ALBANY, N.Y., Feb. 10, 2021 /PRNewswire/ — Geothermal power plants occupy crucial infrastructure for global renewable energy transition. Over the past decade, a number of actors including governmental, non-profit, and non-governmental organizations in several regions have promoted geothermal energy generation and utilization. Manufacturers in the geothermal power equipment market are leaning on constant technological advancements in the instrumentation to boost the overall efficiency. Geothermal power plants are operating in as many as 26 countries, and the percentage share in global electricity generation was pegged at ~ 0.3% in 2015. That proportion has been steadily increasing year-over-year, nudging equipment manufacturers to improve the engineering capabilities of the systems.
The adoption of environmentally friendly technologies in power equipment, notably in turbines, will spur investments by the energy sector on installing geothermal projects.
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Geothermal power equipment market companies and suppliers have a bright future ahead, with the market projected to expand at CAGR of 5.5 percent during the forecast period of 2019 – 2027. A sizable chunk of revenue will come from Asian nations.
Key Findings of Geothermal Power Equipment Market
Shift toward renewable energy speeds up geothermal power capacity
Worldwide, there is a conscious shift from oil and gas resources toward renewable energy generation, particularly from wind and solar power. Part of this momentum is fuelled by recurrent focus on decarbonising the energy markets.
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Over the past few years, the energy sector has shown high affinity toward geothermal systems, given the higher reliability of these over wind and solar energy. The trend has spawned steady dollar investment in geothermal power installations year-over-year. Coupled with this, geothermal power plants capacities have also been increasing on the back of the adoption of better technologies in exploration, drilling, and field infrastructure. Further, stakeholders in geothermal power capacity are ready to ramp up their expenses on installing advanced turbine technologies. According to a finding, in 2019 the installed capacity of geothermal energy was pegged at 13.93 gigawatts. Thus, countries notably in North America, Europe, and Asia have been committing sizable funds in installed geothermal power capacity, expanding the canvas for players in the geothermal power equipment market.
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Governments’ support to help absorb high cost of capital in geothermal power projects
Geothermal power generation are intrinsically capital-intensive initiatives. Private players in the geothermal power equipment market have been looking for constant support from governments to increase the market feasibility of high installation costs they incur. In numerous countries, governments have offered tax credits and other financial support to reduce the risk of investments. Policy makers particularly in Asian countries, such as in India and China, in recent years have been promoting business models to share the high capital investment, which will bolster the installation of geothermal power equipment. The share of geothermal power in electricity generation has also witnessed a marked increase, boosting installations of equipment in the geothermal power equipment market.
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Geothermal Power Equipment Market: Key Driving Factors and Promising Avenues
- Rising demand for renewable power resources for electricity generation is a key driver for investments in the geothermal power equipment market
- Stringent governmental regulations pertaining to reduction of carbon footprints of the energy sector boost prospects
- Rapid pace of people moving from rural to urban in several parts of Asia Pacific encourage funding in contemporary geothermal power systems
Geothermal Power Equipment Market: Key Players
The geothermal power equipment market can be characterized by high degree of fragmentation with the presence of large number of players of all sizes. The growing lucrativeness of geothermal power generation in the renewable energy has brightened the scope of equipment manufacturers and vendors. Top players are keen on constantly advancing the efficiency of the instrumentation and are offering different configurations to meet the demand.
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