Global Geothermal Power Equipment Market Growth Analysis 2024 – Forecast Market Size And Key Factors

Overview and Scope
Geothermal power equipment refers to the machinery, devices, and infrastructure used to generate electricity from geothermal energy. Geothermal power harnesses the heat stored within the Earth's crust to produce electricity through various processes. This equipment encompasses a range of technologies and components designed to efficiently harness the Earth's natural heat for clean, renewable electricity generation.

Sizing and Forecast
The geothermal power equipment market size has grown strongly in recent years. It will grow from $22.66 billion in 2023 to $24.51 billion in 2024 at a compound annual growth rate (CAGR) of 8.17%. The growth in the historic period can be attributed to government incentives and policies, rising energy demand, volatility in fossil fuel prices, energy security concerns, public awareness and acceptance.

The geothermal power equipment market size is expected to see strong growth in the next few years. It will grow to $31.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.05%. The growth in the forecast period can be attributed to climate change mitigation policies, climate change mitigation policies, investment in energy storage solutions, geothermal resource potential, volatility in fossil fuel prices. Major trends in the forecast period include advancements in drilling technology, modular power plants, digitalization and remote monitoring, decentralized energy solutions, and product innovations.

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Segmentation & Regional Insights
The geothermal power equipment market covered in this report is segmented –

1) By Type: Full-Flow Power Generation System, Dual Cycle Power Generation System
2) By Product: Transformers, Turbines, Separators, Generators, Condensers, Other Products
3) By Application: Space Heating, Aquaculture, Horticulture, Recreation, Other Applications

Asia-Pacific was the largest region in the geothermal power equipment market in 2023. The regions covered in the geothermal power equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rising industrial sector is expected to propel the growth of the geothermal power equipment market going forward. The industrial sector refers to a category of economic activity that involves the production of goods through manufacturing, construction, mining, agriculture, and other related activities. It aims to stimulate economic development, create employment opportunities, and boost exports. Geothermal power equipment is used in the industrial sector to reduce energy costs, decrease greenhouse gas emissions, and enhance operational efficiency through electricity generation and direct heat utilization. For instance, in July 2023, according to reports published by the Office for National Statistics, a UK-based government agency, the overall value of UK manufacturers' product sales in 2022 was 580.83 billion (£429.8 billion), up 38.34 billion (£28.4 billion) (7%) from 541.725 billion (£401.5 billion) in 2021. Therefore, the rising demand for clean energy is expected to propel the growth of the geothermal power equipment market.

Key Industry Players
Major companies operating in the geothermal power equipment market are Chevron Corporation, General Electric Company, Siemens Energy AG, Mitsubishi Heavy Industries Ltd., Toshiba Corporation, Schlumberger Limited, Baker Hughes Company, Halliburton Company, Alstom Transport SA, Fuji Electric Co. Ltd., Ansaldo Energia S.p.A., Holtec International, Thermax Limited, Ormat Technologies Inc., Exergy International S.r.l., TAS Energy Inc., Alterra Power Corp., Turboden S.p.A, Energy Venture Partners , Edge Energy Ltd, Ergil group, Borealis GeoPower Inc., GreenFire Energy Inc., Geothermal Engineering Ltd., Loki Geothermal, Gulf Coast Green Energy

The geothermal power equipment market report table of contents includes:

1. Executive Summary
2. Geothermal Power Equipment Market Characteristics
3. Geothermal Power Equipment Market Trends And Strategies
4. Geothermal Power Equipment Market - Macro Economic Scenario
5. Global Geothermal Power Equipment Market Size and Growth
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32. Global Geothermal Power Equipment Market Competitive Benchmarking
33. Global Geothermal Power Equipment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Geothermal Power Equipment Market
35. Geothermal Power Equipment Market Future Outlook and Potential Analysis
36. Appendix

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