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Geothermal Power Market to Reach $6.8 Bn, Globally, by 2026 at 5.0% CAGR: Allied Market Research

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Allied Market Research

18 Feb, 2020, 14:50 GMT

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- 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.  

Download Report Sample: https://www.alliedmarketresearch.com/request-sample/5524

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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About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research

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