Increasing population, urbanization and transformation of human-life with the technology has intensified the energy requirement worldwide. The increasing demand for power, coupled with depleting conventional energy sources and rising environmental concerns is substantiating the growth of alternate energy sources, and geothermal energy is one of them. Geothermal energy is the heat generated and stored from within the earth, and has significant environmental advantages. The location of geothermal power plant is determined by the availability of natural resources, feasible for harnessing geothermal power. The geothermal energy plants are located on plane boundaries, where layer of earth continuously interact with the hot mantle below. Geothermal energy is commonly utilized as a heat source to warm residential buildings across various parts of the world. The key equipment/ components of a geothermal power plant includes, steam production equipment, cyclone separator, exhaust silencer, flasher and heat recovery exchanger, among others. For reducing downtime and improve efficiency, advanced welding methods and specialized coatings are used on geothermal equipment, which also lead to their increased life. Owing to increasing research and development about the unconventional energy resources, and huge potential for geothermal energy extraction is expected to contribute to the development of new plants, in turn creating significant opportunities for equipment and components suppliers in the global market.
On account of increased traction for the development of alternate energy infrastructure, new plants for geothermal energy are expected to go on-stream over the coming years, with increased demand for the components and equipment also generating from the already installed plants. The market for geothermal power infrastructure equipment and components, however, is expected to witness steady growth over forecast period. The government as well as industrial support for the development of geothermal plants is further expected to push their development at feasible locations.
Geothermal Power Infrastructure and Components Market Segmentation By type – Dry steam, Flash steam, Binary cycle; By application / end user – Power generation, Space heating, Aquaculture, Horticulture, and Others; By components/ equipment – Steam production equipment, Cyclone separator, Exhaust silencer, Flasher, Heat recovery exchanger
Among key regions, North America is expected to be a key market over the forecast period, with U.S. leading the growth potential for geothermal energy generation. In the Asia pacific, Indonesia and Philippines are also observed to have significant market opportunities on account of the growth of geothermal energy generation over the past years, with Australia and New Zealand facilitating the regional market growth. Led by Italy, Germany, Iceland, and France, the Europe market is also expected to witness growth, however, the moderate pace. The Latin America market is also expected to witness substantial growth opportunities, owing to the available resources across the region. The political stability and socio-economic reforms, coupled with increased demand for energy, are further expected to push the growth for geothermal plant development, in turn creating demand for the necessary machine parts, equipment, and components in the region.
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Some of the key participants identified across the value chain of global geothermal power infrastructure and components market are mentioned below: JFE ENGINEERING Corporation, Turboden, US Geothermal, General Electric, Mitsubishi Heavy Industries, Ansaldo Energia, Terra-Gen, Mitsubishi Heavy Industries