- Surge in requirement for implementation of renewable energy and increase in electricity consumption drive the global geothermal power market
PORTLAND, Oregon, Feb. 18, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Geothermal Power Market by Power Station Type (Dry Steam Power Stations, Flash Steam Power Stations, and Binary Cycle Power Stations) and End Use (Residential, Commercial, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." 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.
Drivers, restraints, and opportunities
Surge in requirement for implementation of renewable energy and increase in electricity consumption drive the global geothermal power market. However, high costs related to establishment of plants hinder the market growth. On the other hand, untapped potential in emerging economies provide new opportunities for the market growth.
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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. However, the flash steam power stations segment is estimated to grow at the highest CAGR of 6.0% from 2019 to 2026, owing to exponential increase in usage in oil & gas sector.
The industrial segment to maintain its lead in terms of revenue by 2026
Based on end use, the industrial segment accounted for the highest market share of the global geothermal power market, accounting for more than one-third of the total market share in 2018, and is estimated to maintain its lead in terms of revenue by 2026. This is attributed to geothermal plants being utilized as an economical source of electricity to reduce the carbon footprint. However, the commercial segment is estimated to grow at the highest CAGR of 5.6% from 2019 to 2026, owing to rise in demand of electricity from offices, warehouses, hospitals, police stations, shopping malls, and IT companies.
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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. This is attributed to factors such as electrification of rural & low-income communities and focus on reducing carbon emissions. North America held the second-highest market share in 2018, with nearly one-third of the total share.
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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