The industrial revolution has benefited the world greatly. Large scale production has been rendered possible through mechanization and automation. Furthermore, every sector is innovating new products regularly in order to enhance efficiency. Demand for energy has increased substantially in the last few years and it is projected to increase for at least another two decades at the rate of 0.8% per annum. As fossil fuels have been used extensively for the last 50 years, concerns regarding energy security and climate change have led to the shift toward alternate energy sources. Numerous projects are being carried out to utilize energy from a source other than fossil fuel. These alternate energy sources are wind, solar, nuclear, biogas, and hydropower. One such alternate energy source is geothermal energy.
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Geothermal energy is the energy derived from the earth’s core. With proper harnessing and utilization, geothermal energy has the tendency to replace fossil fuels. The temperature of the earth’s core is predicted to be approximately 5000 degrees centigrade and as such it is in the molten state. The heat from the earth’s center is released outward. This heats the outer layers of the earth’s crust called the mantle. Sometimes, rain water percolates down through the geological fault lines and cracks, and are super-heated by the hot mantle. Occasionally, this super-heated water rises back to the surface, emerging as hot springs or geysers. However, hot water that is trapped below the surface of the earth’s crust forms a geothermal reservoir. Geothermal energy can be utilized by drilling wells into these geothermal reservoirs and using the heat energy released to generate power.
The initial stage of a geothermal plant takes time as it involves numerous surveys, drilling projects, and tests to determine the capacity of the concerned reservoir. After the initial stage, numerous benefits such as government support, tax incentives, and subsidies are offered to firms that set up a geothermal plant. These advantages render the project extremely viable and also provide the company with an almost unlimited supply of fuel for power generation. This, in turn, is anticipated to drive the market for equipment which is used in geothermal plants. Moreover, the vital need to replace fossil fuel with alternate energy sources, for power generation, is anticipated to provide substantial growth opportunities to the geothermal power equipment market.
The geothermal power equipment market can be segmented based on product type, application, phase, plant type, and region. Based on product type, the market is further segmented into dual cycle power generation, full-flow power generation system, and others. In terms of application, the market can be classified into space heating, aquaculture, horticulture, recreation, and others. In terms of phase, the geothermal power equipment market can be bifurcated into exploration, feasibility, construction, maintenance, and others. In terms of plant type, the market can be divided into dry steam, flash steam, flash-binary, and binary cycle.
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Geographically, the geothermal power equipment market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America led the geothermal power equipment market in 2016, with 28% of the global geothermal capacities installed in the U.S. The region is expected to dominate the global market during the forecast period. This growth can be attributed to initiatives taken by governments to encourage renewable power generation in the region. Asia Pacific shows great growth potential for the geothermal power equipment market during the forecast period, owing to various geothermal power plants installed in the region.
After the U.S, the Philippines, is the second highest producer of geothermal power in the world. Moreover, Indonesia and India are anticipated to become super-power countries in producing electricity from geothermal energy, thus offering substantial growth possibilities for the geothermal power equipment market in the region. The geothermal power equipment market in Europe, Middle East & Africa, and Latin America is expected to expand significantly in the near future owing to the rise in investments to explore the potential of geothermal energy.
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