A key factor driving the growth of the market is rising energy concerns. The rise in GHG emissions and the need to diversify the energy mix have driven the demand for efficient and clean fuels. The gradual depletion of fossil fuel reserves has led to the development of renewable fuels and widened the scope of using renewable energy. Geothermal energy has the potential to reduce the dependency on fossil fuels as well as reduce CO2 emissions.
This market research report on the global geothermal turbines market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights high geothermal potential as one of the key emerging trends in the global geothermal turbines market:
Global geothermal turbines market: High geothermal potential
The heat of the Earth is infinite, which indicates high geothermal potential worldwide. Countries such as the US, Mexico, Indonesia, the Philippines, China, Chile, and Kenya have rich geothermal reservoirs. While the use of geothermal energy is limited due to the high cost involved in drilling and exploring, governmental support is expected to reduce investment risks, which in turn will fuel the growth of geothermal energy production during the forecast period.
“The right kind of support and carefully targeted policies and incentives will help in harnessing the untapped geothermal potential. Several action areas have been identified and worked upon by governments around the world to accelerate the adoption of geothermal energy. For instance, in 2016, the European Union granted more than USD 110 million for geothermal energy research and innovation projects under the Horizon 2020 program,” says a senior analyst at Technavio for research on power.
Global geothermal turbines market: Segmentation analysis
This market research report segments the global geothermal turbines market by technology (flash steam, dry steam, binary and others) and by geographical regions (APAC, EMEA, and the Americas).
In 2017, the flash steam segment accounted for the largest share of the market with a market share of close to 59%, followed by the dry steam and binary segments respectively. The market share of the others segment, which includes hybrid plants, and experimental technologies is expected to witness a significant increase over the forecast period.
APAC held the largest share of the market in 2017 accounting for close to 40% share, followed by the Americas and EMEA. The market share of all the regions will witness small variations over the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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