geothermal energy, which has led to its prominent position in the market. Hence, in this way By End-User, the Industrial Segment Held the Largest in the Geothermal Turbines Market.
Geothermal Turbines Market Regional Insights:
Asia Pacific is Expected to Dominate the Market Over the Forecast Period
- There are various factors contributing to growth and development that are predicted to make the Asia Pacific region the leading market for geothermal turbines. The area has a prominent geothermal capacity, with multiple nations having plentiful and easily reachable geothermal assets. This creates a favorable setting for the installation of geothermal turbines, leading to its dominance in the Asia Pacific market.
- The area's strong position is a result of its supportive regulatory environment that encourages the production of geothermal power. Several governments in the Asia Pacific area have implemented policies and incentives to encourage the growth of geothermal energy, including feed-in tariffs, tax incentives, and regulatory support. These benefits have spurred investments in geothermal power facilities, especially in nations like Indonesia, the Philippines, and Japan, known for their abundant geothermal resources.
- Enhanced technological advancements also play a role in the Asia Pacific region's leading position in the geothermal turbine market. The area has experienced notable progress in geothermal technology, leading to improved efficiency, enhanced plant performance, and decreased operational expenses. The economic viability of geothermal power has been increased by technological advancements, leading to greater adoption in the region.
- The Asia Pacific region is experiencing high energy requirements due to population growth and urbanization, which are also contributing to the increased demand for energy. The growing focus on sustainability, combined with the high energy demand, provides a favorable setting for the implementation of geothermal turbines. Hence, in this way, Asia Pacific is Expected to Dominate the Geothermal Turbines Market.
Geothermal Turbines Market Active Players
- Alstom (France)
- Ansaldo Energia (Italy)
- Baker Hughes (United States)
- Bharat Heavy Electricals Limited (India)
- Doosan Heavy Industries & Construction (South Korea)
- Elliott Group (United States)
- Fuji Electric (Japan)
- General Electric (United States)
- Harbin Electric International (China)
- Kawasaki Heavy Industries (Japan)
- Man Energy Solutions (Germany)
- Mitsubishi Heavy Industries (Japan)
- Ormat Technologies (United States)
- Power Machines (Russia)
- Shanghai Electric (China)
- Siemens Energy (Germany)
- Sumitomo Corporation (Japan)
- Tsk Group (Spain)
- Toshiba Energy Systems & Solutions (Japan)
- Turboden (Italy)
- Voith Group (Germany)
- Wood Group (United Kingdom)
- Yokogawa Electric (Japan)
- Enel Green Power (Italy)
- Kengen (Kenya) And Other Active Players
Key Industry Developments in the Geothermal Turbines Market:
- In June 2024, Mitsubishi Heavy Industries, Ltd. (MHI) and Thailand's largest power producer Electricity Generating Authority of Thailand (EGAT) signed a Memorandum of Understanding (MoU) to conduct research on the introduction of hydrogen co-firing technologies for gas turbine power generation facilities in Thailand, at the 6th Japan-Thailand Energy Policy Dialogue (JTEPD) held in Tokyo on June 4. The research aims to facilitate the conversion of thermal power plants to fire-clean fuels, supporting Thailand’s goals of achieving carbon neutrality by 2050 and net zero emissions by 2065.
- In May 2024, SteelAsia Manufacturing Corp., the top steel manufacturer in the Philippines, is in talks with GreenFire Energy to supply geothermal power to their manufacturing facilities nationwide. SteelAsia President and CEO Andre Sy made the pronouncement following a high-level mission by the US Secretary of Commerce to the Philippines that GreenFire Energy joined.
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Geothermal Turbines Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 67.73 Bn. |
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Forecast Period 2024-32 CAGR: |
6.61 % |
Market Size in 2032: |
USD 120.49 Bn. |
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Segments Covered: |
By Type |
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By Capacity |
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By Application |
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By End-User |
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By Region |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Geothermal Turbines Market by By Type
4.1 Geothermal Turbines Market Snapshot and Growth Engine
4.2 Geothermal Turbines Market Overview
4.3 Flash Steam
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market
