Global Geothermal Power Equipment Market was valued US$ XX Bn in 2018 and is expected to reach US$ 30.69 Bn by 2026, at CAGR of XX% during forecast period of 2019 to 2026.

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Global Geothermal Power Equipment Market Drivers and Restrains:

Global geothermal power equipment market is expected to witness fastest growth due to increasing importance for sustainable energy sources. The growing of the industrial sector, significant rise in world population, and increase in infrastructure development activities are increasing the demand for electricity. Countries around the world are enlarging their electricity generation capacity by installing new plants or increasing the capacity of their present plants to supply to the rising demand for electricity.

Major economies are tending toward the development of renewable energy generation sources, due to the presence of strict government rules about greenhouse gas (GHG) emissions. The globally dependence on coal and other fossil fuels is reducing owing to rise in investments in renewable energy sources like solar, wind, biomass, and geothermal. Therefore, rise in the demand for power around the world has increased the installation of geothermal power plants, thereby propelling the geothermal power equipment market globally.

Study of the International Geothermal Association (IGA), the development of around XX MW of geothermal power generation capacity is either ongoing or planned. This capacity is projected to more than double the present installed capacity over the upcoming period. However, the high initial investment required for the establishment of a geothermal power plant is hampering the market growth at the global level. The global total installed cost for geothermal power plants are typically ranges from US$ 1870/kW to 5050/kW.

The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Global Geothermal Power Equipment Market Segmentation Analysis:

Based on the plant, the global geothermal power equipment market is segmented into Dry Steam Plants, Flash Steam Plants, and Binary Cycle Power Plants. The sales of geothermal power equipment for flash steam power plants are anticipated to record a value of US$ XX billion in 2019, and are likely to register at a CAGR of XX% during the forecast period. The cost of a flash geothermal power generation plants varies between US$ 1,900/kW and US$ 3,800/kW. Currently, Flash steam plants are the most common type of geothermal power generation plants in operation.
Global Geothermal Power Equipment Market Regional Analysis:

Asia Pacific held the XX% market share of the geothermal power equipment market in 2018 and it is anticipated to grow at the largest CAGR of XX% during the forecast period, due to the growth of the manufacturing sector in developing economies in the region, and rapid industrialization and urbanization. Also, the growing significance of renewable electricity driven the geothermal power equipment market. In Indonesia, the Sarulla geothermal power plant has started operations in May 2018, with an installed capacity of 330MV, it marked another milestone in Indonesia’s efforts to move towards a more renewable energy future. This project will power over 2.1 million Indonesian households, which is the world’s largest single-contract geothermal power plant in the country.

North America held the second-largest market share of XX% of the geothermal power equipment in 2018. The U.S. states of California, Nevada, Utah, Alaska, and Hawaii had the maximum installed capacity for geothermal power generation in 2018. Presently, an overall of 43 geothermal power plants are working in California with an installed capacity of 2,730 MW. California has installed more renewable energy plants as compared to any other U.S. state, with utility-scale systems of 22,250 MW being operational in the state. In the U.S., According to the University of Michigan, electricity generated from geothermal power plants is likely to increase from 15.98 Bn kWh in 2017 to 29.55 Bn kWh by 2026.

A report covers the recent development in the market for the geothermal power equipment market, e.g., Fuji Electric Co. Ltd. was presented a geothermal power station contract in Kenya. The scope of the contract was to install a complete geothermal power equipment facility for the Olkaria I Geothermal Power Station in Kenya.

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