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Market Research Report

Global Geothermal Power Market - 2019-2026

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Global Geothermal Power Market - 2019-2026
Published: June 25, 2020 Content info:
Description

Market Overview:

Geothermal and renewable source of energy power is the sustainable generated by the geothermal power plants from the heat derived within the sub-surface of the earth. The dry steam power stations, flash steam power stations, and binary cycle power stations are used for generating the geothermal power. The global geothermal power market valued USD XX million in 2018 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2026.

Market Dynamics:

The market is driven by the rising demand for geothermal power due to the high capacity of geothermal power, the cost-effectiveness of geothermal energy, reduction in pollution by geothermal power plants, and increasing energy demand. According to the International Renewable Energy Agency (IRENA), the global geothermal installed capacity was 12.7 gigawatts (GW) in 2016 with the annual electricity generation reaching 80.9 terawatt-hours (TWh) in 2015 that accounts for the amounting to approximately 0.3% of global electricity generation

The geothermal power generation is more beneficial in comparison to other renewable energy sources, such as hydropower, wind, and bioenergy. The geothermal power generation possesses advantages such as low atmospheric pollution, less usage of the land, no or zero liquid pollution on the re-injection of effluent fluid, and high availability. The geothermal power generation has lower life-cycle greenhouse gas emissions than fossil fuel-based generation. Several factors such as the limited presence of fossil fuels, rise in the greenhouse gas emission, and increasing energy demand are hindering market growth.

There is an increase in the launch of the geothermal power plant. For instance, in September 2019, Sumitomo Corp. had launched a geothermal power plant on Sumatra Island in Indonesia amid the country's push for natural energy. In September 2017, Enel and ENAP had launched the Cerro Pabellon, the first geothermal power plant in South America and the world's first large-scale facility of this kind to be built at 4,500 meters above sea level.

Several organizations, associations, and institutes are raising the investment and funding for the geothermal power. For instance, in April 2020, Ethiopia had signed signed a power purchase agreement worth USD 800 million with the developers of a 150 MW geothermal plant. In 2017, the World Bank had provided USD 55.25 million in grants to support Indonesia's Geothermal Energy Upstream Development Project.

However, the huge investment for the geothermal power plants is hindering the market growth. According to the International Renewable Energy Agency (IRENA), the global total installed costs for the geothermal power plants range from USD 1,870 per KW and USD 5, 050 per KW. The geothermal power plants could have a negative impact on the environment.

Market Segment Analysis:

The global geothermal power market is segmented based on the power plant type as the dry steam power plant, flash steam power plant, and binary cycle power plant. The flash steam power stations segment accounts for the highest market share of XX% in 2019 as the flash steam electricity plants in the operation. The flash steam power stations plants according to the size depending on they are single, double, or triple-flash plants. These plants take the high-pressure hot water from deep inside the earth and convert it to steam to drive generator turbines. These plants condense to water and are injected back into the ground to be used again whenever the steam cools down.

The binary cycle power plants segment is expected to witness positive market growth. The binary cycle power plants are the closed-loop systems that are applied to the low- or medium-enthalpy geothermal fields where the resource fluid is used, via heat exchangers, to heat a process fluid in a closed-loop.

Further, the market is also classified based on the end-users as residential, commercial, industrial, and others. The industrial segment accounts for the highest market share of XX% in 2019 due to the high usage of the geothermal power for the food dehydration, gold mining, and milk pasteurizing. Geothermal power is also useful for geothermal power. Various industries such as pulp and paper, cement, food, aquaculture, lumber, and others also use geothermal power. The lumber and cement industries involve the use of the geothermal power to dry the materials being produced. Geothermal power is a great source for meeting energy requirements in the future.

Geographical Presentation:

By region, the global geothermal power market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominated the global geothermal power market and expected to grow at the highest CAGR during the forecasted period due to the presence of a large number of the geothermal reserves. According to the International Renewable Energy Agency (IRENA), the geothermal installed capacity was 2.5 gigawatts (GW) in 2016 in the United States. There is growing technological advancement for the generation of geothermal power. Several companies are focusing on the planned capacity expansions in existing power plants along with the upcoming geothermal projects.

The Asia Pacific region is expected to have positive market growth due to the rapid urbanization and industrialization that has increased the demand for electricity. There is growing electrification of low-income & rural communities. There is a growing generation of electricity from renewable sources. There is growing government initiatives for promoting sustainable energy generation. There is a large-scale geothermal production in the Philippines, Japan, and Indonesia. The Japanese government has provided the feed-in-tariffs for the geothermal production through the mall scale projects.

Competitive Analysis:

The global geothermal power market is highly competitive with the presence of several international and local markets. Revenue generation and opportunities intensify the market competition. Calpine, Gradient Resources, Enel Spa, General Electric, The Tata Power Company Limited, Mitsubishi Hitachi Power Systems Inc., Toshiba Corporation, Korea Electric Power Corporation, and Siemens AG are the leading market players with significant market share.

The major players are using geothermal power plant launch, collaborations, acquisitions, mergers, licensing, market expansion, and capacity utilization strategies for holding their position in the market. For instance, In December 2019, Climeon had collaborated with the New Zealand-based geothermal minerals firm Geo40 to capture valuable minerals and increase the geothermal electricity production in a heat power bottoming cycle plant at an existing geothermal plant in New Zealand.

In August 2019, Geotermica del Norte, a joint venture between Enel Chile's renewable subsidiary Enel Green Power Chile (EGPC) and ENAP had built a third-generation unit of 33 MW at the geothermal power plant Cerro Pabellon. The construction of the new unit would involve an investment of around USD 100 million and expected to start operations in the second half of 2020.

In May 2017, ORIX Corporation had acquired an approximately $627million ownership stake in Ormat Technologies, Inc by purchasing approximately 11.0 million shares of Ormat Technologies, Inc common stock from FIMI ENRG Limited Partnership, FIMI ENRG, L.P. Under the terms of a new Commercial Cooperation Agreement between the two companies, Ormat Technologies would have exclusive rights to develop, own, operate and provide equipment for ORIX geothermal energy projects in all markets outside of Japan. In addition, Ormat would have certain rights to serve as a technical partner and co-invest in ORIX geothermal energy projects in Japan

Several companies are raising investment and funding for geothermal power plants. For instance, in July 2018, Enel had planned to expand the capacity of its 48 MW geothermal power plant of Cerro Pabellon by 30 MW within the next three years. The new facility, combined with the 48 MW of the two already operating units, would bring the Cerro Pabellon's total capacity to 81 MW. Once the third unit is fully operational, the overall geothermal plant would be able to generate 600 GWh per year, avoiding the emission of around 468,000 tons of CO2 into the atmosphere.

Why Purchase the Report?

  • Visualize the composition of the global geothermal power market products in terms of power plant type and end-users highlighting the critical commercial assets and players.
  • Identify commercial opportunities in the global geothermal power market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of global geothermal power market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

*The global geothermal power market report will provide access to approximately 53 market data tables, 44 figures, and 178 pages

Target Audience:

  • Industry Investors/Investment Bankers
  • Suppliers/Buyers
  • Education & Research Institutes
  • Manufacturers
  • Research Professionals
  • Emerging Companies
  • Distributors
Table of Contents

Table of Contents

1. Global Geothermal Power Market Methodology and Scope

  • 1.1. Research Methodology
  • 1.2. Research Objective and Scope of the Report

2. Global Geothermal Power Market - Market Definition and Overview

3. Global Geothermal Power Market - Executive Summary

  • 3.1. Market Snippet by Power Plant Type
  • 3.2. Market Snippet by End-Users
  • 3.3. Market Snippet by Region

4. Global Geothermal Power Market Dynamics

  • 4.1. Market Impacting Factors
    • 4.1.1. Drivers
    • 4.1.2. Restraints
    • 4.1.3. Impact Analysis
  • 4.2. Opportunity

5. Global Geothermal Power Market - Industry Analysis

  • 5.1. Porter's Five Forces Analysis
  • 5.2. Supply Chain Analysis
  • 5.3. Regulatory Analysis
  • 5.4. Pricing Analysis

6. Global Geothermal Power Market - By Power Plant Type

  • 6.1. Introduction
    • 6.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Power Plant Type
    • 6.1.2. Market Attractiveness Index, By Power Plant Type
  • 6.2. Dry Steam Power Stations*
    • 6.2.1. Introduction
    • 6.2.2. Market Size Analysis, US$ Mn, 2016-2025 and Y-o-Y Growth Analysis (%), 2018-2026
  • 6.3. Flash Steam Power Stations
  • 6.4. Binary Cycle Power Stations

7. Global Geothermal Power Market - By End-Users

  • 7.1. Introduction
    • 7.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-Users
    • 7.1.2. Market Attractiveness Index, By End-Users
  • 7.2. Residential*
    • 7.2.1. Introduction
    • 7.2.2. Market Size Analysis, USD Mn, 2016-2025 and Y-o-Y Growth Analysis (%), 2018-2026
  • 7.3. Commercial
  • 7.4. Industrial
  • 7.5. Others

8. Global Geothermal Power Market - By Region

  • 8.1. Introduction
    • 8.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Region
    • 8.1.2. Market Attractiveness Index, By Region
  • 8.2. North America
    • 8.2.1. Introduction
    • 8.2.2. Key Region-Specific Dynamics
    • 8.2.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Power Plant Type
    • 8.2.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-Users
    • 8.2.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
      • 8.2.5.1. U.S.
      • 8.2.5.2. Canada
      • 8.2.5.3. Mexico
  • 8.3. Europe
    • 8.3.1. Introduction
    • 8.3.2. Key Region-Specific Dynamics
    • 8.3.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Power Plant Type
    • 8.3.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-Users
    • 8.3.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
      • 8.3.5.1. Germany
      • 8.3.5.2. U.K.
      • 8.3.5.3. France
      • 8.3.5.4. Rest of Europe
  • 8.4. South America
    • 8.4.1. Introduction
    • 8.4.2. Key Region-Specific Dynamics
    • 8.4.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Power Plant Type
    • 8.4.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-Users
    • 8.4.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
      • 8.4.5.1. Brazil
      • 8.4.5.2. Argentina
      • 8.4.5.3. Rest of South America
  • 8.5. Asia Pacific
    • 8.5.1. Introduction
    • 8.5.2. Key Region-Specific Dynamics
    • 8.5.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Power Plant Type
    • 8.5.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-Users
    • 8.5.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
      • 8.5.5.1. China
      • 8.5.5.2. India
      • 8.5.5.3. Japan
      • 8.5.5.4. Australia
      • 8.5.5.5. Rest of Asia Pacific
  • 8.6. Middle East and Africa
    • 8.6.1. Introduction
    • 8.6.2. Key Region-Specific Dynamics
    • 8.6.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Power Plant Type
    • 8.6.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-Users

9. Global Geothermal Power Market Competitive Landscape

  • 9.1. Competitive Scenario
  • 9.2. Market Positioning/Share Analysis
  • 9.3. Mergers and Acquisitions Analysis

10. Global Geothermal Power Market Company Profiles

  • 10.1. Calpine*
    • 10.1.1. Company Overview
    • 10.1.2. Form Portfolio and Description
    • 10.1.3. Key Highlights
    • 10.1.4. Financial Overview
  • 10.2. Gradient Resources
  • 10.3. Enel Spa
  • 10.4. General Electric
  • 10.5. The Tata Power Company Limited
  • 10.6. Mitsubishi Hitachi Power Systems Inc.
  • 10.7. Toshiba Corporation
  • 10.8. Korea Electric Power Corporation
  • 10.9. Siemens AG
  • 10.10. Yokogawa Electric Corporation
  • List is not exhaustive

11. Global Geothermal Power Market - Premium Insights

12. Global Geothermal Power Market - DataM

  • 12.1. Appendix
  • 12.2. About Us and Services
  • 12.3. Contact Us
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