Registering a CAGR of 6.2% over the forecast period of 2020-2027, the global geothermal power generation market is anticipated to reach the market value of US$ 6.8 billion in the year 2026 from US$ 4.6 billion in the year 2020.
The market for geothermal power is driven by the implementation of strict government rules which are related to climate change in developed and developing economies. Furthermore, several factors like limited presence of fossil fuels, high capacity of geothermal power, reduction in pollution by geothermal power plants, volatile fossil fuel prices, rise in greenhouse gas emission, the cost-effectiveness of geothermal energy, and increase in demand for energy are also driving the growth of the market. At the same time, factors like the negative impact of geothermal energy on the environment and the huge investment required for geothermal power plants are proving to be the obstacle course for the market along with the growing market of wind & solar energy. However, constant development in technologies in the renewable energy sector and an increase in government financing are the factors that are creating opportunities for the market.
Based on the Geothermal Power Generation market development status, competitive landscape, and development model in different regions of the world, this report is dedicated to providing niche markets, potential risks, and comprehensive competitive strategy analysis in different fields of Energy & Power. From the competitive advantages of different types of products and services, the development opportunities and consumption characteristics, and structure analysis of the downstream application fields are all analyzed in detail. To Boost the Growth of Geothermal Power Generation during the epidemic era, this report analyzes in detail the potential risks and opportunities which can be focused on.
The report also assesses the key opportunities in the Geothermal Power Generation market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall global Geothermal Power Generation Market has also been forecasted for the period 2021-2026, taking into consideration the previous growth patterns, the growth drivers, and the current and future trends.
Top Key Players in the Geothermal Power Generation Market have been identified through secondary research, and their market shares have been determined through primary and secondary research. The global Geothermal Power Generation Market is fragmented with a large number of small players operating worldwide. The companies referred in the market research report includes Chevron, Calpine, Energy Development, Comisión Federal de Electricidad, Enel Green Power, KenGen, Contact Energy, Orkuveita Reykjavikur, Pertamina Geothermal Energy, CalEnergy Generation, Star Energy Ltd, Northern California Power Agency, Terra-Gen, LLC, and others.
The sources and technologies have changed over time, and some are used more than others. The three major categories of energy for electricity generation are fossil fuels (coal, natural gas, and petroleum), nuclear energy, and renewable energy sources.
By Type, Geothermal Power Generation Market has been segmented into
By Application, Geothermal Power Generation Market has been segmented into
North America is one of the most important markets for geothermal energy across the globe, with the United States most important the regional and global market in terms of installed capacity. Most of the geothermal power plants in the United States are in western states and the island state of Hawaii, where geothermal energy resources are close to the earth's surface. California produces the most electricity from geothermal energy, whereas the Geysers dry steam reservoir in Northern California is the biggest known dry steam field in the world.
Forecast Period 2022 to 2028 CAGR
CAGR of 6.2% during the review period (2022 to 2027).
Chevron, Calpine, Energy Development, Comisión Federal de Electricidad, Enel Green Power, KenGen, Contact Energy, Orkuveita Reykjavikur, Pertamina Geothermal Energy, CalEnergy Generation, Star Energy Ltd, Northern California Power Agency, Terra-Gen, LLC, and others.
2017 to 2021
2022 to 2027
Number of Pages
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What will be Geothermal Power Generation Market growth by 2027?
The global Geothermal Power Generation Market is projected to grow at a rate of 5.0% by 2027
What are the key trends in the Geothermal Power Generation Market?
The Geothermal Power Generation Market growth is driven by rise in asset in renewable energy projects in the region. Also, important increase in energy demand due to rapid mechanization and rise in people in countries such as China and India are likely to boost the market growth.
What are the applications of geothermal power market?
Dry Steam Power Station, Flash Steam Power Stations ,Binary Cycle Power Stations
Who are the key companies in the Global Market for Geothermal Power Generation Market?
Key companies in the Global Market for Geothermal Power Generation include Aboitiz Power Corporation, Calpine Corporation, Enel Green Power S.p.A., Energy Development Corporation, Geothermal Engineering Ltd., HS Orka hf, Kenya Electricity Generating Company PLC, Mercury NZ Limited and Orkuveita Reykjavíkur Reykjavík Energy.
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.