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Geothermal Power Market by Power Station Type and End Use: Global Opportunity Analysis and Industry Forecast, 2019-2026

  • ID: 5019931
  • Report
  • February 2020
  • Region: Global
  • 116 pages
  • Allied Analytics LLP
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FEATURED COMPANIES

  • Aboitiz Power Corporation
  • Calpine Corporation
  • Enel Green Power S.p.A.
  • Fuji Electric Co. Ltd.
  • Ormat Technologies Inc.
  • MORE
The global geothermal power market was valued at $4.6 billion in 2018 and is projected to reach $6.8 billion by 2026, growing at a CAGR of 5.0% from 2019 to 2026. Geothermal energy is defined as the energy derived from the natural heat of the earth, owing to decay of the natural radioactive isotopes of uranium, thorium, and potassium. Power generated by geothermal energy is referred to as geothermal power. Technologies used to generate power from geothermal energy include flash steam power stations, dry steam power stations, and binary cycle power stations.

Currently, geothermal electricity generation is used in 26 countries, whereas geothermal heating is in use in around 70 countries. Enforcement of stringent government regulations supporting the use of geothermal power for generating electricity acts as a key driver of the global geothermal power market. Leading countries in terms of production of geothermal energy are the U.S., Philippines, Indonesia, Mexico, and Japan. Presence of large geothermal reserves in the U.S., Mexico, Philippines, and Indonesia is one of the significant factors propelling geothermal production in these countries.

Other factors such as volatility in fossil fuel prices, increase in greenhouse gases emissions, and cost-effectiveness of geothermal energy are boosting the demand for geothermal power to generate electricity. As a result, it is expected that the geothermal power market will grow significantly during the forecast period. However, certain factors are expected to hamper the growth of the market such as requirement of huge investment for geothermal power plants and negative impact of geothermal energy on the environment =.

The global geothermal power market is segmented into power station type, end use, and region. By power station type, the market is fragmented into dry steam power stations, flash steam power stations, and binary cycle power stations. Market segmentation: based on end use includes residential, commercial, industrial, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key players operating in the global geothermal power market are ABB, EDF, Enel Spa, General Electric (GE), The Tata Power Company Limited, Mitsubishi Hitachi Power Systems Inc., Toshiba Corporation, Korea Electric Power Corporation, Siemens AG, Yokogawa Electric Corporation

KEY BENEFITS FOR STAKEHOLDERS
  • Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for building strategies.
  • The report outlines the current trends and future scenario of the geothermal power market size from 2018 to 2026 to understand the prevailing opportunities and potential investment pockets.
  • Major countries in four major regions, namely, North America, Asia-Pacific, Europe, and LAMEA have been mapped according to their individual revenue contribution in the market analysis at regional and country-level.
  • The geothermal power market trends such as drivers, restraints, and opportunities and their detailed impact analyses are elucidated in the study.
  • The profiles of key players along with their contribution in market growth are enlisted in the report.
KEY MARKET SEGMENTS

By Power Station Type
  • Dry Steam Power Stations
  • Flash Steam Power Stations
  • Binary Cycle Power Stations
By End-use Industry
  • Residential
  • Commercial
  • Industrial
  • Others
By Region
  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • France
  • Iceland
  • Italy
  • Portugal
  • Rest of Europe
  • Asia-Pacific
  • Indonesia
  • Japan
  • Philippines
  • Rest of Asia-Pacific
  • LAMEA
  • Chile
  • Turkey
  • Kenya
  • Rest of LAMEA
KEY PLAYERS
  • ABB
  • EDF
  • Enel Spa
  • General Electric (GE)
  • The Tata Power Company Limited
  • Mitsubishi Hitachi Power Systems Inc.
  • Toshiba Corporation
  • Korea Electric Power Corporation
  • Siemens AG
  • Yokogawa Electric Corporation
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Aboitiz Power Corporation
  • Calpine Corporation
  • Enel Green Power S.p.A.
  • Fuji Electric Co. Ltd.
  • Ormat Technologies Inc.
  • MORE
CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key benefits for stakeholders:
1.3. Key market segments
1.4. Research methodology
1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings
2.1.1. Top investment pockets
2.2. CXO perspective

CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key forces shaping geothermal power market
3.3. Market evolution/industry roadmap
3.4. Impact of government regulations on the global geothermal power market
3.5. Patent analysis
3.5.1. By region, 2012–2017
3.6. Case study
3.7. Market dynamics
3.7.1. Drivers
3.7.1.1. Rise in demand for renewable energy
3.7.1.2. Rise in electricity consumption
3.7.2. Restraint
3.7.2.1. High cost for establishment of geothermal power plant
3.7.3. Opportunity
3.7.3.1. Potential growth opportunities offered by emerging economies

CHAPTER 4: GEOTHERMAL POWER MARKET, BY POWER STATION TYPE
4.1. Overview
4.2. Dry steam power stations
4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market analysis by country
4.3. Flash steam power stations
4.3.1. Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market analysis by country
4.4. Binary cycle power stations
4.4.1. Key market trends, growth factors, and opportunities
4.4.2. Market size and forecast, by region
4.4.3. Market analysis by country

CHAPTER 5: GEOTHERMAL POWER MARKET, BY END USE
5.1. Overview
5.2. Residential
5.2.1. Market size and forecast, by region
5.2.2. Market analysis by country
5.3. Commercial
5.3.1. Market size and forecast, by region
5.3.2. Market analysis by country
5.4. Industrial
5.4.1. Market size and forecast, by region
5.4.2. Market analysis by country
5.5. Others
5.5.1. Market size and forecast, by region
5.5.2. Market analysis by country

CHAPTER 6: GEOTHERMAL POWER MARKET, BY REGION
6.1. Overview
6.2. North America
6.2.1. Key market trends, growth factors, and opportunities
6.2.2. Market size and forecast, by power station type
6.2.3. Market size and forecast, by end use
6.2.4. Market analysis by country
6.2.4.1. U.S.
6.2.4.1.1. Market size and forecast, by power station type
6.2.4.1.2. Market size and forecast, by end use
6.2.4.2. Canada
6.2.4.2.1. Market size and forecast, by power station type
6.2.4.2.2. Market size and forecast, by end use
6.3. Europe
6.3.1. Key market trends, growth factors, and opportunities
6.3.2. Market size and forecast, by power station type
6.3.3. Market size and forecast, by end use
6.3.4. Market analysis by country
6.3.4.1. France
6.3.4.1.1. Market size and forecast, by power station type
6.3.4.1.2. Market size and forecast, by end use
6.3.4.2. Germany
6.3.4.2.1. Market size and forecast, by power station type
6.3.4.2.2. Market size and forecast, by end use
6.3.4.3. Iceland
6.3.4.3.1. Market size and forecast, by power station type
6.3.4.3.2. Market size and forecast, by end use
6.3.4.4. Italy
6.3.4.4.1. Market size and forecast, by power station type
6.3.4.4.2. Market size and forecast, by end use
6.3.4.5. Portugal
6.3.4.5.1. Market size and forecast, by power station type
6.3.4.5.2. Market size and forecast, by end use
6.3.4.6. Rest of Europe
6.3.4.6.1. Market size and forecast, by power station type
6.3.4.6.2. Market size and forecast, by end use
6.4. Asia-Pacific
6.4.1. Key market trends, growth factors, and opportunities
6.4.2. Market size and forecast, by power station type
6.4.3. Market size and forecast, by end use
6.4.4. Market analysis by country
6.4.4.1. Indonesia
6.4.4.1.1. Market size and forecast, by power station type
6.4.4.1.2. Market size and forecast, by end use
6.4.4.2. Japan
6.4.4.2.1. Market size and forecast, by power station type
6.4.4.2.2. Market size and forecast, by end use
6.4.4.3. Philippines
6.4.4.3.1. Market size and forecast, by power station type
6.4.4.3.2. Market size and forecast, by end use
6.4.4.4. Rest of Asia-Pacific
6.4.4.4.1. Market size and forecast, by power station type
6.4.4.4.2. Market size and forecast, by end use
6.5. LAMEA
6.5.1. Key market trends, growth factors, and opportunities
6.5.2. Market size and forecast, by power station type
6.5.3. Market size and forecast, by end use
6.5.4. Market analysis by country
6.5.4.1. Chile
6.5.4.1.1. Market size and forecast, by power station type
6.5.4.1.2. Market size and forecast, by end use
6.5.4.2. Turkey
6.5.4.2.1. Market size and forecast, by power station type
6.5.4.2.2. Market size and forecast, by end use
6.5.4.3. Kenya
6.5.4.3.1. Market size and forecast, by power station type
6.5.4.3.2. Market size and forecast, by end use
6.5.4.4. Rest of LAMEA
6.5.4.4.1. Market size and forecast, by power station type
6.5.4.4.2. Market size and forecast, by end use

CHAPTER 7: COMPETITIVE LANDSCAPE
7.1. Introduction
7.1.1. MARKET PLAYER POSITIONING, 2018
7.2. Competitive Heatmap

CHAPTER 8: COMPANY PROFILES
8.1. ABB
8.1.1. Company overview
8.1.2. Company snapshot
8.1.3. Operating business segments
8.1.4. Product portfolio
8.1.5. R&D expenditure
8.1.6. Business performance
8.2. EDF
8.2.1. Company overview
8.2.2. Company snapshot
8.2.3. Operating business segments
8.2.4. Plant Portfolio
8.2.5. Business performance
8.3. ENEL SPA
8.3.1. Company overview
8.3.2. Company snapshot
8.3.3. Plant Portfolio
8.3.4. Business performance
8.4. GENERAL ELECTRIC
8.4.1. Company overview
8.4.2. Company snapshot
8.4.3. Operating business segments
8.4.4. Plant portfolio
8.4.5. R&D expenditure
8.4.6. Business performance
8.5. THE TATA POWER COMPANY LIMITED (TATA POWER)
8.5.1. Company overview
8.5.2. Company snapshot
8.5.3. Operating business segments
8.5.4. Plant portfolio
8.5.5. Business performance
8.6. Mitsubishi Hitachi Power Systems Inc.
8.6.1. Company overview
8.6.2. Company snapshot
8.6.3. Plant portfolio
8.7. TOSHIBA CORPORATION
8.7.1. Company overview
8.7.2. Company snapshot
8.7.3. Operating business segments
8.7.4. Plant portfolio
8.7.5. Business performance
8.8. Korea Electric Power Corporation
8.8.1. Company overview
8.8.2. Company snapshot
8.8.3. Operating business segments
8.8.4. Plant portfolio
8.8.5. Business performance
8.9. Siemens AG
8.9.1. Company overview
8.9.2. Company snapshot
8.9.3. Operating business segments
8.9.4. Product portfolio
8.9.5. Business performance
8.10. Yokogawa Electric Corporation
8.10.1. Company overview
8.10.2. Company snapshot
8.10.3. Operating business segments
8.10.4. Product portfolio
8.10.5. Business performance
8.11. Other key player profiles
8.11.1. Key player snapshot
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Aboitiz Power Corporation
  • Calpine Corporation
  • Enel Green Power S.p.A.
  • Fuji Electric Co. Ltd.
  • Ormat Technologies Inc.
  • MORE
According to the report titled 'Geothermal Power Market by Power Station Type and End-use Industry: Global Opportunity Analysis and Industry Forecast, 2019-2026,' the global geothermal power market was valued at $4.6 billion in 2018, and is projected to reach $6.8 billion by 2026, growing at a CAGR of 5.0% from 2019 to 2026. The geothermal power market growth is driven by rise in investment in renewable energy projects in the region. Moreover, significant increase in energy demand due to rapid industrialization and rise in population in countries such as China and India are expected to boost the market growth.

Geothermal power plants utilize steam to produce energy. The steam is generated from reservoirs of hot water found below the earth's surface. In the process of energy generation, the steam rotates a turbine that activates a generator to produce energy. With growing demand for energy, it is expected that the requirement of geothermal power generation will increase notably.

The industrial sectors are expected to consume more energy during the forecast period attributed to rise in use of geothermal power plants in the industrial sector. Furthermore, India possesses significant growth potential due to increase in investments in renewable energy projects in India. Thus, India is one of the major countries experiencing rapid growth in the Asia-Pacific geothermal power market. For instance, in March 2019, Eversource Capital, a Joint venture between Everstone and Lightsource, planned to invest $1 billion in renewable energy in India through its Green Growth Equity Fund. These investments and developments will increase the acceptability of geothermal power in the renewable energy market. Thus, increase in investments and developments in renewable energy project is expected to offer remunerative opportunities for the growth of the geothermal power market.

The global geothermal power market is segmented on the basis of power station type, end use, and region. By power station type, the market is divided into dry steam power stations, flash steam power stations, and binary cycle power stations. The binary cycle power stations segment was the highest contributor and is estimated to grow at a CAGR of 4.5% during the forecast period. This is attributed to increase in use of binary cycle power stations for generating electricity. In addition, binary cycle power plants are utilized to generate additional electricity from the geothermal fluid after its use in flash power plants. These binary cycle power plants are called bottoming plants. As the demand for electricity increases due to growing urbanization, it is expected that the demand for binary cycle power station will increase significantly, which will propel the growth of the market.

Market segmentation on the basis of end use includes residential, commercial, industrial, and others. The industrial segment was the highest contributor to the market in 2018 and is expected to grow at a CAGR of 5.0% during the forecast period. The industrial and residential segments collectively accounted for around 69.7% market share in 2018, with the former constituting around 36.2% share.

Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Among these regions, Asia-Pacific was the highest revenue contributor in 2018 and is expected to grow with a CAGR of 5.8%. Asia-Pacific and North America collectively accounted for around 68.6% share in 2018, with the former constituting around 35.0% share.

The key players operating in the global geothermal power industry include ABB, EDF, Enel Spa, General Electric (GE), The Tata Power Company Limited, Mitsubishi Hitachi Power Systems Inc., Toshiba Corporation, Korea Electric Power Corporation, Siemens AG, and Yokogawa Electric Corporation.

Key Findings of the Study:
In 2018, the Asia-Pacific market accounts for 34.9% share in the geothermal power market.
The binary cycle power stations segment is expected to hold a dominant position in the geothermal power market size during the forecast period.
The dry steam power stations segment is projected to grow at a CAGR of 3.9% by 2026.
The Industrial segment dominated the geothermal power market share in 2018 and is expected to grow with the CAGR of 5.0% during the forecast period.
The qualitative data in the report aims on the geothermal power market trends, dynamics, and developments, while the quantitative data provides information about the market share and market size in terms of revenue and volume.
Note: Product cover images may vary from those shown
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  • Enel Green Power S.p.A.
  • Ormat Technologies Inc.
  • Kenya Pertamina Geothermal Energy
  • Electricity Generating Company PLC
  • Calpine Corporation
  • Aboitiz Power Corporation
  • Energy Development Corporation
  • Fuji Electric Co. Ltd.
  • Toshiba Energy Systems & Solutions Corporation
  • Mitsubishi Gas Chemical Company Inc.
Note: Product cover images may vary from those shown
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The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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