Press release
Geothermal Power Industry Size & Analysis - 2026
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.
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The main components and processes involved in generating geothermal power are as follows:
Geothermal Reservoirs: Geothermal power plants extract heat from underground reservoirs, which are areas with high temperatures and abundant hot water or steam trapped beneath the Earth's surface. These reservoirs are typically located near tectonic plate boundaries or volcanic regions.
Geothermal Wells: Geothermal wells are drilled into the geothermal reservoirs to access the hot water or steam. The wells can be either production wells, which bring the hot water or steam to the surface, or injection wells, which return cooled water or condensate back into the reservoir.
Geothermal Power Plant: The extracted hot water or steam is channeled to the geothermal power plant, where it is used to drive turbines and generators to produce electricity. There are different types of geothermal power plants, including:
Dry Steam Power Plants: These plants use high-pressure, high-temperature steam directly from the geothermal reservoir to drive turbines and generate electricity.
Flash Steam Power Plants: These plants utilize high-pressure hot water from the geothermal reservoir. The hot water is released into a lower pressure tank, causing it to "flash" into steam, which then drives turbines to produce electricity.
Binary Cycle Power Plants: These plants use lower temperature geothermal resources. The hot water or steam is used to heat a secondary fluid (such as isobutane or isopentane) with a lower boiling point, creating vapor that drives turbines to generate electricity.
Condenser and Cooling System: After driving the turbines, the steam or vapor is condensed back into water in a condenser, and the excess heat is usually released into the atmosphere or, in some cases, used for district heating.
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.
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.
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.
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Geothermal power offers several advantages:
Renewable and Sustainable: Geothermal energy is continuously replenished by natural geological processes, making it a reliable and sustainable energy source.
Low Greenhouse Gas Emissions: Geothermal power plants produce minimal greenhouse gas emissions compared to fossil fuel-based power plants, contributing to lower carbon footprints.
Base Load Power: Geothermal power plants can operate 24/7, providing a consistent and reliable electricity supply, making them ideal for base load power generation.
Small Footprint: Geothermal power plants have a relatively small land footprint compared to other power generation technologies.
The geothermal power market growth is driven by rise in investment in renewable energy projects in the region. Moreover, significant increase in energy demand due to rapid industrialization and rise in population in countries such as China and India are expected to boost the market growth.
Asia-Pacific was the highest revenue contributor in 2018 and is expected to grow with a CAGR of 5.8%. Asia-Pacific and North America collectively accounted for around 68.6% share in 2018, with the former constituting around 35.0% share.
China and the U.S. have witnessed noteworthy growth in the production of electric vehicles. Electric vehicles not only create opportunities for the geothermal power market in the transportation sector but also reduce the greenhouse gas (GHGs) emissions.
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.
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.
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.
Read More Information: https://www.alliedmarketresearch.com/geothermal-power-market
Increase in investments and developments in renewable energy project is expected to offer remunerative opportunities for the growth of the geothermal power market.
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