Press release
Geothermal Energy Market Size 2019 by Top Key Players: Chevron, General Electric, Ormat, Terra Gen, Mitsubishi heavy industry, Toshiba, Fuji Electric, Ansaldo Energia, Turboden, U.S. Geothermal, Exergy, Haliburton, Reykjavik geothermal, Enel Green Power,
Geothermal Energy Market
The global geothermal energy market is expected to gain major impetus over the coming years owing to the economic benefits associated with geothermal energy along with rising investments in clean energy initiatives.
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Company Profiles
• Chevron
• General Electric
• Ormat
• Terra Gen
• Mitsubishi heavy industry
• Toshiba
• Fuji Electric
• Ansaldo Energia
• Turboden
• U.S. Geothermal
• Exergy
• Haliburton
• Reykjavik geothermal
• Enel Green Power
• Calpine
Geothermal Energy Market size is set to exceed USD 57 billion by 2024, according to a new research report by. Increasing electricity demand, especially in remote locations, will drive the global geothermal energy market in the future. For instance, Nevada is meeting its electricity demand through expanded renewable energy capacity by using non-hydroelectric renewable sources like solar, wind, and geothermal energy.
Increasing energy demand from heating & cooling systems including ground source heat pump and district heating will positively drive the geothermal energy market. Favorable legislations to reduce GHG emissions will further stimulate demand. The EU has introduced several action plans and framework including Paris Climate agreement and 2030 climate and energy framework with an aim to reduce the emissions to 47% from 1990 level. Directive also focusses to increase sustainable energy share to at least 27% of total consumption by 2030.
Facilities dedicated to renewable energy generation are vital to the economic base of rural communities throughout Nevada. Therefore, a renewable portfolio standard aimed at achieving 25% renewable energy in the state by 2025, together with tax incentives and other policies have helped propel renewable energy investment in the state. In addition, the quickly falling rates of renewable energy technologies have also improved the state’s economic viability. Therefore, the lucrative fiscal benefits pertaining to geothermal development will drive demand and help augment the global geothermal energy market growth.
Increasing concerns about environmental protection is another factor that will continue to foster the geothermal energy market. Recently, to strike a balance between environmental protection and development, China’s green sector is attracting investments from enterprises. Energy enterprises are on the move as the country began making the best of its abundant geothermal resources with Sinopec Green Energy Geothermal Development rapidly growing its services in urban and rural areas. The company apparently offers geothermal heating for an area around 50 square kilometers and aims to expand it up to 100 square kilometers by 2023, which will contribute to the expansion of the regional geothermal energy market.
Increasing demand to recover heat from low to medium temperature reservoirs will propel binary geothermal energy market share. Improved thermal efficiency and strong environmental benefits makes it a preferable option when compared with available counterparts. In 2016, Costa Rica announced to expand its Las Pailas installed capacity by 165 MW, which is expected to be operational by 2018. Flash geothermal energy market will witness strong growth owing to its ability to generate electricity by utilizing water dominated reservoirs with temperature greater than 1800C.
Japan geothermal energy market share is predicted to expand over 8% by 2024.Introduction of several incentives including feed in tariff to encourage renewable energy adoption will favor the business growth. In 2016, Japan Ministry of Economic Trade and Industry has introduced USD 0.26 FIT for less than 150MW and USD 0.36 FIT for greater than 150MW geothermal power plants.
Increasing electricity demand along with growing investment towards renewable energy will foster the Ethiopia geothermal energy market. In 2013, the country announced to invest USD 4 billion to build 1000 MW Corbetti geothermal power plant out of which first phase 500 MW is expected to be operational by 2018. In Ethiopia, over 69% of the total population lacks access to electric grid.
Key participant in geothermal energy market includes Mitsubishi heavy industry, Ansaldo Energia, TAS Energy, Chevron, Enel Green Power, Ormat, Calpin, Terra Gen, Fuji Electric, General Electric, Exergy, Reykjavik, Terra Gen, Turboden, Toshiba, and U.S. Geothermal.
Geothermal Energy market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume (MW) and revenue (USD Million) from 2013 to 2024, for the following segments:
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Global Geothermal Energy Market, By Technology
Binary
Single Flash
Double Flash
Triple Flash
Dry
Back pressure
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TAS Energy
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