The global geothermal turbines market is expected to display higher growth rate over the next five years. Rapid surge in market is credited to the rising importance towards renewable energy generation technologies. Rising crude oil prices and exhaustion of fossil fuel reserves are the major factors driving governments to promote use of renewable energy generation technologies in the past few years. Globally, market is predicted to generate massive revenue over next five years, providing numerous opportunities for industry participants to invest in research and development of geothermal turbines market.
Electricity generation from renewable resources is gaining prominence from domestic as well as commercial sector, thereby lowering overall carbon footprint across the globe. Use of renewable fuel to limit greenhouse gas emissions and diversify the energy mix are the key industry trend associated with geothermal turbines market. Rising energy demands, particularly from emerging economies across the globe has stirred the massive investment by government as well as businesses for renewable energy generation, in the past few years.
Geothermal turbine that are increasingly adopted in power plants uses hydrothermal resources. The hydrothermal resources consists of both water (hydro) and heat (thermal). Geothermal power plants are established either on dry steam wells or from hot water wells. Hydrothermal resources consist of hot water or steam and powers a geothermal turbine that generates electricity.
Increasing expansion of existing power plants and rising number of forthcoming geothermal projects are anticipated to create several revenue option for industry participants until the end of the forecast period. In addition, recent technological advancements coupled with manifestation of several geothermal reserves, particularly in the North America and East Asia region are estimated to further complement the industry growth. However, presence of policy barriers and insufficient transmission infrastructure are key challenges for market expansion.
The geothermal turbines market is broadly categorized into major three segments based on the application type such as dry steam plants, flash steam plants and binary cycle power plants. Flash steam plants segment is growing rapidly in the market with substantial revenue generation in the last few years. Growing popularity of geothermal turbines in flash steam plants segment is attributed to the cost advantage and higher market penetration.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in energy generation sector, surge in number of research & development activities in the region and existence of well-established industrial infrastructure. In European region, Germany, France and United Kingdom are projected to witness steady growth due the favorable government policies and presence of adequate transmission infrastructure.
Asia-Pacific region is estimated to hold a major share in the geothermal turbines industry with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, rising crude oil prices, increasing energy demands, several government initiative to promote use of renewable energy, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the geothermal turbines market are Calpine Corp., Enel Green Power North America Inc., Gradient Resources, Inc., Berkshire Hathaway Energy Co., Terra-Gen Power LLC, U.S. Geothermal, Inc., Toshiba International Co., EthosEnergy Group Ltd., and ThermaSource LLC.