Geothermal Power Equipment Market: Global Industry Analysis And forecast (2023-2029)

Geothermal Power Equipment Market is expected to grow at a CAGR of 7.23% during the forecast period. Global Geothermal Power Equipment Market is expected to reach US$ 44.52 Bn. by 2029.
Geothermal Power Equipment Market Drivers and Restrains:
Global geothermal power equipment market is expected to witness fastest growth due to increasing importance for sustainable energy sources. The growing of the industrial sector, significant rise in world population, and increase in infrastructure development activities are increasing the demand for electricity. Countries around the world are enlarging their electricity generation capacity by installing new plants or increasing the capacity of their present plants to supply to the rising demand for electricity.To know about the Research Methodology:-Request Free Sample Report

Major economies are tending toward the development of renewable energy generation sources, due to the presence of strict government rules about greenhouse gas (GHG) emissions. The globally dependence on coal and other fossil fuels is reducing owing to rise in investments in renewable energy sources like solar, wind, biomass, and geothermal. Therefore, rise in the demand for power around the world has increased the installation of geothermal power plants, thereby propelling the geothermal power equipment market globally.

Study of the International Geothermal Association (IGA), the development of around xx MW of geothermal power generation capacity is either ongoing or planned. This capacity is projected to more than double the present installed capacity over the upcoming period. However, the high initial investment required for the establishment of a geothermal power plant is hampering the market growth at the global level. The global total installed cost for geothermal power plants are typically ranges from US$ 1870/kW to 5050/kW.

The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Geothermal Power Equipment Market Segment Analysis:
Based on the plant, the global market is segmented into Dry Steam Plants, Flash Steam Plants, and Binary Cycle Power Plants. The sales of geothermal power equipment for flash steam power plants are anticipated to record a value of US$ xxbillion in 2022, and are likely to register at a CAGR of xx% during the forecast period. The cost of a flash geothermal power generation plants varies between US$ 1,900/kW and US$ 3,800/kW. Currently, Flash steam plants are the most common type of geothermal power generation plants in operation.
Regional Insights:
Asia Pacific held the xx% market share of the market in 2022 and it is anticipated to grow at the largest CAGR of xx% during the forecast period, due to the growth of the manufacturing sector in developing economies in the region, and rapid industrialization and urbanization. Also, the growing significance of renewable electricity driven the  market. In Indonesia, the Sarulla geothermal power plant has started operations in May 2021, with an installed capacity of 330MV, it marked another milestone in Indonesia’s efforts to move towards a more renewable energy future. This project will power over 2.1 million Indonesian households, which is the world’s largest single-contract geothermal power plant in the country.

North America held the second-largest market share of xx% of the geothermal power equipment in 2022. The U.S. states of California, Nevada, Utah, Alaska, and Hawaii had the maximum installed capacity for geothermal power generation in 2022. Presently, an overall of 43 geothermal power plants are working in California with an installed capacity of 2,730 MW. California has installed more renewable energy plants as compared to any other U.S. state, with utility-scale systems of 22,250 MW being operational in the state. In the U.S., According to the University of Michigan, electricity generated from geothermal power plants is likely to increase from 15.98 Bn kWh in 2021 to 29.55 Bn kWh by 2029.

A report covers the recent development in the market for the market, e.g., Fuji Electric Co. Ltd. was presented a geothermal power station contract in Kenya. The scope of the contract was to install a complete geothermal power equipment facility for the Olkaria I Geothermal Power Station in Kenya.
Geothermal Power Equipment Market Competitive landscape
Major Key players operating in this market are MITSUBISHI HEAVY INDUSTRIES, LTD, General Electric, Toshiba Corporation, Fuji Electric Co., Ltd., and Ormat Technologies Inc. Manufacturers in the global geothermal power equipment are focusing on competitive pricing as the strategy to capture significant market share. Moreover, strategic mergers and acquisitions and technological innovations are also the key focus areas of the manufacturers.

The objective of the report is to present a comprehensive analysis of Global Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Global Market dynamics, structure by analyzing the market segments and project the Global Market size. Clear representation of competitive analysis of key players By Type, Price, Financial position, Product portfolio, Growth strategies, and regional presence in the Global Market make the report investor’s guide.
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Geothermal Power Equipment Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 27.31 Bn.


Forecast Period 2023 to 2029 CAGR:
7.23%
Market Size in 2029:
US $ 44.52 Bn.


 Segments Covered:
by Product
Transformers
Turbines
Separators
Generators
Condensers
Others


by Type
Full-flow Power Generation System
Dual Cycle Power Generation System


by Application
Dry Steam Plants
Flash Steam Plants
Binary Cycle Power Plants



Key Players:
1. MITSUBISHI HEAVY INDUSTRIES, LTD
2. General Electric
3. Toshiba Corporation
4. Fuji Electric Co., Ltd.
5. Ormat Technologies Inc.
6. Boreal Geothermal
7. Loki Geothermal
8. Turboden S.p.A
9. Chevron Corporation
10. TAS Energy Inc.
11. Ergil
12. Ansaldo Energia S.p.A.
13. Alstom
14. TAS Energy Inc.
15. Holtec International
16. Edge Energy Ltd
17. Gulf Coast Green Energy
18. Energy Venture Partners

Frequently Asked Questions:

1. Which region has the largest share in Global Geothermal Power Equipment Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Geothermal Power Equipment Market?
Ans: The Global Geothermal Power Equipment Market is growing at a CAGR of 7.23% during forecasting period 2023-2029.

3. What is scope of the Global Geothermal Power Equipment Market report?
Ans: Global Geothermal Power Equipment Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Geothermal Power Equipment Market?
Ans: The important key players in the Global Geothermal Power Equipment Market are – MITSUBISHI HEAVY INDUSTRIES, LTD, General Electric, Toshiba Corporation, Fuji Electric Co., Ltd., Ormat Technologies Inc., Boreal Geothermal, Loki Geothermal, Turboden S.p.A,

5. What is the study period of this Market?
Ans: The Global Geothermal Power Equipment Market is studied from 2022 to 2029.