Global Geothermal Power Generation Market was valued US$ 6.21 Bn in 2018 and is expected to reach US$ 14.85 Bn by 2026, at a CAGR of around 10.17% during a forecast period.
Global geothermal power generation market is expected to witness significant growth due to increasing importance for sustainable energy sources. The geothermal electric power generation market growth outlook is positive with significant growth potential for electricity because of its relatively low price. At the same time, factors such as rising energy demand, investments in renewable power generation, growing manufacturing sector, and technological advances are contributing to the growth of the market. This inclination coupled with growing importance for renewable electricity generation is projected to drive the market growth. Government initiatives such as financial benefits and tax rebates to promote sustainable energy generation are estimated to have a positive impact on the market.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
However, high initial costs, environmental concerns regarding geothermal power generation and increasing trade protectionism, risk of running out of steam over a period of time are the challenging factors and these factor hampering the growth of global geothermal power generation market.
According to technology, the flash steam segment considered for the largest share of the geothermal power generation market in 2018. The highest growth is expected to come from the binary segment. Major factors for this growth contain technological advancements in geothermal power generation and increasing pressure to limit carbon emissions.
Profile of the key players in the global geothermal power generation market will be provided, which contain key financials, product & services, new developments and business strategies.
Geographically, Asia Pacific is anticipated to register significant growth due to large scale geothermal production in Philippines, Japan and Indonesia. Increasing electricity demand in China and India tied with rising government intervention to produce electricity through renewable resources is projected to further enhance the market growth in the region. Feed-in-tariffs in Japan are expected to drive geothermal production in the region through small scale projects which in turn is probable to complement the Asia Pacific market growth. The market in Africa is projected to be driven by growing geothermal power generation in Kenya and Ethiopia.
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