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Geothermal Power Generation Market to Grow at 23.58% CAGR due to Reduced Rate of Resource Development.
The global geothermal power generation market was estimated at US$2.5 billion in 2013. It is growing at an impressive CAGR of 23.58% from 2013 to 2019 and is anticipated to reach US$8.9 billion in 2019.
Published 08 October 2015
A new report has been published by Transparency Market Research, titled “Geothermal Power Generation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019”. TMR, a market intelligence company based in the U.S., states that the global geothermal power generation market was estimated at US$2.5 billion in 2013. It is growing at an impressive CAGR of 23.58% from 2013 to 2019 and is anticipated to reach US$8.9 billion in 2019.As per the TMR report, energy derived from the existing heat in the crust of the earth is known as geothermal energy. This type of energy is utilized for two major purposes, which are direct use and power generation. Geothermal power is distinctively the only form of renewable electricity that is capable of acquiring supply base load and high capacity utilization. Due to this, geothermal power has acquired an exclusive market position, enabling it to run parallel with other nonconventional and conventional sources for power generation.
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Favorable policies, namely tariffs feeds, certificates for renewable energy, and soft loans for development of geothermal resources, are the key drivers of this industry. On the other hand, stringent laws for environmental protection, laws for land ownership, and regulations for controlling groundwater pollution may restrain the sector’s development. According to this TMR report, the market has been evaluated on the basis of the type of power plant technology utilized for the generation of geothermal power. The three technologies that are prevalent in the market include dry steam, binary cycle, and flash steam. The market for geothermal power generation is experiencing substantial changes due to growing adoption of the technology and this trend is expected to be consistent in the forthcoming future.
The report states that flash plants represent the major market share in the total market on the basis of global installed capacity. Nonetheless, flash plants are predicted to decline in terms of market share as a result of the rising demand for binary cycle power plants. As per this TMR research report, the global geothermal power generation market is segmented into Europe, Asia Pacific, and Rest of the World (RoW). The binary cycle power plants’ market share has been rising in North America. The U.S. market has matured owing to the exploitation of geothermal energy and decrease in resources over a long duration. This stimulates the requirement for implementation of the binary cycle technology. Additionally, the European market has also reached the point of stagnation, with countries such as Iceland and Italy obtaining a significant part of their total requirement for electricity from geothermal sources. Asia Pacific has dominated the global market on the basis of regional installed capacity, but it still has a substantial amount of undeveloped and unexplored geothermal resources. A similar pattern is observed in Rest of the World (RoW).Major players in the market include Energy Development Corporation (EDC) and Ormat Technologies, Calpine Corporation and Chevron Corporation.
Browse the full Geothermal Power Generation Market for Dry Steam, Flash Steam, Binary Cycle Technology - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019 report at :
Key Segments of the Geothermal Power Generation Market
Geothermal Power Generation market: Technology Analysis
- Dry steam
- Flash steam
- Binary cycle
Geothermal Power Generation market: Geography Analysis
- North America
- The U.S.
- Mexico
- Europe
- Italy
- Iceland
- Germany
- France (Guadeloupe)
- Portugal
- Russia (Kamchatka)
- Turkey
- Austria
- Asia Pacific
- Japan
- Papua New Guinea
- The Philippines
- New Zealand
- Indonesia
- Australia
- China
- Thailand
- RoW (Rest of the World)
- Kenya
- Nicaragua
- Costa Rica
- Guatemala
- Ethiopia
- El Salvador
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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