United States Geothermal Turbines Market
The United States is a global leader in geothermal energy production, with significant geothermal resources concentrated in western states such as California, Nevada, and Utah. The U.S. geothermal turbines market benefits from a well-established infrastructure and supportive government policies aimed at expanding renewable energy sources. In 2023, the U.S. had over 3.7 gigawatts (GW) of installed geothermal capacity, making it the largest producer of geothermal electricity in the world. Companies like Ormat Technologies and Calpine Corporation are leading the way in geothermal turbine installations, with a focus on increasing efficiency and output.
The United States Geothermal Turbines Market is projected to grow as the country aims to achieve ambitious climate goals, including reducing greenhouse gas emissions and transitioning to a cleaner energy grid. Federal tax incentives and state-level renewable portfolio standards (RPS) further bolster this market. Technological innovations in turbine design, enhanced geothermal systems (EGS), and binary cycle power plants have also made geothermal energy more competitive with other renewable sources. Despite these advancements, challenges such as high upfront capital costs and regulatory approval processes remain. However, the overall outlook for the U.S. geothermal turbines market is positive, with steady growth expected in the coming years.
You need to understand that geothermal turbines are a reliable source of energy derived from the surface of the earth. Geothermal heat, which is available underground, is used to generate electricity by drilling wells and applying various innovations such dry steam, streak steam, and double cycle. Geothermal turbines are used for another important purpose.
Geothermal Turbines Market Size was valued at USD 63.47 billion in 2023. The Geothermal Turbines industry is projected to grow from USD 63.47 Billion in 2023 to USD 83.84 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.09% during the forecast period (2024 - 2032).
is their immediate application in hydroponics, farming, swimming pools, and spa treatments. The Geothermal Turbines Industry is organised around these two applications, which are also the focus of this market study.
The rapid urbanisation and industrialization of various emerging economies, including China, Brazil, India, and Mexico, has increased demand for power in the geothermal turbines market. The primary factor stoking interest among power companies is the expanding assembling area in these business sectors.This pattern, combined with developing significance for sustainable power age, is relied upon to drive global market development. Government drives, for example, monetary advantages and assessment refunds to advance supportable energy age are relied upon to affect the Geothermal Turbines Market.
Key Players:
- Toshiba Energy Systems & Solutions
- Mitsubishi Power Ltd.
- Ormat Technologies Inc.
- Fuji Electric
- Ansaldo Energia
- Turboden S.p.A
- Halliburton
- Calpine
- Enel Spa
- GE
- ElectraTherm Inc
Regional Analysis:
This study tracks two market segments across five geographical regions to give an in-depth insight of the global geothermal turbines market. The study of key competitors includes a five-year annual trend analysis that focuses on market size and shares for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The research also includes a projection that focuses on the market potential for each region over the next five years.
Market Segmentation:
The market is segmented by type, application and by region.
By Type it is further segmented into Dry Steam, Flash Cycle and Binary Cycle.
By Application it is further segmented into Industrial, Residential, Agricultural and Others.
By Region it could further segment into North America, Asia-Pacific, Europe, Middle East & Africa and South America.
More Trending Reports
English
Arabic
Français
Español
Português
Türkçe
Dutch
Italiano
Russian
Romaian