Global Geothermal Power Market: About this market
geothermal power market analysis considers sales from flash, dry steam, and binary types. Our study also finds the sales of geothermal power in APAC, Europe, MEA, North America, and South America. In 2019, the flash segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing demand for low-priced electricity will play a significant role in the flash segment to maintain its market position. Also, our global geothermal power market report looks at factors such as rising investments and government initiatives, growing demand for renewable energy sources, and advantages for geothermal energy. However, high initial capital investments in establishing geothermal power plants, challenges posed by other renewable energy sources, and drawbacks of harnessing geothermal energy may hamper the growth of the geothermal power industry over the forecast period.
Global Geothermal Power Market: Overview
Advantages of geothermal energy
Geothermal energy is emerging as one of the most reliable sources of renewable energy. It is gaining prominence over conventional and non-renewable sources of energy because of its eco-friendly nature and constant availability. Geothermal reservoirs are non-exhaustible, have a high potential for power generation, and are replenished naturally, meeting the baseload demand for energy by generating up to 2 terawatts of power globally. The use of geothermal resources in the generation of electricity will continue to increase due to the high level of efficiency and minimal maintenance requirement. Thus, the advantages of geothermal energy will lead to the expansion of the global geothermal power market at a CAGR of over 8% during the forecast period.
Growing technological advances in the geothermal energy industry
An immeasurable amount of geothermal energy resources are present deep within the earth's subsurface. However, their exploitation is not feasible, owing to the immense heat and lack of proper technology. Researchers and industry players are focused on developing highly advanced technologies and techniques for drilling at extremely high temperatures. The development of enhanced geothermal systems (EGS) will also help in boosting geothermal exploration activities. EGS will allow exploitation of unexplored geothermal resources, especially where hydrothermal resources have been exhausted. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global geothermal power market during the forecast period 2020-2024, click here.

Competitive Landscape

With the presence of a few major players, the global geothermal power market is concentrated. robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of few leading geothermal power manufacturers, that include Aboitiz Power Corp., Berkshire Hathaway Energy Co., Calpine Corp., Enel Spa, Energy Development Corp., Geothermal Engineering Ltd., HS Orka hf, Innergex Renewable Energy Inc., Kenya Electricity Generating Co. Plc, and Ormat Technologies Inc.
Also, the geothermal power market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.