Global Geothermal Power Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
“Global Geothermal Power Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” report has been recently generated by MarketResearch.biz, and offers in-depth insights, revenue details, and other vital information regarding the global geothermal power market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global geothermal power market report has been segmented on the basis of technology type and region.
This report is based on synthesis, analysis, and interpretation of information gathered from various sources regarding the target market. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts, with the primary objective being to provide a holistic view of the target market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as current impact, in order to make informed forecasts about the scenarios in the near and distant future.
Geothermal power is power generated by geothermal energy. Technologies in use include dry steam power stations, flash steam power stations and binary cycle power stations.
The global geothermal power market is expected to register significant growth owing to increasing awareness for the need of sustainable energy sources. Increasing concern of global warming is driving growth of renewable forms of energy, leading to growth of the global target market. In addition, increasing industrialization and urbanization across numerous developing markets such as Brazil, India, China and Mexico have led to an increasing demand for power generation. Rising manufacturing sector in these aforementioned markets is one of the primary factors driving electricity demand, which in turn is expected to drive growth of the global geothermal power market over the estimated time period. Moreover, increasing importance for reliable and renewable electricity generation is estimated to fuel the global geothermal power market growth. Increasing government initiatives in form of financial benefits, subsidies and tax rebates to support sustainable forms of energy are expected to fuel growth of the global market over the estimated time period. In addition, increasing private investment in energy sector is also expected to propel growth of the global market over the forecast period.
On the other hand, inadequate transmission infrastructure is a challenge and is expected to hinder growth of the global market over the estimated time period.
Increasing technological advancement and existence of numerous geothermal reserves is expected to create revenue opportunities for the players in the global market. In addition, increasing electricity demand from emerging economies is also expected to boost market growth over the forecast period.
The U.S. Department of Energy is expected to invest USD 4 million in financing six geothermal Deep Direct-Use (DDU) research projects to conduct feasibility research of low-temperature, deep-well, and large scale, geothermal systems, and surface technologies. These projects will help in extending the reach of geothermal energy into earlier untapped regions of the country.
Analysis by Region:
US Market in North America is a major producer of geothermal power and accounts for maximum share in terms of revenue in the global geothermal power market. Increasing geothermal project in the region, coupled with increasing expansion of the capacity of old plants is driving demand for geothermal power in the region, which in turn is expected to contribute to growth of the global market over the estimated time period. Market in Asia Pacific is also expected to witness substantial growth, owing to the increasing demand for electricity in the developing economies of the region.
Global Geothermal Power Market Segmentation:
Segmentation by Technology Type:
- Dry Steam
- Single Flash
- Double Flash
- Triple Flash
- Other Technology Types
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Enel Green Power North America Inc.
- Gradient Resources
- Berkshire Hathaway Energy
- Terra-Gen Power LLC
- US Geothermal
- Toshiba International Corp.
- EthosEnergy Group and ThermaSource LLC.
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