DUBLIN--(BUSINESS WIRE)--The "Geothermal Power Market by Power Station Type and End Use: Global Opportunity Analysis and Industry Forecast, 2019-2026" report has been added to ResearchAndMarkets.com's offering.
The global geothermal power market was valued at $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.
Geothermal energy is defined as the energy derived from the natural heat of the earth, owing to decay of the natural radioactive isotopes of uranium, thorium, and potassium. Power generated by geothermal energy is referred to as geothermal power. Technologies used to generate power from geothermal energy include flash steam power stations, dry steam power stations, and binary cycle power stations.
Currently, geothermal electricity generation is used in 26 countries, whereas geothermal heating is in use in around 70 countries. Enforcement of stringent government regulations supporting the use of geothermal power for generating electricity acts as a key driver of the global geothermal power market. Leading countries in terms of production of geothermal energy are the U.S., Philippines, Indonesia, Mexico, and Japan. Presence of large geothermal reserves in the U.S., Mexico, Philippines, and Indonesia is one of the significant factors propelling geothermal production in these countries.
Other factors such as volatility in fossil fuel prices, increase in greenhouse gases emissions, and cost-effectiveness of geothermal energy are boosting the demand for geothermal power to generate electricity. As a result, it is expected that the geothermal power market will grow significantly during the forecast period. However, certain factors are expected to hamper the growth of the market such as requirement of huge investment for geothermal power plants and negative impact of geothermal energy on the environment =.
Key Benefits
- Porter's five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for building strategies.
- The report outlines the current trends and future scenario of the geothermal power market size from 2018 to 2026 to understand the prevailing opportunities and potential investment pockets.
- Major countries in four major regions, namely, North America, Asia-Pacific, Europe, and LAMEA have been mapped according to their individual revenue contribution in the market analysis at regional and country-level.
- The geothermal power market trends such as drivers, restraints, and opportunities and their detailed impact analyses are elucidated in the study.
- The profiles of key players along with their contribution in market growth are enlisted in the report.
Key Findings
- 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.
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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.
Market Dynamics
Drivers
- Rise in demand for renewable energy
- Rise in electricity consumption
Restraint
- High cost for establishment of geothermal power plant
Opportunity
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Potential growth opportunities offered by emerging economies
Key Players
- ABB
- EDF
- Enel Spa
- General Electric (GE)
- The Tata Power Company Limited
- Mitsubishi Hitachi Power Systems Inc.
- Toshiba Corporation
- Korea Electric Power Corporation
- Siemens AG
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Yokogawa Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/q2plj1
