The global geothermal power market is forecast to grow at a compound annual growth rate (CAGR) of more than 6% during the forecast period from 2021-2030.
A geothermal power plant is a stable and independent power generation system that utilizes the warmth of the earth’s magma to produce energy. Geothermal power plants use steam emitted from hot water near the earth’s surface to rotate turbines that drive generators to generate electricity.
A geothermal power plant can operate in three forms: a binary cycle, a dry steam plant, and a flash steam plant. Government organizations are encouraging the utilization of geothermal energy to decrease the reliance on foreign oil. The use of renewable energy resources, both for electricity and heat, is a diverse activity.
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Factors Impacting
- Growing government regulations on climate change in developed and developing economies are driving the market growth for geothermal power.
- Market factors such as volatile fossil fuel prices, limited fossil fuel availability, increasing greenhouse gas emissions, high geothermal power capacity, the cost-effectiveness of geothermal energy, and decreasing pollution by geothermal power plants are driving the global geothermal power market.
- An investment in these facilities is costly, and geothermal energy is environmentally harmful. These factors are major growth barriers for the industry. The growing market for wind and solar energy also restrains this market’s growth.
- Over the forecast period, government funding and technological advancements in the renewable energy sector will provide lucrative opportunities for market expansion.
Impact Analysis of COVID-19
COVID-19 is causing a global economic disruption. The result has been a decline in the demand for geothermal energy. Aside from the interruptions to supply chains, many geothermal power projects ceased when the government-imposed lockdowns and curfews. The uncontrollable deterioration of the situation in nearly every country caused the funding and conception of geothermal power plant projects to be abandoned.
In the aftermath of a pandemic, there are different circumstances. In the near future, it is forecast that the market will rapidly grow. The use of geothermal energy allows a plant to be carbon-neutral. Therefore, many countries are considering investing in these plants to make them environmentally and economically sustainable.
Regional Overview
North America holds the largest share of the market due to its abundant geothermal resources. Geothermal energy is forecast to grow at the fastest rate in Asia-Pacific during the forecast period, partly because the region is introducing numerous government initiatives to increase the adoption of renewable energy sources.
Leading Companies
The leading prominent companies profiled in the global geothermal power market are:
- ABB Ltd, (Europe)
- Électricité de France S.A. (France)
- Enel S.p.A. (Europe)
- General Electric Company (U.S.)
- Tata Power Company Limited (India)
- Mitsubishi Hitachi Power Systems Inc. (Japan)
- Toshiba Corporation (Japan)
- Korea Electric Power Corporation (South Korea)
- Siemens AG (Germany)
- Yokogawa Electric Corporation (Japan)
- Other Prominent Players
Scope of the Report
The global geothermal power market segmentation focuses on Power Station Type, End-Use, and Geography.
Segmentation based on Power Station Type
- Dry Steam Power Stations
- Flash Steam Power Stations
- Binary Cycle Power Stations
Segmentation based on End-Use
- Residential
- Commercial
- Industrial
- Others
Segmentation based on Geography
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content
Chapter 1: Global Geothermal Power Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Geothermal Power market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Geothermal Power Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Geothermal Power market Size Forecast (2023-2032).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Geothermal Power market revenues on a global, regional, and country level, projecting trends until 2032. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Geothermal Power market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Geothermal Power market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Geothermal Power business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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