Geothermal Power Equipment Market In Depth Insight Analysis to 2031

𝐆𝐞𝐨𝐭𝐡𝐞𝐫𝐦𝐚𝐥 𝐏𝐨𝐰𝐞𝐫 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 𝟐𝟎𝟑𝟏
• The global geothermal power equipment market was valued at US$ 23.34 Bn in 2021
• It is estimated to grow at a CAGR of 5.51% from 2022 to 2031
• The global geothermal power equipment market is expected to reach US$ 39.91 Bn by the end of 2031

𝐑𝐞𝐚𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 - https://www.transparencymarketresearch.com/geothermal-power-equipment-market.html

𝐆𝐞𝐨𝐭𝐡𝐞𝐫𝐦𝐚𝐥 𝐏𝐨𝐰𝐞𝐫 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧

Geothermal energy is heat derived within the sub-surface of the earth. Based on its characteristics, geothermal energy can be used for heating and cooling purposes. It can also be harnessed to generate clean electricity. Geothermal power equipment is used to generate and transfer power. According to the International Energy Agency, electricity production from geothermal energy is expected to increase to 1400 TWh/y and direct use to 1600 TWh/y by 2050. Geothermal resource has contributed significantly in electricity production in some regions; 17% of New Zealand's electricity production and 31% of Iceland's electricity production. Rise in number of countries accepting the Paris Climate Change Agreement is fueling the demand for clean energy. The Paris Climate Change Agreement compels countries to increase the share of renewable sources of energy in their total power generation, thereby providing ample opportunities for the adoption of geothermal energy, which in turn augments the geothermal power equipment market. Companies operating in the geothermal power equipment market are focusing on the development of innovative geothermal power tools, such as steam turbines and geothermal power turbines, to grab potential growth opportunities. Key players are following ongoing trends of the geothermal power equipment market to gain more revenue opportunities in the global market.

𝐆𝐞𝐭 𝐏𝐃𝐅 𝐬𝐚𝐦𝐩𝐥𝐞 𝐟𝐨𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞 -

https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=30158

𝐑𝐢𝐬𝐞 𝐢𝐧 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐑𝐞𝐧𝐞𝐰𝐚𝐛𝐥𝐞 𝐄𝐧𝐞𝐫𝐠𝐲 𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐢𝐨𝐧 𝐭𝐨 𝐃𝐫𝐢𝐯𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐆𝐞𝐨𝐭𝐡𝐞𝐫𝐦𝐚𝐥 𝐏𝐨𝐰𝐞𝐫 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭

Rise in environmental protection regulations across the globe is encouraging the power generation industry to opt for cleaner and environment-friendly energy resources. Major economies around the world are engaged in the development of renewable energy generation to reduce their dependence on conventional power, which requires fossil fuels. This is expected to fuel the power generation market. The global dependence on coal and other fossil fuels is decreasing due to rise in investment in solar, wind, biomass, and geothermal energy. Geothermal energy is a major source of renewable energy. It offers various advantages vis-à-vis conventional sources of energy. Geothermal energy is extracted from the earth without burning fossil fuels. Geothermal fields produce no emissions. Geothermal energy also offers various advantages as compared to other renewable sources such as solar, wind, and biomass. It is an exceptionally constant source of energy; it is not dependent on wind or sun; and is available all year long. Hence, most countries are investing significantly in geothermal energy. This, in turn, is expected to drive the geothermal power equipment market. According to the International Geothermal Association (IGA), there is ongoing and planned development of about 15,000 MW of power generation capacity. This is anticipated to more than double the current installed capacity in the near future.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 -https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=30158

𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐈𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞𝐬 𝐚𝐧𝐝 𝐏𝐨𝐥𝐢𝐜𝐢𝐞𝐬 𝐑𝐞𝐠𝐚𝐫𝐝𝐢𝐧𝐠 𝐆𝐞𝐨𝐭𝐡𝐞𝐫𝐦𝐚𝐥 𝐏𝐨𝐰𝐞𝐫 𝐭𝐨 𝐏𝐫𝐨𝐩𝐞𝐥 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐆𝐞𝐨𝐭𝐡𝐞𝐫𝐦𝐚𝐥 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭

Focus on reducing global dependence on coal and other fossil fuels has been increasing considerably for the last few years. Several new geothermal power projects are being established. Most of them are under development and would start contributing to the global energy mix on a consistent basis in the next few years. Various countries such as the U.S., Japan, and countries in the European Union have enacted major energy policies geared specifically toward geothermal plants. These include feed-in tariffs, tax credits, net metering, and capital subsidies. The DG working group (Implementation Working Group for deep geothermal) of the European Union pursuing the SET Plan goals of placing Europe as a leader in the low- carbon energy scene. In Feb 2022, Japan's Ministry of Economic Trade and Industry introduced USD 0.35/kWh FIT for less than 15MW geothermal power plants. Geothermal development in Indonesia is regulated under the Law No.22/2014. The Government of Indonesia plans to accelerate the use of geothermal in the National Energy Policy and install 7200 MW of geothermal plants by 2025. Indicated incentives and certain renewable energy targets for several countries are projected to boost the geothermal energy sector substantially during the forecast period. This, in turn, drives the demand for geothermal power equipment.

𝐑𝐢𝐬𝐞 𝐢𝐧 𝐏𝐨𝐩𝐮𝐥𝐚𝐫𝐢𝐭𝐲 𝐨𝐟 𝐅𝐥𝐚𝐬𝐡 𝐒𝐭𝐞𝐚𝐦 𝐏𝐥𝐚𝐧𝐭𝐬 𝐭𝐨 𝐁𝐨𝐨𝐬𝐭 𝐆𝐥𝐨𝐛𝐚𝐥 𝐆𝐞𝐨𝐭𝐡𝐞𝐫𝐦𝐚𝐥 𝐏𝐨𝐰𝐞𝐫 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭

In terms of plant type, the global geothermal power equipment market has been classified into dry steam plants, flash steam plants, and binary cycle power plants. The flash steam plants segment held around 58.3% share of the global market in 2021. Installation costs of flash steam plants are lower than other technologies. Additionally, flash power plants are usually considered highly cost-effective alternative to several equipment used in geothermal power plants. Therefore, increase in preference in consumers for flash steam plants is expected to drive the market in the next few years.

𝐑𝐢𝐬𝐞 𝐢𝐧 𝐍𝐮𝐦𝐛𝐞𝐫 𝐨𝐟 𝐅𝐥𝐚𝐬𝐡 𝐒𝐭𝐞𝐚𝐦 𝐏𝐥𝐚𝐧𝐭𝐬 𝐭𝐨 𝐅𝐮𝐞𝐥 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐓𝐮𝐫𝐛𝐢𝐧𝐞𝐬 𝐚𝐦𝐨𝐧𝐠 𝐆𝐞𝐨𝐭𝐡𝐞𝐫𝐦𝐚𝐥 𝐏𝐨𝐰𝐞𝐫 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭

In terms of product, the global geothermal power equipment market has been divided into transformers, turbines, separators, generators, condensers, and others. The turbines segment held a major share of the global geothermal power equipment market in 2021. The segment is expected to maintain its leading position in the market during the forecast period. The turbines segment accounted for 25.5% share of the market in 2021. Flash steam plants and dry steam plants, both, use turbines to pump steam from a geothermal vent. Demand for turbines in geothermal power equipment is likely to be fueled by rising number of flash steam plants.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 -https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=30158

Analysis of Key Players in Global Geothermal Power Equipment Market
The global geothermal power equipment market is consolidated, with the presence of a few large-scale vendors that control majority of the share. A majority of the firms are investing significantly in comprehensive research and development activities, primarily to develop viable technologies. Expansion of product portfolios and mergers and acquisitions are prominent strategies adopted by key players. Mitsubishi Heavy Industries, Ltd., Loki Geothermal, Alstom, Toshiba Corporation, General Electric, and Boreal Geothermal are the prominent entities operating in the market.

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭

Rohit Bhisey
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website:https://www.transparencymarketresearch.com

This release was published on openPR.