Global geothermal power market generated $4.6 billion in 2018 and is projected to reach $6.8 billion by 2026, growing at a CAGR of 5.0% from 2019 to 2026. An increase in demand for the implementation of renewable energy and rise in electricity consumption propel the global geothermal power market. However, high costs regarding establishing plants restrain market growth. On the other hand, huge potential in emerging countries opens up new pathways for market growth.
Geothermal power plants utilize steam to produce energy. The steam is generated from reservoirs of hot water found below the earth’s surface. In the process of energy generation, the steam rotates a turbine that activates a generator to produce energy. With growing demand for energy, it is expected that the requirement of geothermal power generation will increase notably.
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.
Download Sample Report: https://www.alliedmarketresearch.com/request-sample/5524
The rising demand for geothermal power as it has a high capacity of geothermal power which is provided at a low cost drives the market for geothermal power. As the geothermal power plants cause less pollution as compared to other sources this market is expected to grow during the forecast period. Geothermal power generation is extremely beneficial when it is compared to the other renewable energy sources like wind, bioenergy or hydropower. The greenhouse gases emission is also less in the geothermal power generation. The growth of the global market is driven by various strict regulations implemented by the government of various nations. The limited availability of fossil fuels and growing greenhouse gas emissions are also fueling the market growth. As the fossil fuel prices are extremely volatile the market is expected to grow.
The global geothermal power market is segmented on the basis of power station type, end use, and region.
On the basis of the power station type, the binary cycle power stations segment accounted for nearly half of the total market share in 2018 and is expected to maintain its leadership status during the forecast period. This is attributed to the rise in demand for electricity with a trend of urbanization. However, the flash steam power stations segment would register the fastest CAGR of 6.0% from 2019 to 2026.
Based on end use, the industrial segment held the largest market share of the global geothermal power industry, contributing to more than one-third of the total share in 2018, and is expected to maintain its leadership status in terms of revenue by 2026. This is due to usage of geothermal plants as an economical electricity source to lower down carbon footprint. However, the commercial segment is expected to register the largest CAGR of 5.6% from 2019 to 2026.
For Purchase Inquiry @ https://www.alliedmarketresearch.com/purchase-enquiry/5524
Based on region, Asia-Pacific accounted for the largest market share, contributing to more than one-third of the total market share in 2018, and is expected to maintain its dominance in terms of revenue by 2026. In addition, this region would maintain the highest CAGR of 5.8% during the forecast period. In the Asia Pacific region the governments are various countries are investing and taking initiatives for promoting a sustainable energy generation. Contrarily, North America accounted for the second-largest market share in 2018, contributing to nearly one-third of the total market share.
Leading market players 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., and Mitsubishi Gas Chemical Company Inc.
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.