Global Geothermal Power Market Report, published by Variant Market Research, forecast that the global market is expected to reach $8,507 million by 2024 from $3,551 million in 2016; growing at a CAGR of 11.5% from 2016 to 2024. By geography, Rest of the World (RoW) and Asia-Pacific are expected to grow at a CAGR of 14.3% and 12%, respectively, during the forecast period.Geothermal power is the power produced by geothermal energy which is the heat produced from the Earth and is clean and sustainable. Technologies which are used in geothermal power includes dry steam power stations, flash steam power stations, and binary cycle power stations, among others.
“Geothermal Power Market (By Technology Type: Dry Steam, Flash, Binary, and Other Technology Types; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024″
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Rapid urbanization to drive the growth of the global geothermal power market
The factors supporting growth of the globalgeothermal power market are rapid urbanization, industrialization, rising manufacturing sectors in developing economies, and rising importance for renewable electricity generation. However, possible emissions, and surface uncertainty may act as a restraint for the growth of the market. Furthermore, government initiatives such as financial aids and tax rebates to encourage sustainable energy production would provide several growth opportunities for the market in the future years.
Technology type, and geography are the major segments considered in the global geothermal power market. Technology type comprises dry steam, flash, binary, and other technology types. The market is further sub segmented by flash into single flash, double flash, and triple flash. By geography, the global geothermal power market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Flash accounted for the largest market share in the technology type segment
Global Geothermal Power Market, by Technology Type
Flash accounted for the largest market share in 2016, in the technology type segment, and are expected to continue its dominance during the forecast period 2016 – 2024, owing to high adoption of flash technology type in geothermal power plants globally. Flash power plants are the most frequently used geothermal power plants.
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Asia-Pacific dominated the global market with highest market share in 2016
GLOBAL GEOTHERMAL POWER MARKET SHARE BY GEOGRAPHY, 2016 (%)
Asia-Pacific dominated the global geothermal power market with largest market share of 35.5% in 2016, and expected to continue the trend over the forecasted period, owing to large scale geothermal production in Japan, Philippines, and Indonesia coupled with increasing electricity demand in India and China.
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The major players operating in the market are Turboden, Mitsubishi Heavy Industries, Ltd., Ansaldo Energia, Toshiba Corporation, General Electric, Fuji Electric Co., LTD, Calpine Corporation, Terra-Gen Power LLC, Ethos Energy Group Limited, and TAS Energy, among others.