Market Highlights
The Global Geothermal Power Market Size is Projected to be valued at USD 6.9 Billion by 2025, with 7.24% CAGR during the forecast period, 2019–2025. Geothermal power is electricity generated from geothermal energy, where steam from hot water located under the ground is used to rotate the turbine that is connected to a generator that produces electricity. Geothermal energy is obtained from fluids in the Earth’s sub-surface and is available abundantly around volcanic regions.
In 2018, Europe dominated the global geothermal power market in terms of share: MRFR
The global geothermal power market has been segmented into five regions, namely, Asia-Pacific, the Middle East & Africa, Europe, North America, and South America.
North America is expected to hold the largest share of the market during the forecast period. This is primarily because countries in the region are extensively focused on developing renewable energy sources to reduce carbon emissions. In North America, the US held the largest share in the regional market and is expected to grow at the fastest CAGR during the forecast period, due to the availability of geothermal resources in the country, primarily in Alaska.
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In Europe, Iceland held the largest market share in 2018 and is expected to grow at the fastest rate during the forecast period, primarily due to the high rate of volcanic activity in the country. Furthermore, energy export from the country is also growing at a steady rate in the country driving the growth of the geothermal power market in the country.
In Asia-Pacific, the Philippines held the largest market share in 2018 due to increasing government support to introduce renewable energy sources. While the geothermal power market is expected to grow at the fastest CAGR in Indonesia during the forecast period due to the increasing demand for electricity in the country.
In the Middle East & Africa, Kenya held the largest market share in 2018 due to the rising dependence on renewable energy sources for electricity generation in the country. However, the geothermal power market is expected to grow with the fastest CAGR in Saudi Arabia, as the country’s government is focused on increasing its share of renewable energy in the country’s energy mix.
The global geothermal power market has been segmented based on plant type, power output, and end-use.
Based on the power plant type, the global market is divided into flash steam plants, dry steam plants, and binary cycle power plants. The binary cycle power plants segment is expected to hold a larger share of the market during the forecast period due to substantial technical advancements in the plant type.
Based on power output, the global market is bifurcated into up to 5 MW and above 5 MW. The above 5 MW segment is expected to grow with a higher CAGR during the forecast period as large scale utilities are increasingly focusing on geothermal resources.
Based on end-use, the global geothermal power market has been segmented into residential, industrial, and commercial. The industrial segment is expected to hold the largest share of the market due to the increasing demand for renewable energy sources from the industrial sector.
Scope of the Report
This report provides an in-depth analysis of the global geothermal power market trends, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights the market size and share for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global geothermal power market by power plant type, power output, end-user, and region.
Key Players
The Key Players operating in the Global Geothermal Power Market are Macquarie Group Limited (Australia), Enel Spa (Rome), Supreme Energy (Indonesia), General Electric (US), Ansaldo Energia (Italy), Green Mountain Energy Company (US), Sumitomo Corporation (Japan), Turboden S.p.A. (Italy), Atlas Copco AB (Sweden), Calpine (US), KenGen (Kenya), Reykjavik Geothermal (Iceland), Halliburton (US), and Fuji Electric Co Ltd (Japan).
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