Allied Market Research published a report, titled, “Geothermal Power Market by Power Station Type and End Use: Global Opportunity Analysis and Industry Forecast, 2019–2026.” According to the report, the global geothermal power market garnered $4.6 billion in 2018, and is expected to reach $6.8 billion by 2026, registering a CAGR of 5.0% from 2019 to 2026.
Surge in requirement for implementation of renewable energy and increase in electricity consumption drive the global geothermal power market. However, high costs related to establishment of plants hinder the market growth. On the other hand, untapped potential in emerging economies provide new opportunities for the market growth.
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The industrial sectors are expected to consume more energy during the forecast period attributed to rise in use of geothermal power plants in the industrial sector. Furthermore, India possesses significant growth potential due to increase in investments in renewable energy projects in India. Thus, India is one of the major countries experiencing rapid growth in the Asia-Pacific geothermal power market. For instance, in March 2019, Eversource Capital, a Joint venture between Everstone and Lightsource, planned to invest $1 billion in renewable energy in India through its Green Growth Equity Fund. These investments and developments will increase the acceptability of geothermal power in the renewable energy market. Thus, increase in investments and developments in renewable energy project is expected to offer remunerative opportunities for the growth of the geothermal power market.
The global geothermal power market is segmented on the basis of power station type, end use, and region. By power station type, the market is divided into dry steam power stations, flash steam power stations, and binary cycle power stations. The binary cycle power stations segment was the highest contributor and is estimated to grow at a CAGR of 4.5% during the forecast period. This is attributed to increase in use of binary cycle power stations for generating electricity. In addition, binary cycle power plants are utilized to generate additional electricity from the geothermal fluid after its use in flash power plants. These binary cycle power plants are called bottoming plants. As the demand for electricity increases due to growing urbanization, it is expected that the demand for binary cycle power station will increase significantly, which will propel the growth of the market.
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Based on end use, the industrial segment accounted for the highest market share of the global geothermal power market, accounting for more than one-third of the total market share in 2018, and is estimated to maintain its lead in terms of revenue by 2026. This is attributed to geothermal plants being utilized as an economical source of electricity to reduce the carbon footprint. However, the commercial segment is estimated to grow at the highest CAGR of 5.6% from 2019 to 2026, owing to rise in demand of electricity from offices, warehouses, hospitals, police stations, shopping malls, and IT companies.
Based on region, Asia-Pacific accounted for the largest market share in terms of revenue, contributing to more than one-third of the global geothermal power market in 2018, and is estimated to dominate in terms of revenue throughout the forecast period. Moreover, this region is expected to maintain the largest CAGR of 5.8% from 2019 to 2026. This is attributed to factors such as electrification of rural & low-income communities and focus on reducing carbon emissions. North America held the second-highest market share in 2018, with nearly one-third of the total share.
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Key Findings of the Study:
- In 2018, the Asia-Pacific market accounts for 34.9% share in the geothermal power market.
- The binary cycle power stations segment is expected to hold a dominant position in the geothermal power market size during the forecast period.
- The dry steam power stations segment is projected to grow at a CAGR of 3.9% by 2026.
- The Industrial segment dominated the geothermal power market share in 2018 and is expected to grow with the CAGR of 5.0% during the forecast period.
- The qualitative data in the report aims on the geothermal power market trends, dynamics, and developments, while the quantitative data provides information about the market share and market size in terms of revenue and volume.
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