PUBLISHER: 360iResearch | PRODUCT CODE: 1494648
PUBLISHER: 360iResearch | PRODUCT CODE: 1494648
[182 Pages Report] The Geothermal Turbines Market size was estimated at USD 7.52 billion in 2023 and expected to reach USD 7.93 billion in 2024, at a CAGR 5.68% to reach USD 11.07 billion by 2030.
Geothermal turbines are mechanical devices used in the process of converting geothermal energy, which is heat derived from the Earth, into electricity. These turbines are an integral component of geothermal power plants. The basic principle involves extracting heat from within the Earth's surface, often from areas with volcanic activity where this heat is more accessible. This heat warms up the water, creating steam. The high-pressure steam then spins the turbine blades, which are connected to a generator to produce electricity. As global awareness and commitments to reducing carbon emissions grow, the demand for renewable energy sources significantly increases. Geothermal energy, a reliable and sustainable source with less environmental impact than fossil fuels, is witnessing heightened demand. This shift propels the demand for geothermal turbines, crucial for converting geothermal energy into electricity. However, the upfront cost of setting up geothermal power plants is considerable, often deterring potential investors. Additionally, the feasibility of geothermal power is heavily dependent on specific geological conditions, limiting its applicability in regions without significant geothermal activity. Moreover, technological advancements have significantly increased the efficiency and reduced the costs of geothermal turbines. Innovations in turbine design and materials have enhanced their operational capabilities and longevity, making them more attractive for new installations and upgrades of existing facilities. This progression is a critical driver in the market growth.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 7.52 billion |
Estimated Year [2024] | USD 7.93 billion |
Forecast Year [2030] | USD 11.07 billion |
CAGR (%) | 5.68% |
Regional Insights
In the Americas, the United States and Canada hold significant geothermal capacity in the government, which supports geothermal energy through incentives such as tax credits and grants, which have spurred significant private investment and research in this sector. In the Americas, consumer need arises from a growing awareness of environmental issues and a shift towards reducing carbon footprints. Customers generally support energy innovations that promise sustainability and reliability, with an increasing trend towards personal investments in renewable energy sources. At the same time, the EU countries, including Iceland and Italy, have significantly harnessed geothermal energy. Through various policies and funding initiatives, the EU supports research and development in renewable energy, including geothermal. Germany and France are also seeing growing adoption facilitated by favorable government policies. Additionally, in the Middle East, countries, including Turkey, have made significant strides, with the government playing a crucial role in funding and facilitating geothermal projects. In EMEA, consumer needs are driven by the goals of energy security, economic benefits from localized energy production, and environmental sustainability. Moreover, the Asia Pacific region is a significant player in the geothermal turbine market due to its abundant geothermal resources and increasing energy needs. Countries including Indonesia, the Philippines, and New Zealand are significant in geothermal energy usage, driving demand for geothermal turbines in the region. Many regional governments have supported geothermal energy through favorable policies, subsidies, and incentives. These initiatives aim to reduce carbon footprints and enhance energy security, promoting investments in geothermal power projects and, consequently, in geothermal turbines.
Market Insights
The market dynamics represent an ever-changing landscape of the Geothermal Turbines Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Geothermal Turbines Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Geothermal Turbines Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
Enhancing Geothermal Energy Capabilities in Kenya: Toshiba ESS's Modernization Project at Olkaria I Power Plant
Toshiba Energy Systems & Solutions Corporation has secured a contract from SEPCOIII Electric Power Construction Co., Ltd. to supply steam turbines and generators for the renovation of Olkaria I, Kenya geothermal power facility, managed by Kenya Electricity Generating Company PLC (KenGen). This improvement aligns with Kenya's Vision 2030, which aims to elevate the nation's electricity generation through greener resources and targets 100% renewable energy by 2030. [Published On: 2024-03-19]
Innovative Breakthrough in Renewable Energy: Sage Geosystems Launches 3-MW EarthStore Geothermal Facility
Sage Geosystems has secured USD 17 million in Series A funding, led by Chesapeake Energy Corporation, to fully finance the construction of their first commercial-scale 3-MW Geopressured Geothermal System (GGS) facility, EarthStore, in Texas. The EarthStore system promises enhanced energy storage capabilities, allowing for short- and long-duration energy release and integration with other renewable sources such as wind and solar. [Published On: 2024-02-15]
Expanding Geothermal Frontiers: Fuji Electric's Strategic Enhancements in Kenya's Renewable Energy Sector
Fuji Electric Co., Ltd. bolsters its presence in Kenya's renewable energy landscape by providing essential Menengai Geothermal Power Station equipment under a contract secured via Toyota Tsusho Corporation. This initiative marks Fuji Electric's second project in Kenya after the successful deployment at Olkaria I Geothermal Power Station Unit. [Published On: 2023-02-16]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Geothermal Turbines Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Geothermal Turbines Market, highlighting leading vendors and their innovative profiles. These include Ansaldo Energia S.p.A., BHE Renewables, LLC, Calpine Corporation, Chevron Corporation, Chola Turbo Machinery International Pvt. Ltd., ElectraTherm, Inc., Enel SpA, Engie SA, Exergy International Srl, Fuji Electric Co., Ltd., General Electric Company, Halliburton, Hyundai Engineering & Construction, JFE Engineering Corporation, MAN Energy Solutions SE, Mitsubishi Electric Corporation, Ormat Technologies Inc., Siemens AG, Terra-Gen LLC, Toshiba Corporation, and Triveni Turbine Ltd..
Market Segmentation & Coverage