As per the latest report published by Variant Market Research, Global Geothermal Power Market is estimated to reach $8,507 million by 2024; growing at a CAGR of 11.5% from 2016 to 2024. Geothermal power produced by geothermal energy, is the heat produced from the Earth which is clean and sustainable. The rapid reduction of fossil fuels & global warming due to their usage has increased the importance of green energy. The several governments across the globe have started several plans and schemes, to endorse and boost the generation of geothermal energy. Various factors such as rapidly growing urbanization, industrialization, & increasing manufacturing sectors in developing economies, and increasing importance for renewable electricity generation are driving the growth of the market over the forecasted period.
Major factors driving the global geothermal power market are rapidly growing urbanization, industrialization, and increasing manufacturing sectors in developing economies, and increasing importance for renewable electricity generation. However, potential emissions, and surface uncertainty may hamper the market growth. Furthermore, government initiatives such as economic benefits and tax refunds to encourage sustainable energy production would unfold with numerous growth opportunities in the forecasted years.
Major segments in the global geothermal power market are technology type, and geography. Technology type comprises dry steam, flash, binary, and other technology types. Further, the market is categorized by flash as single flash, double flash, and triple flash.
Geographically, geothermal power market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consist of Italy, Iceland, Turkey, Russia, Portugal, Germany, France, Austria, and Rest of Europe. Asia-Pacific is segmented into Philippines, Indonesia, New Zealand, Japan, Papua-New-Guinea, China, Australia, Thailand, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
The key market players competing in the market are General Electric, Mitsubishi Heavy Industries, Ltd., Ansaldo Energia, Toshiba Corporation, Fuji Electric Co., LTD, Turboden, Calpine Corporation, Terra-Gen Power LLC, Ethos Energy Group Limited, and TAS Energy, among others.
The key takeaways from the report
- The report will provide detailed analysis of Global Geothermal Power Market with respect to major segments such as technology type and geography
- The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Geothermal Power Market has been included in the report
- Profile of the key players in the Global Geothermal Power Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Geothermal Power Market
Technology Type Segments
- Dry Steam
- ·Single Flash
- ·Double Flash
- ·Triple Flash
- Other Technology Types
- North America
- ·Rest of Europe
- ·New Zealand
- ·Rest of Asia-Pacific
- ·South America
- ·Middle East