May 17, 2020 4:53 PM ET
iCrowd Newswire – May 17, 2020
The Global Geothermal Power Market is estimated to grow at a CAGR of 5.0% during the forecast period 2019-2026. As per the detailed market analysis, the global market recorded $4.6 billion in the year 2018, and is estimated to reach $6.8 billion by the end of the year 2026.
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The Global Geothermal Power Market is driven by various growth factors such as increase in electricity consumption and growth in demand for renewable energy. 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.
Segmentation Overview of the Global Geothermal Power Market
The global geothermal power market is segmented on the basis of various market segments that include Power Station Type and End Use. These market segments are further categorized into various market segments to study the overall market scenario.
The Power Station Type Segment of the Global Geothermal Power Market is Sub-Segmented into:
- Dry Steam Power Stations
- Flash Steam Power Stations
- Binary Cycle Power Stations
The End Use Type Segment of the Global Geothermal Power Market is Sub-Segmented into:
Geographical Overview of the Global Geothermal Power Market
On the basis of geographical segmentation, the global geothermal power market was studied across North America (U.S., Canada and Mexico); Europe (Germany, UK, Russia, France and Rest of Europe); Asia Pacific (China, India, Japan, Korea and Rest of Asia Pacific); LAMEA (Brazil, Saudi Arabia and Rest of LAMEA). As per the analysis, the Asia-Pacific accounted as the largest shareholder in the global marketplace in terms of revenue. The region contributed more than 1/3rd of the global geothermal power market and is estimated to continue the dominance over the forecast period. As per the market study, the region is estimated to grow at highest CAGR of 5.8% during the forecast period 2019-2026. The regional dominance and growth is attributed to various growth-based factors such as increasing focus of market players on reducing carbon emissions and electrification of rural & low-income communities. Moreover, the North America Geothermal Power Market held the second-highest market share in the year 2018 and acquired nearly 1/3rd of the global market share.
Key Players Insights
Mitsubishi Gas Chemical Company Inc., Toshiba Energy Systems & Solutions Corporation, Fuji Electric Co. Ltd., Energy Development Corporation, Aboitiz Power Corporation, Calpine Corporation, Electricity Generating Company PLC, Kenya Pertamina Geothermal Energy, Ormat Technologies Inc. and Enel Green Power S.p.A. are some major key players included in the research report of the global geothermal power market.
Impact of COVID-19 on the Global Geothermal Power Market
The latest report by Report Ocean titled Global Geothermal Power Market also covers the impact of COVID-19 on the market.
The coronavirus which is referred as COVID-19 more generally has impacted the various aspects of the market globally. The sudden outbreak of coronavirus has brought numerous changes in the market conditions. Our in-house research analyst studied the market considering the historical data and current scenario along with sudden changes in market situations.
The overall power industry shown a sudden decline, owing to shutdown of factories and declining demand of power. Hence, the declining demand of power has also impacted the geothermal power market. The market research study also explains the overall market calculations and other qualitative factors.
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Keywords: Geothermal Power Market, Geothermal Power Market Size