Global Geothermal Turbines Market - Industry Trends and Forecast to 2031

Global Geothermal Turbines Market, By Type (Flash Steam, Binary Cycle, and Dry Steam), Capacity (Low Capacity (10MW)), Application (Electric Power Generation, Direct Use, and Cogeneration), End Use (Industrial, Residential, Agriculture, and Others) - Industry Trends and Forecast to 2031.

Geothermal Turbines Market Analysis and Size

The geothermal turbines market is characterized by a growing demand for sustainable energy solutions, with geothermal power emerging as a key contributor. Geothermal turbines harness the earth's natural heat to generate electricity through various technologies such as flash steam, binary cycle, and dry steam. With a focus on renewable energy sources, the market is witnessing increasing investments and technological advancements to exploit the vast potential of geothermal resources worldwide. On the other hand, geothermal power generation is restricted to regions with accessible geothermal resources is anticipated to challenge the global geothermal turbines market growth.

Data Bridge Market Research analyses that the global geothermal turbines market which was USD 67.61 billion in 2023, would rocket up to USD 111.89 billion by 2031, and is expected to undergo a CAGR of 6.5% during the forecast period of 2024 to 2031. “Binary Cycle” dominates the type segment of the geothermal turbines market because the majority of binary plants are used in geothermal fields with low or medium enthalpy, where the process fluid heats the resource fluid in a closed loop.

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

 Report Scope and Market Segmentation

Market Definition

Geothermal turbines are specialized power generation systems designed to harness the Earth's natural heat for electricity production. These turbines operate within geothermal power plants and utilize the thermal energy stored beneath the Earth's surface to generate steam or directly drive electricity-generating turbines. The primary technologies involved include flash steam, binary cycle, and dry steam systems. Geothermal turbines play a pivotal role in converting the Earth's internal heat into sustainable and renewable electrical power, contributing to a cleaner and more diversified energy mix. The process involves extracting heat from geothermal reservoirs, converting it into mechanical energy, and ultimately generating electricity for various applications.

Global Geothermal Turbines Market Dynamics

Drivers

• Increasing Global Emphasis on Renewable Energy Sources and Stringent Environmental Regulations

Governments and regulatory bodies worldwide are increasingly implementing stringent mandates requiring a significant share of the energy mix to come from renewable sources. These mandates, often backed by incentives and policies, create a compelling business case for the deployment of geothermal turbines, aligning with the broader goal of reducing carbon emissions and fostering sustainable energy practices.

Under Renewable Energy Mandates, businesses and utilities face the imperative to diversify their energy portfolios with reliable and environmentally friendly sources. Geothermal turbines, harnessing the Earth's heat, offer a consistent and predictable renewable energy option, making them an attractive choice for meeting these mandates. As countries commit to reducing dependence on fossil fuels, the imperative to comply with renewable energy requirements positions geothermal turbines as strategic assets, contributing to a resilient and sustainable energy infrastructure.

• Geothermal Power's Low Carbon Footprint and Minimal Greenhouse Gas Emissions

Geothermal power stands out as a low-emission energy solution, emitting significantly fewer greenhouse gases compared to conventional fossil fuel-based power generation. This environmentally favorable characteristic positions geothermal turbines as a strategic choice for businesses and nations committed to achieving substantial emissions reductions and meeting sustainability targets.

Reduced Greenhouse Gas Emissions associated with geothermal turbines align with corporate and governmental sustainability agendas. As stakeholders seek to minimize their carbon footprint, geothermal power emerges as a key enabler of cleaner energy transitions. The inherent environmental benefits of geothermal turbines not only contribute to mitigating climate change but also position businesses as responsible stewards of the environment, fostering a positive image and enhancing their standing in an increasingly eco-conscious marketplace.

Opportunity

• Ongoing Research and Development Leading to Technological Innovations

Ongoing research and development initiatives are driving innovations such as advanced materials, enhanced drilling technologies, and optimized turbine designs. These advancements not only boost the efficiency and reliability of geothermal turbines but also position the industry for substantial growth, attracting investment and fostering a competitive edge in the evolving energy market.

The continuous evolution of Technological Advancements offers a pathway to overcoming historical challenges in geothermal power generation. Improved exploration techniques, coupled with innovations in reservoir management and monitoring, enhance the feasibility of geothermal projects. As businesses and governments embrace sustainability, leveraging these technological strides in geothermal turbines presents a strategic opportunity to expand capacity, increase project viability, and contribute to the global transition towards a cleaner and more resilient energy infrastructure.

Restraints/Challenges

• Geothermal Power Generation is Restricted to Regions with Accessible Geothermal Resources

While geothermal energy is a potent renewable source, suitable locations with accessible geothermal reservoirs are geographically restricted. This constraint poses challenges for widespread adoption and necessitates strategic planning to identify viable locations, limiting the scalability of geothermal turbine projects.

• Intense Competition from Other Renewable Energy Sources

As solar and wind energy gain prominence, geothermal power must contend with alternative renewable sources vying for market share. This heightened competition not only places pressure on pricing dynamics but also demands continuous innovation to position geothermal turbines as a competitive and preferred choice within the broader renewable energy landscape.

This global geothermal turbines market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the geothermal turbines market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Developments

• In July 2022, Enel Green Power reached an agreement with Vulcan Energy to conduct geothermal lithium research, exploiting the development potential provided by the "Cesano" license on the outskirts of Rome. This collaboration brings together the firms' respective skills in geothermal energy and lithium extraction to establish cooperative efforts at the Latium site and beyond
• In June 2022, EXERGY International Srl and Geothermal Development & Investment Inc. have inked an agreement for the exclusive distribution of turnkey geothermal power plants in Japan that use sophisticated, highly efficient ORC (Organic Rankine Cycle) technology
• In April 2021, Ansaldo Energia has been won a contract from Gruppo Arvedi to supply and renovate a new combined cycle plant in Servola. Such plant features an AE64.3A gas turbine, equipped with the latest generation technologies that have previously been proven to provide high efficiency, operational flexibility, and low emissions

Global Geothermal Turbines Market Scope

The global geothermal turbines market is segmented into four notable segments based on type, capacity, application, and end-use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

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 Use

• Industrial
• Residential
• Agriculture
• Others

Global Geothermal Turbines Market Regional Analysis/Insights

The global geothermal turbines market is analyzed and market size insights and trends are provided by type, capacity, application, and end-use are referenced above. The countries covered in the geothermal turbines market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel and Rest of Middle East and Africa.

North America dominates the geothermal turbines market and will continue to flourish its dominance due to expansion of the geothermal sector in commercial and residential applications throughout this region.

Asia-Pacific will continue to project the highest growth rate in the forecast period of 2024 to 2031 because of the national government has been obliged to act and pass legislation, as a consequence of the enormous potential for geothermal energy generation in these economies. These rules may allow oil and gas companies to investigate the regional geothermal energy potential.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Geothermal Turbines Market Share Analysis

The global geothermal turbines market competitive landscape provides details of competitors. details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the companies' focus related to the geothermal turbines market.

Some of the major players operating in the global geothermal turbines market are:

• Toshiba Energy Systems & Solutions Corporation (Japan)
• Fuji Electric Co., Ltd. (Japan)
• Mitsubishi Power, Ltd. (Japan)
• Ormat Technologies Inc. (U.S.)
• Ansaldo Energia S.p.A. (Italy)
• Halliburton (U.S.)
• Turboden S.p.A (Italy)
• Exergy International Srl (Italy)
• Calpine Corporation (U.S.)
• Enel S.p.A. (Italy)
• General Electric Company (U.S.)
• ElectraTherm, Inc. (U.S.)