Global Geothermal Power Equipment Market: Market Outline
The indispensable need to conserve energy has served to propel/benefit the global market for geothermal power equipment. Amongst the several renewable energy sources including wind mills, solar plants, nuclear plants, biogas, and hydropower plants, the segment of geothermal energy has seen commendable progress in recent times. The imprudent use of fossil fuels over the past decades has resulted in dearth of natural resources for production of energy. In the contemporary scenario where the energy requirements of the world are growing at an exponential rate, it is vital to employ renewable sources of energy. The market for geothermal power equipment is driven by this energy crunch that is prevalent across the globe. Geothermal energy, harnessed from the earth’s core, is expected to replace fossil fuels in the coming years.
The market for geothermal power equipment is segmented by product type, plant type, application, phase of the process, and region. The wide categorization of the market reflects the expansive scope of geothermal power. Each segment has been elucidated in the report to offer a comprehensive overview of the market.
The report combines several market dynamics to conduct a holistic assessment of the market. Furthermore, data regarding the the growth rate, market value, and regional market share has also been included in the report. The market drivers, restraints, and opportunities covered in the report aims to enable key stakeholders bet right on it.
Global Geothermal Power Equipment Market: Key Trends and Opportunities
The process of harnessing geothermal energy is elaborate but efficient. The geothermal reservoirs are equipped with mega-tools to dig wells and utilize the energy inside the earth’s core. Many companies have jumped to tap into the substantial energy stored inside the earth, and this has been benefitting the market for geothermal power equipment. Moreover, once the viability of a reservoir is accredited after proper testing, it becomes an asset for the national and regional governments. This factor, along with the tax incentives, subsidies, and rebates offered by several governments to geothermal power plants is expected to boost its growth further.
Geothermal power plants have transcended as efficient sources of renewable energy but they have been criticized on a number of grounds. First, the usage of gigantic equipment and subsequent drillings creates a risk of earthquakes. Second, the electricity consumed by these plants is immense and hence they are not encouraged in certain developing and underdeveloped regions already suffering from acute power shortages. However, the ability of geothermal power to replace fossil fuels, would continue pushing up their uptake.
Global Geothermal Power Equipment Market: Geographical Outlook
The global market for geothermal power equipment is segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. In 2016, North America surpassed all other regions vis-à-vis market share. The focus on renewable power sources is the key reason behind the supremacy of the region. Owing to the growing demand for geothermal power in India and Indonesia, the market in Asia Pacific is expected to register a high growth rate in coming years.
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Global Geothermal Power Equipment Market: Competitive Landscape
The key players in the market are expected to engage in core research and analysis to gain a greater market share. Some of the prominent players in the market areTerra-Gen, Exergy S.p.A.,
Ormat, Mitsubishi Heavy Industries, Turboden, Ansaldo Energia, Tas Energy, Alstom, Calpine Corporation, Fuji Electric, Toshiba, General Electric, and US Geothermal.