The global geothermal power market was estimated at $3,233.5 million in 2015, and it is expected to grow at a CAGR of 11.6% during 2016 – 2022, according to recent research by P&S Market Research.
The factors driving the growth of the global market include increased government support for geothermal power projects and stringent environment regulations, high capacity factor, and increasing need for energy independence and geopolitical energy security.
Asia-Pacific dominated the global geothermal power market in 2015, and it is anticipated to retain its dominance during the forecast period. The geothermal power market in Asia-Pacific is expected to expand quickly, due to high energy demands in the region and improving prospects for new development in the geothermal power industry. Moreover, the rapid depletion of fossil fuel resources in the region is creating abundant growth opportunities for the Asia-Pacific geothermal power market. In addition, increasing levels of job opportunities due to the development of geothermal power plants is a key trend witnessed in Asia-Pacific geothermal power market.
The information and data in the publication "Global Geothermal Power Market Size, Share, Development, Growth and Demand Forecast to 2022" results from the collection of research and analysis of data from various primary and secondary sources. An amalgamation of top-down and bottom-up approaches was used to calculate the market size. P&S Market Research analysts and consultants interacted with leading companies in the field to substantiate data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by online and offline research.
Some of the key companies operating in the global geothermal power market include Ormat Technologies Inc., Mitsubishi Heavy Industries Ltd., U.S. Geothermal Inc., Cyrq Energy, Calpine Corporation, Alterra Power Corp., NV Energy, Raya Group, Energy Development Corporation, Mannvit Engineering and Contact Energy.