Global Geothermal Power Market
The GMI Research forecasts that the Geothermal Power Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the expansion in allowance and investments by several organizations and the mounting demand for manufacturing renewable electricity.
Introduction of the Geothermal Power Market:
Geothermal energy is a renewable source of energy designed to use the internal heat from the Earth. It is a stable and independent power generation system, which uses the warm vitality of the earth’s magma to produce power. Geothermal power plants utilize the steam produced from hot water found around a mile or more below the earth’s surface to rotate turbines that start a generator, which further produces electricity.
Key Players of the Global Geothermal Power Market:
- Berkshire Hathaway Energy
- Enel Green Power North America Inc.
- Aboitiz Power
- Gradient Resources
- Chevron Corporation
- Calpine Corporation
Geothermal Power Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Growth in the global geothermal power market is primarily driven by the introduction of rigorous government norms concerned with climate change in developing and developed countries, strategic initiatives which include tax rebates and financial benefits to encourage sustainable and renewable energy generation, and the excessive capacity and cost-efficiency of geothermal energy. International Renewable Energy Agency (IRENA), the geothermal installed capacity in 2016 was 12.7 gigawatts (GW), with the yearly electricity generation touching 80.9 terawatt-hours (TWh) in 2015 that accounted for approximately 0.3% of total production. Also, the augmenting demand for energy, the inadequate prevalence of fossil fuels, and an increase in greenhouse gas discharge are some other factors contributing to the market growth. Enormous advantages including, less land utilization, high accessibility, low atmospheric pollution, and no or zero liquid pollution on the re-injection of effluent fluid further strengthen the geothermal power market size.
Additionally, as per the geothermal power market research, the decrease of GHG (Green House Gas) discharge during the production of heat, reliable and environment-friendly baseload power help to magnify the industry’s penetration. However, the robust investment required to set up the power plant and negatively influence the environment will hamper the market growth. Moreover, the expanding market of wind & solar energy curbs the market share. For example, as per the International Renewable Energy Agency (IRENA), the total installation costs for the geothermal power plants range from USD 1,870 per KW and USD 5 050 per KW.
Geothermal Power Market Segmentation:
Segmentation by End User
- Industrial
- Commercial
- Residential
- Utility
Segmentation by Application
- Power generation
- District heating & cooling
- Process heating & cooling
Segmentation by Technology
- Flash
- Binary
- Dry Stream
Segmentation by Material
- Molten salt
- Water
- Phase change material (PCM)
Segmentation by Storage
- Latent heat storage
- Thermo chemical storage
- Sensible heat storage
Segmentation by Industry
- Agriculture
- Power Generation
- Industry Automation
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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