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Geothermal Power Industry Outlook: New Avenues Are Opening
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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. 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.
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.
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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.
The key players operating in the global geothermal power industry include 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, and Yokogawa Electric Corporation.
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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