All updated as on -
Geothermal Turbine Market Size was estimated in 2022 to be worth USD 61.9 billion. According to projections, the market for geothermal turbines would increase from USD 63.4700 billion in 2023 to USD 83.8369 billion in 2030, with a compound annual growth rate (CAGR) of 4.54% throughout the forecast period (2023–2022). Increased The primary market factors accelerating market expansion are the rising demand for clean energy and the rising share of renewable energy sources.
Geothermal energy production mostly relies on methods that use typical geothermal resources, including binary plants, dry steam plants, flash plants (single, double, and triple), combined cycle or hybrid plants, and flash plants (single, double, and triple). The development of improved geothermal systems could make deeper resources accessible in the future when high-quality conventional resources become more difficult to obtain.
The total installed geothermal power producing capacity was 15,960 MW at the end of 2021. Along with Colombia and Taiwan, who have recently installed geothermal electricity, more capacity was added in several other nations. The US is the world's largest generator of geothermal electricity. About 16.2 billion kilowatt-hours (kWh), or 0.4% of all utility-scale electricity generated in the US in 2021, were generated by geothermal power facilities in California, Nevada, Utah, Oregon, Hawaii, Idaho, and New Mexico. Geothermal energy production in and outside of the western US may be greatly boosted by 2050 to provide 60+ GWe of dependable, adaptable, and clean energy. The market CAGR is driven by this element.
With the rising need for renewable energy, geothermal power generation is also rapidly increasing. Globally, a number of governments are implementing green measures to reduce greenhouse gas emissions. Air pollution will be decreased by generating electricity with minimal or no greenhouse gas emissions. Geothermal energy is lowering reliance on energy produced by burning fossil fuels. Compared to fossil fuels, geothermal power facilities emit 99% less carbon dioxide. Energy is among the most dependable, affordable, sustainable, and environmentally friendly energy sources, therefore market demand for this renewable energy source will continue to rise as the globe looks increasingly for renewable alternatives.
Additionally, the population is growing steadily. With a growing population comes a boom in the construction industry. The continual increase in population has resulted in a major increase in the development of residential and commercial buildings. To meet the expanding needs for space and water heating in homes and businesses, several heat networks have been constructed all over the world. A significant portion of the energy produced by geothermal energy is used worldwide in residential and commercial buildings, making it a useful source for district heating. As a result, the market revenue for geothermal turbines is growing along with the number of new buildings being built and the amount of heating needed.
Report Coverage
Global Geothermal Turbines research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Geothermal Turbines report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Geothermal Turbines competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Geothermal Turbines market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Geothermal Turbines market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Geothermal Turbines market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Toshiba Energy Systems & Solutions Corporation, Mitsubishi Power, Ltd., Ormat Technologies Inc., Fuji Electric, Ansaldo Energia, Turboden S.p.A, Exergy International Srl, Halliburton, Calpine, Enel Spa, GE, Electra Therm, Inc.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Geothermal Turbines market based on the below-mentioned segments:
Global Geothermal Turbines Market, By Type
Dry Steam
Flash Cycle
Binary Cycle
Global Geothermal Turbines market, By Application
Industrial
Residential
Agricultural
Global Geothermal Turbines market, Regional Analysis
Geothermal energy production mostly relies on methods that use typical geothermal resources, including binary plants, dry steam plants, flash plants (single, double, and triple), combined cycle or hybrid plants, and flash plants (single, double, and triple). The development of improved geothermal systems could make deeper resources accessible in the future when high-quality conventional resources become more difficult to obtain.
The total installed geothermal power producing capacity was 15,960 MW at the end of 2021. Along with Colombia and Taiwan, who have recently installed geothermal electricity, more capacity was added in several other nations. The US is the world's largest generator of geothermal electricity. About 16.2 billion kilowatt-hours (kWh), or 0.4% of all utility-scale electricity generated in the US in 2021, were generated by geothermal power facilities in California, Nevada, Utah, Oregon, Hawaii, Idaho, and New Mexico. Geothermal energy production in and outside of the western US may be greatly boosted by 2050 to provide 60+ GWe of dependable, adaptable, and clean energy. The market CAGR is driven by this element.
With the rising need for renewable energy, geothermal power generation is also rapidly increasing. Globally, a number of governments are implementing green measures to reduce greenhouse gas emissions. Air pollution will be decreased by generating electricity with minimal or no greenhouse gas emissions. Geothermal energy is lowering reliance on energy produced by burning fossil fuels. Compared to fossil fuels, geothermal power facilities emit 99% less carbon dioxide. Energy is among the most dependable, affordable, sustainable, and environmentally friendly energy sources, therefore market demand for this renewable energy source will continue to rise as the globe looks increasingly for renewable alternatives.
Additionally, the population is growing steadily. With a growing population comes a boom in the construction industry. The continual increase in population has resulted in a major increase in the development of residential and commercial buildings. To meet the expanding needs for space and water heating in homes and businesses, several heat networks have been constructed all over the world. A significant portion of the energy produced by geothermal energy is used worldwide in residential and commercial buildings, making it a useful source for district heating. As a result, the market revenue for geothermal turbines is growing along with the number of new buildings being built and the amount of heating needed.
Report Coverage
Global Geothermal Turbines research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Geothermal Turbines report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Geothermal Turbines competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Geothermal Turbines market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Toshiba Energy Systems & Solutions Corporation, Mitsubishi Power, Ltd., Ormat Technologies Inc., Fuji Electric, Ansaldo Energia, Turboden S.p.A, Exergy International Srl, Halliburton, Calpine, Enel Spa, GE, Electra Therm, Inc. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Geothermal Turbines Market from 2021 to 2030.
- Market Forecast for Geothermal Turbines Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Geothermal Turbines competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Geothermal Turbines
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Geothermal Turbines market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Geothermal Turbines market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Toshiba Energy Systems & Solutions Corporation, Mitsubishi Power, Ltd., Ormat Technologies Inc., Fuji Electric, Ansaldo Energia, Turboden S.p.A, Exergy International Srl, Halliburton, Calpine, Enel Spa, GE, Electra Therm, Inc.
Primary Target Market
- Market Players of Geothermal Turbines
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Geothermal Turbines market based on the below-mentioned segments:
Global Geothermal Turbines Market, By Type
Dry Steam
Flash Cycle
Binary Cycle
Global Geothermal Turbines market, By Application
Industrial
Residential
Agricultural
Global Geothermal Turbines market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
You will get in-depth and extensive geothermal turbines market market research and competitor analysis for your business to help you develop more profound insights into the geothermal turbines market Market.
Through INFINITIVE Data Expert is a professional Market Research services, I will identify the geothermal turbines market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.