Geothermal Turbines Market Size Highlights:
Geothermal Turbines Market Size is projected to be worth USD 83.27 Billion, registering a CAGR of 3.54% during the forecast period.
Geothermal turbines are similar to steam turbines. However, in the case of geothermal turbines, the steam required to power the turbines is generated by the heat harnessed from the Earth’s core and not from a fuel source.
In 2019, North America Dominated the Geothermal Turbines Market Size in Terms of Share: MRFR
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The Geothermal Turbines Market Size has been segmented into five regions: Asia-Pacific, the Middle East & Africa, Europe, North America, and South America. North America is likely to hold the largest share of the market during the forecast period. The larger market share of North America is attributed to the significant amount of geothermal power plants that are planned or executed to boost the market. For instance, the Geysers dry steam reservoir in Northern California is the largest known dry steam field in the world. Moreover, companies in North America are participating in innovating the geothermal energy. For instance, Enel Green Power’s 25 MW Cove Fort, 13.4 MW Salt Wells and 33.1 MW Stillwater facilities are the only geothermal plants in North America to use largescale electrical submersible pumps (ESP) for the extraction of geothermal fluid, a cleaner and more efficient technology that ensures zero energy losses. All these factors are likely to fuel the growth of the Geothermal Turbines Market Size in the region as it is significant element in the geothermal power generation process.
The global Geothermal Turbines Market Size has been classified based on type and application. Based on type, the Geothermal Turbines Market Size is divided into dry steam, flash cycle, and binary cycle. The binary cycle segment is expected to grow at highest growth rate during the forecast period as within this type of geothermal turbines, nothing is emitted to the atmosphere. Such factors lead to the large market share of the binary cycle segment.
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Scope of the Report
This report provides an in-depth analysis of the global Geothermal Turbines Market Size, tracking two market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights the market size and shares for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Geothermal Turbines Market Size by type, application, and region.
- Type
- Dry Steam
- Flash Cycle
- Binary Cycle
- Application
- Industrial
- Residential
- Agricultural
- Others
- By Region
- North America
- Asia-Pacific
- Europe
- Middle East & Africa
- South America
Key Players
The key players operating in the global Geothermal Turbines Market Size are Mitsubishi Power, Ltd., Toshiba Energy Systems & Solutions Corporation, Fuji Electric, Ansaldo Energia, Turboden S.p.A, Exergy International Srl, Halliburton, Ormat Technologies Inc., Calpine, Enel Spa, GE, and ElectraTherm, Inc.