Geothermal Power Market – Key drivers, Business insights, Trends and Major Market Players

The 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.

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.

Asia-Pacific to dominate, North America to follow

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.

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The binary cycle power stations segment to continue its lead position during the forecast period

Based on power station type, the binary cycle power stations segment contributed to nearly half of the total share of the global geothermal power market in 2018, and is estimated to continue its lead position during the forecast period. This is due to demand for electricity growing with increase in urbanization.

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.

Leading market players
• Enel Green Power S.p.A.
• Ormat Technologies Inc.
• Kenya Pertamina Geothermal Energy
• Electricity Generating Company PLC
• Calpine Corporation
• Aboitiz Power Corporation
• Energy Development Corporation
• Fuji Electric Co. Ltd.
• Toshiba Energy Systems & Solutions Corporation
• Mitsubishi Gas Chemical Company Inc.

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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.

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