Geothermal Power - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Geothermal Power market is accounted for $4.60 billion in 2018 and is expected to reach $7.77 billion by 2027 growing at a CAGR of 6.0% during the forecast period. Some of the key factors propelling the market growth are growing necessity for workforce for power generation and energy security. However, solar and wind is the restraining factor for the growth of the market.
Geothermal power is the power generated by geothermal power plants from the heat energy stored under the Earth’s crust. These plants utilize steam produced from hot water reservoirs beneath the Earth’s surface. The steam is primarily required for the rotation of the turbine, which then generates electricity. Geothermal power plants have the capacity factor to generate electricity higher than 90%.
By power station type, binary cycle segment is expected to grow at the significant market share during the forecast period due to the capacity of binary cycle power stations to allow fluid temperatures as low as 57°C as compared to the flash steam ones, which need at least 180°C. On the basis of geography, North America is anticipated to hold considerable market share during the forecast period due to mostly situated in the western states. It is approximated that nine western states together have the capacity to supply over 20% of electricity desires in the United States. Rising interest and investments in countries, such as the United States and Mexico is consecutively, leading to a growth in demand for geothermal energy generation plants.
Some of the key players in Geothermal Power Market include Aboitiz Power Corp, Berkshire Hathaway Energy Co, Calpine Corporation, Enel Green Power, Energy Development Corp, Fuji Electric Co. Ltd, General Electric Company, Geothermal Engineering Ltd, and HS Orka hf, Innergex Renewable Energy Inc. Kenya Electricity Generating Co Plc, Ormat Technologies Inc, Toshiba Corporation and US Geothermal Inc.
Power Station Types Covered:
• Flash Steam
• Dry steam
• Binary Cycle
• Other Power Station Types
End Users Covered:
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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