Geothermal Turbines Market Key Players, Trends, Growth
Opportunities and Industry Forecast till 2025
“Globally, market is predicted to generate massive revenue
over next five years, providing numerous opportunities for
industry participants to invest in research and
development of geothermal turbines market.”
The global geothermal turbines market is expected to display higher growth rate over the next five years. Rapid
surge in market is credited to the rising importance towards renewable energy generation technologies. Rising
crude oil prices and exhaustion of fossil fuel reserves are the major factors driving governments to promote use
of renewable energy generation technologies in the past few years. Globally, market is predicted to generate
massive revenue over next five years, providing numerous opportunities for industry participants to invest in
research and development of geothermal turbines market.
Electricity generation from renewable resources is gaining prominence from domestic as well as commercial
sector, thereby lowering overall carbon footprint across the globe. Use of renewable fuel to limit greenhouse
gas emissions and diversify the energy mix are the key industry trend associated with geothermal turbines
market. Rising energy demands, particularly from emerging economies across the globe has stirred the massive
investment by government as well as businesses for renewable energy generation, in the past few years.
Geothermal turbine that are increasingly adopted in power plants uses hydrothermal resources. The
hydrothermal resources consists of both water (hydro) and heat (thermal). Geothermal power plants are
established either on dry steam wells or from hot water wells. Hydrothermal resources consist of hot water or
steam and powers a geothermal turbine that generates electricity.
Increasing expansion of existing power plants and rising number of forthcoming geothermal projects are
anticipated to create several revenue option for industry participants until the end of the forecast period. In
addition, recent technological advancements coupled with manifestation of several geothermal reserves,
particularly in the North America and East Asia region are estimated to further complement the industry growth.