Allied Market Research published a research report on the geothermal power market. The findings of the report states that the global market for geothermal power generated $4.6 billion in 2018, and is expected to garner $6.8 billion by 2026, witnessing a CAGR of 5.0% from 2019 to 2026. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.

“China and the U.S. have witnessed noteworthy growth in the production of electric vehicles. Electric vehicles not only create opportunities for the geothermal power market in the transportation sector but also reduce the greenhouse gas (GHGs) emissions. Thus, rise in electric vehicles is expected to offer lucrative growth opportunities to the global geothermal power. This is attributed to the fact that electric mobility has considerably increased the consumption of energy in the transportation sector,” highlighted Eswara Prasad, Manager, Energy & Power at Allied Market Research.

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The report offers extensive analysis of drivers, restrains, and opportunities to help market players in devising strategies and capitalizing on market opportunities. Rise in requirement for usage of renewable energy with surge in environment issues and increase in consumption of electricity fuel the growth of the global geothermal power market. However, high costs regarding plant establishments restrain the market growth. Contrarily, potential in emerging countries offer new opportunities for the market growth. 

The research provides a detailed scenario regarding the impact of the Covid-19 pandemic on the geothermal power market across the globe. Many European countries have been looking forward to considerably expand the use of renewable resources during the pandemic with new policies to decarbonize heating and cooling in place. In addition, there needs to be supportive policies, fair competition with carbon pricing, and end of the fossil fuel subsidies, and investments in innovations during the post-lockdown.  

The report offers detailed analysis of segments of the global geothermal power market. These segments include power station type, end use, and region. This analysis assists new entrants, investors, and market players as they can determine the fastest growing and highest revenue generating segments for determining growth strategies for the next few years.

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On the basis of power station type, the binary cycle power stations segment held nearly half of the total share in 2018, and is projected to continue its lead during the forecast period. Demand for electricity with surge in urbanization drive the growth for this segment. However, the flash steam power stations segment is projected to grow at the fastest CAGR of 6.0% from 2019 to 2026.

Based on end use, the commercial segment is projected to register the fastest CAGR of 5.6% from 2019 to 2026. This is due to increase in demand of electricity from warehouses, offices, hospitals, shopping malls, police stations, and IT companies. However, the industrial segment held the highest market share of the global geothermal power market in 2018, and is estimated to maintain its leadership status by 2026.

Based on region, Asia-Pacific held the largest market share in terms of revenue, accounting for more than one-third of the market in 2018, and is expected to maintain lead position throughout the forecast period. Moreover, this region is projected to maintain the fastest CAGR of 5.8% from 2019 to 2026.

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Leading players of the global geothermal power market analyzed in the research include Enel Green Power S.p.A., Kenya Pertamina Geothermal Energy, Ormat Technologies Inc., Calpine Corporation, Electricity Generating Company PLC, Energy Development Corporation, Aboitiz Power Corporation, Toshiba Energy Systems & Solutions Corporation, Fuji Electric Co. Ltd., Mitsubishi Gas Chemical Company Inc., and others.

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Tags: Geothermal Power, Renewable Energy

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Contact Information:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285 |UK: +44-845-528-1300 | Hong Kong: +852-301-84916 | India (Pune): +91-20-66346060 | Fax: +1-855-550-5975 Email” [email protected]