According to the latest report published by Variant Market Research, the global geothermal power market is projected to reach $8,507 million by 2024, from $3,551 million in 2016; at a CAGR of 11.5% from 2016 to 2024.
Rising importance of renewable electricity generation to drive the global geothermal power market
The global geothermal power market is driven by factors such as fast urbanization, industrialization, rising manufacturing sectors in emerging economies, and rising importance for renewable electricity generation. Surface uncertainty and possible emissions may hamper the market growth. Furthermore, government initiatives like tax rebates and financial benefits to promote sustainable energy generation would provide an opportunity for market players of geothermal power.
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Market Segmentations
The global geothermal power market is classified into technology type and geography. Technology type segment includes dry steam, binary, flash, and other technology types. The market is further sub segmented by flash into single flash, double flash, & triple flash. North America (U.S., Mexico, and Canada), Europe (Italy, Turkey, Iceland, Russia, Germany, Portugal, Austria, France, and Rest of Europe), Asia-Pacific (Indonesia, Philippines, New Zealand, Japan, China, Papua-New-Guinea, Thailand, Australia, and Rest of Asia-Pacific) and RoW (Middle East, South America, and Africa) are the key geographical regions included in the global geothermal power market.
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Flash, by technology type, is estimated to dominated the global market in 2016
Flash held for the highest market share in 2016, and expected to continue its dominance over the forecast period, 2016 – 2024, due to high acceptance of flash technology type in geothermal power plants worldwide.
Asia-Pacific is estimated to dominated the global market in 2016
Asia-Pacific held for the highest market share in the global geothermal power market, in 2016, and expected to continue its dominance over the forecast period, 2016 – 2024, due to large scale geothermal production in Philippines, Japan, & Indonesia joined with growing electricity demand in China and India.
Competitive Landscape
The key market players of the market are TAS Energy, Mitsubishi Heavy Industries, Ltd., Turboden, Terra-Gen Power LLC, Ansaldo Energia, Fuji Electric Co., LTD, Toshiba Corporation, General Electric, Calpine Corporation, and Ethos Energy Group Limited, among others.
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Scope of the Global Geothermal Power Market
Technology Type Segments
• Dry Steam
• Flash
o Single Flash
o Double Flash
o Triple Flash
o Binary
o Other Technology Types
Geographical Segments
• North America
o U.S.
o Canada
o Mexico
• Europe
o Italy
o Iceland
o Turkey
o Russia
o Portugal
o Germany
o France
o Austria
o Rest of Europe
• Asia-Pacific
o Philippines
o Indonesia
o New Zealand
o Japan
o Papua-New-Guinea
o China
o Australia
o Thailand
o Rest of Asia-Pacific
• RoW
o South America
o Middle East
o Africa

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