Pune, April 20, 2021 (GLOBE NEWSWIRE) -- Geothermal Turbines Market Analysis
Market Research Future (MRFR) predicts the global geothermal turbines market to register a 3.54% CAGR from 2020 to 2027 (forecast period).
Geothermal power is an independent power generation system that uses thermal energy from the earth. Wells are drilled miles deep into the earth to pump hot water to the surface during the power generation process. The pressure decreases as the water hits the surface, turning it to steam. The steam spins the turbine, which is linked to the generator, which generates electricity.
The increasing share of renewable energy sources and the demand for clean energy are the main factors boosting the growth of the global geothermal turbine market. Furthermore, rising demand for heating and cooling systems such as ground source heat pumps and district heating is expected to drive the geothermal turbines market forward.
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Many major players, including Mitsubishi Power, Ltd., Turboden S.p.A., and Toshiba Energy Systems & Solutions Corporation, are actively concentrating on signing contracts and agreements for geothermal power plants, in which geothermal turbines are an essential component. In October 2019, Toshiba Energy Systems & Solutions Corporation signed a contract with PT Inti Karya Persada Tehnik (IKPT), Indonesia, to supply a package of steam turbine and generator for the Dieng Small Scale Geothermal Power Plant in Central Java, Indonesia. Furthermore, these contracts will result in long-term service agreements between power generation companies and companies providing geothermal turbines, under which the companies will provide consumers with lifecycle solutions and service contracts that are flexible to achieve their desired outcomes. During the forecast period, such innovations are anticipated to propel the growth of the global geothermal turbine market. Similarly, KenGen, Kenya's electricity generation firm, and Gesto Energia collaborated in June 2020 to provide services and supervision of geothermal power plant Olkaria V, with an installed capacity of 140MW. Gesto created the geothermal project for KenGen as a milestone for the development of geothermal energy in Africa. Furthermore, several countries around the world are relying on unconventional resources to meet rising electricity demand. Ethiopia, for example, is one of the emerging markets for renewable energy generation, and in April 2020, the Ethiopian government signed a USD 800 million power purchase agreement with the developers of a 150 MW geothermal plant. Geothermal power has provided the country to improve its energy security by providing constant output power to support industrialization.
COVID-19 Impact on the Global Geothermal Turbines Market
The implementation of a range of regulations by governments around the world to deal with the COVID-19 crisis, such as a full shutdown of manufacturing units, is expected to have an impact on the global geothermal turbine industry's development.
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Market Segmentation
The global geothermal turbines market has been segmented based on type and application.
Based on type, the global geothermal turbines market has been segmented into binary cycle, flash cycle, dry steam. The binary cycle segment is expected to expand at the fastest rate during the review period, as nothing is released into the atmosphere by this form of geothermal turbine. These turbines are designed to run on moderate-temperature water, which is by far the most common geothermal resource. Binary plants are usually used in low- or medium-enthalpy geothermal fields where resource fluid is used to heat process fluid in a closed-loop. Furthermore, the scale of these plants ranges from less than 1 MW to 50 MW. Furthermore, the majority of geothermal power plants are expected to be binary-cycle plants. Such factors are expected to result in a sizable share of the binary cycle segment.
Based on application, the global geothermal turbines market has been segmented into industrial, residential, agricultural, and others. The industrial segment is predicted to hold a larger market share as most geothermal turbines are used for fisheries, heating greenhouses, and industrial processes.
Regional Analysis
Based on region, the geothermal turbines market has been segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and South America.
North America captured the largest share of the geothermal turbines market due to increasing geothermal power plant development. According to the EIA, California has the most geothermal power plants (30), followed by Nevada (23), Idaho, Hawai, Utah, New Mexico, and Oregon, all of which have a large number of geothermal power plants. Furthermore, geothermal power is generated primarily in California, with almost 2,683 MWe installed capacity. In addition, there are 414 active producing steam wells in California, which holds over 95% of the steam wells in the US. All these factors are predicted to stimulate the demand for geothermal turbines in the region.
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Competitive Landscape
With the presence of a range of international and regional players, the global geothermal turbines market is relatively fragmented and competitive. Market players are heavily engaged in technological growth, global expansion, and mergers and acquisitions in order to protect their market position.
The key players active in the global geothermal turbines market are Toshiba Energy Systems & Solutions Corporation, Fuji Electric, Mitsubishi Power, Ltd., Ormat Technologies Inc., Ansaldo Energia, Halliburton, Turboden S.p.A, Exergy International Srl, Calpine, Enel Spa, GE, and ElectraTherm, Inc., among others.
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