The global geothermal power market size is expected to reach of around US$ 7 Bn by 2027 and is anticipated to grow at a CAGR of around 5.5% in terms of revenue during the forecasting period 2020 – 2027.
Geothermal energy is a stable, autonomous power generation device that uses the Earth's warm magmatic potency for power generation. The steam produced from hot water, which lies about miles or more beneath the Earth's surface, is used by geothermal power plants to spin turbines to produce electricity.
The report provides analysis of global Geothermal Power market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2018 is considered as the base year.
Some of the main developments on the geothermal power sector are the rising need for electricity generation. Geologists, geophysicists, geochemists and many other experts in this field perform these roles, from exploratory phase to power generation and their subsequent distribution, are highly needed. There are also manpower specifications for drilling wells, geothermal boiling equipment, mud-logger fluid analysis and the location of concrete metal housings in soldering wells. In addition, the job prospects in EPC services have risen because workers with civil, mechanical and electrical engineering skills are needed. There is also a need for trained staff for geothermal power plant construction, operations and maintenance. On the other hand, increasing technical advancement and the presence of several geothermal deposits are projected to provide the global players with business opportunities. However, growing demand for energy from developing economies would also fuel growth in the industry over the projected timeframe.
North America is a major source of geothermal electricity and has the largest share in global geothermal energy. Growing geothermal production in the region and a rise in the potential of old plants will boost the region's demand for geothermal energy, which also lead to a global market growth over the expected period of time.
Asia Pacific is expected to show considerable growth in view of large-scale geothermal development in Philippines, Japan and Indonesia. The area is projected to continue to fuel market growth with rising demand for electricity in China and India and increasing government involvement to generate electricity through renewable resources. Feed-in tariffs are expected to increase geothermal development in the region by means of smaller ventures in Japan, which will in turn supplement demand growth in Asia-Pacific. In Africa the geothermal demand will be powered by the rising development of geothermal energy in Kenya and Ethiopia.
The market research study on “Geothermal Power Market (By Type: Geothermal Power Market By Power Station Type: Binary Cycle Power Stations, Dry Steam Power Stations, Flash Steam Power Stations; Geothermal Power Market By Application: Commercial, Residential, Industrial) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Geothermal Power market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global Geothermal Power market, its technology, mounting, connectivity, end use, and major geographic regions. The report covers global Geothermal Power market size, and segment markets by power station type, application, and geography along with the information on companies operating in the market. The Geothermal Power market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global geothermal power market is segmented as below:
Geothermal Power Market By Power Station Type
Geothermal Power Market By Application
Geothermal Power Market By Geography
Middle East & Africa
Major players include in this report are Enel Green Power North America Inc., Calpine, Kenya Electricity Generating Company PLC, Gradient Resources, Terra-Gen Power LLC, Berkshire Hathaway Energy, and Others.
Such companies have adopted numerous approaches, including acquisitions, alliances, cooperation, joint ventures, deals, extensions and introducing new products, to build a large customer base and raise their global share in the geothermal power industry.
Geothermal energy is a stable, autonomous power generation device that uses the Earth's warm magmatic potency for power generation.
The geothermal power market value is anticipated to be worth around US$ 7 Bn in 2027.
The geothermal power market is anticipated to grow around 5.5% CAGR amid the forecast period.
North America held maximum share in 2019 led by the US.
Asia Pacific is projected to grow at a fast pace during forecast period.
Increasing focus on energy independence and energy security is a key market driver.
Major players include in the geothermal power market report are Enel Green Power North America Inc., Calpine, Kenya Electricity Generating Company PLC, Gradient Resources, Terra-Gen Power LLC, Berkshire Hathaway Energy, and Others.