A comprehensive overview of the Global Geothermal Power Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Geothermal Power Market in the Global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Global Geothermal Power Market at the regional & country levels. The Global Geothermal Power Market is expected to grow at a CAGR of x% from 2021-2027 to reach USD x billion by 2027.
Market Overview
Geothermal power generation has higher capacity factors compared with some other renewable energy resources and is capable of supplying baseload electricity, as well as providing ancillary services for short- and long-term flexibility in some cases. Furthermore, geothermal power generation has lower life-cycle greenhouse gas emissions than fossil fuel-based generation.
Demand continues to grow for sources of renewable electricity generation, and geothermal power has the potential to contribute a predictable, low-carbon renewable supply to the global energy mix in the transition to clean technology. For instance, as per IRENA & Statista, Global geothermal power generation capacity stood at 92,050 Gwh at the year-end 2020. The current pandemic situation clearly slowed down development with limited growth reported. Turkey represented nearly all geothermal generation capacity added in 2020 with USA leading in overall power generation globally.
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COVID-19 Impact
The impact of the COVID-19 pandemic is being felt in geothermal power market. Apart from the disruptions in supply-chain management, the construction of many geothermal power plants was halted due to the government enforced lockdowns and curfews.
Even the funding and conception of projects relating to geothermal power plants were abandoned due to the uncontrollable deteriorating situations in almost all the countries.
For example, as per European Geothermal Energy Council (EGEC) 2010-2020 was a decade of sustained growth disrupted at the end by the economic impacts of the COVID-19 pandemic. By the end of 2020 Europe had 3.5 GWe of installed geothermal electricity capacity. This was distributed over 139 power plants. In a major break with previous years, no new country (apart from Turkey) commissioned a geothermal power plant in 2020. This was due to the COVID-19 pandemic as well as the lack of suitable and robust support frameworks to accompany the uptake of geothermal electricity.
However, despite multiple setbacks the novel coronavirus disease (COVID-19) pandemic brought in its wake, 2020 was a year of significant growth for the renewable energy sector. The world added 256 gigawatts of renewable power-generating capacities over the year.
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Global Geothermal Power Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Power Station Type, the market is primarily bifurcated into:
Dry Steam Power Stations
Flash Steam Power Stations
Binary Cycle Power Stations
The Binary Cycle Power Stations segment dominated the Geothermal Power Market and accounted for X% market share. This segment will witness a considerable CAGR of X% during the forecast period (2021-2027F) as they can be operated at low-temperature reservoirs (200°F to 330°F) & has little or no emissions of greenhouse gases and particulate matter.
By End User, the market is primarily studied into:
Residential
Commercial
Industrial
Others
The Industrial segment generated revenue of USD X billion in 2020. The segment is expected to grow at a CAGR of X% during the forecast period to reach a market valuation of USD X billion by 2027 due to the increasing industrialization & its uses for many applications in different industries globally.
Global Geothermal Power Market Region Segmentation Includes:
North America
Europe
Asia Pacific
Rest of World
Based on the estimation, North America dominated the market in 2020 and is expected to maintain its dominance during the forecast period (2021-2027).
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The major players targeting the market includes:
Enel Green Power S.p.A.
Aboitiz Power Corporation
Calpine Corporation
Alterra Power Corp
ABB Ltd.
Ormat Technologies Inc
Berkshire Hathaway Energy
Yokogawa Electric Corporation
EDF Group
Fuji Electric Co Ltd
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Geothermal Power Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
What are the latest trends, new patterns, and technological advancements in the Global Geothermal Power Market?
Which factors are influencing the Global Geothermal Power Market over the forecast period?
What are the global challenges, threats, and risks in the Global Geothermal Power Market?
Which factors are propelling and restraining the Global Geothermal Power Market?
What are the demanding global regions of the Geothermal Power Market?
What will be the market size in the upcoming years?
What are the crucial market acquisition strategies and policies applied by the companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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