At 5.0% CAGR, Geothermal Power Market Size to Cross $6.8 Billion by 2026
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.
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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. This is due to factors including electrification of low-income and rural communities along with focus on reduction in carbon emissions. 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.
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Key Findings of the Study:
o In 2018, the Asia-Pacific market accounts for 34.9% share in the geothermal power market.
o The binary cycle power stations segment is expected to hold a dominant position in the geothermal power market size during the forecast period.
o The dry steam power stations segment is projected to grow at a CAGR of 3.9% by 2026.
o 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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