Resilience of Geothermal Power Equipment Market to be sustained by Technological Advancements During 2021 and 2029

A new research report published by Transparency Market Research (TMR) quantifies the growth trajectory and uncovers insights that point toward a propitious decade for the geothermal power equipment market. There are myriads of reasons to be optimistic about the market; the first being governments’ shift towards cleaner and greener energy, after decades of imprudent use of fossil fuels, and the increasing need for energy conservation. The growing emphasis on the generation and use of renewable energy has led to the introduction of incentives to attract new investors into the renewable energy generation industry.
The sales of geothermal power equipment will gather strength on account of the shift from solar and wind energy to geothermal energy. Technological leaps, and the evolution of exploration and drilling, power generation, steam field, and heating technologies will improve the quality of geothermal power equipment, and, in turn, better the chances of their adoption.
Since a majority of residential, industrial, and commercial operations rely on electricity, geothermal energy will play a pivotal role. Sensing the shift to renewable practices from fossil fuels for energy generation, companies are shrinking their carbon footprints by widening their geothermal footprints, which will act as a crucial lever for the market. However, high upfront investment and a long payback period are likely to act as a throttle as far as attracting new working capital for operating and maintaining power plants is concerned. Overall, the geothermal power equipment will grow at a steady pace, and will arrive at a value of ~US$ 32 billion by the end of 2027.
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Popularity of Geothermal Energy Outshines Solar and Wind Energy
Though the world is looking at geothermal power plants as contemporary energy generation sources, the 'profitability concern', as seen through a businessman’s lens, is likely to shrink investments. High capital, right from the initial exploration phase to the operational stage, is required to develop geothermal projects, which is being followed by a sharp uptake in the operational and maintenance costs for geothermal power plants. However, effective measures such as support mechanisms in clean energy technology, as initiated by the governments of numerous countries, are likely to offset this challenge.
Yet another challenge for the geothermal sector is the increasing popularity of solar and wind power plants. All green renewable energy sources are better than conventional fossil fuels; solar panels are witnessing a dramatic drop in their prices, which retains their sheen.
However, the crucial requisites for solar panels and windmills to operate efficiently are the sun and wind, which are subjected to climate changes. During peak rainy seasons, solar panels may lose efficiency, and during peak summers, windmills may become irrelevant, which makes geothermal energy favorable for year-round energy requirements, and lends an opportunity to discerning investors to invest in the geothermal power equipment market. The geothermal power equipment market is projected to hold a value of ~US$ 21 billion in 2019, with products and power plants being the key competitive parameters.
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Drilling Down the Key Trends
In 2018, energy generated through global geothermal power accounted for a capacity of 14,600 MW, and this is currently being generated in 26 countries. The vital requisite for harnessing geothermal energy is the availability of locations with extreme heat resources, which makes binary cycle power plants suitable for the generation of energy even in regions with low heat. However, speaking of cost, the installation costs for binary cycle power plants tend to be higher than dry steam plants and flash steam plants.
Flash steam plants leverage high-pressure hot water from the Earth’s surface, to convert it into steam, and drive the turbines of generators. In addition, when steam cools down, it condenses into water, which is injected back into the ground for reuse. The sales of geothermal power equipment for flash steam power plants are anticipated to record a value of ~US$ 12 billion in 2019, and are likely to register at a compound annual growth rate of ~6% during the forecast period.
With ongoing developments and technological advancements, the adoption of geothermal power equipment will grow in terms of value, and turbines are likely to remain the top-selling category. The sales of turbines are likely to register a value of ~US$ 5.3 billion in 2019, and will record a compound annual growth rate of ~6 percent during 2019-2027. The high-value growth of turbines can be ascribed to their prowess of converting various types of energy, while other power generation equipment have a role after the energy conversion phase.

Asia Pacific to Hold on to its Leading Position
As the initial investment required for the installation of a geothermal power plant is substantially high, governments’ support mechanism in the form of tax credits, grants, renewable portfolio standards, and feed-in-tariffs play a pivotal role. One such example of a successful feed-in-tariff plan can be taken from Japan. A feed-in-tariff system was launched in Japan, in 2012, for encouraging investments in renewable energy equipment.
Beside Japan, large-scale geothermal energy is produced in the Philippines and Indonesia to meet the electricity needs that were traditionally catered to by fossil fuels. Urban sprawl in China and India that create high demand for electricity, coupled with improving power distribution networks, are likely to drive the shift towards sourcing geothermal energy. The aforementioned influencers are likely to catalyze the growth of the Asian geothermal power equipment market, and move it to a value of ~US$ 12 billion by the end of 2027.

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What Should Market Participants Look At?
In the highly fragmented landscape, competitors contend on the parameters of design and technology, as continuous product-level innovation and upgrades exert their influence on market growth. Mitsubishi Heavy Industries, Ltd. is one such leading company that is focusing on product innovation. The company takes an innovative market approach to integrate solutions for catering to a wide array of industrial requisites. It strongly prioritizes investments in infrastructural development by pioneering new technologies.
Manufacturers of geothermal power equipment can also look at the supply, design, and production of an entire power plant by collaborating with governments of countries, wherein, literature and awareness about this renewable energy generation source is scarce. For instance, Fuji Electric Co. Ltd. was awarded a geothermal power station contract in Kenya. The scope of the contract was to set up a complete geothermal power equipment facility for the Olkaria I Geothermal Power Station in Kenya.
As the energy generation capacity of a geothermal power plant is dependent upon the power equipment, manufacturers can intently focus on harnessing technologies to improve the efficiency of their products. The introduction of new technologies in developing countries of Asia Pacific will remain profitable. All-in-all, manufacturers should look at the geothermal power equipment market moving at a compound annual growth rate of 5.5 percent.
Geothermal Power Equipment: Description
Geothermal energy is the heat derived from within the sub-surface of the Earth. Depending upon its characteristics, geothermal energy can be used for heating or cooling, and can also be harnessed to generate clean electricity. Geothermal power plants are of three types: dry steam plants, flash steam plants, and binary cycle power plants. Geothermal power equipment is employed to generate and transfer power. Geothermal power equipment includes transformers, turbines, generators, separators, and condensers. Currently, geothermal power is generated in 27 countries. The total installed capacity of geothermal power generation in the world stood at 14,600 MW in 2018.

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