Renewable Energy Spotlight: Geothermal Power Market Insights

AI generated summary

A recent report by Allied Market Research highlights the growth of the global geothermal power market, which was valued at $4.6 billion in 2018 and is anticipated to reach $6.8 billion by 2026, with a projected CAGR of 5.0% during the forecast period. The market's expansion is attributed to increased investment in renewable energy projects and rising energy demand driven by industrialization and population growth, particularly in countries like China and India.

The Asia-Pacific region emerged as the largest revenue contributor in 2018, with a projected growth rate of 5.8%. Noteworthy advancements in the production of electric vehicles in China and the U.S. are also expected to create opportunities for the geothermal power market, particularly in the transportation sector, while contributing to the reduction of greenhouse gas emissions. Key players in the industry include ABB, Enel Spa, General Electric, and others, with the industrial segment dominating the market share and showing potential growth opportunities due to increased use of geothermal power plants.