Geothermal Energy Market report 2019; Ormat, Terra Gen, Mitsubishi heavy industry, Toshiba, Fuji Electric, Ansaldo Energia, U.S. Geothermal are top manufacturers
The EU has introduced action plans and framework including 2030 climate & energy framework and Paris Climate agreement with an objective to cut the emissions to 47% from 1990 level. The directive also focusses towards increasing sustainable energy share to minimum 27% of total consumption by 2030.
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Japan geothermal energy Market is predicted to grow over 8% by 2024 owing to several incentives to encourage renewable energy adoption including feed in tariff. In 2016, Ministry of Economic Trade and Industry (METI), a ministry of the Government of Japan introduced USD 0.36 FIT for greater than 150 MW and USD 0.26 FIT for less than 150 MW geothermal power plants.
Stringent regulation to minimize environmental impact along with easy availability of low temperature resources will stimulate the U.S. geothermal energy market share. The Environmental Protection Agency has introduced National Ambient Air Quality Standards to reduce six principal pollutants including lead, carbon-monoxide, nitrogen-dioxide, particle pollution, ozone, and sulfur-dioxide. Increasing demand for energy efficient system for cooling and heating applications from residential and commercial sector will further influence the industry landscape.
Global Geothermal Energy Market, By Technology
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Growing investment towards sustainable energy along with increasing demand of electricity will stimulate the Ethiopia geothermal energy market share. In September 2013, the Government of Ethiopia and an Iceland based Reykjavik Geothermal company announced an agreement to construct and operate up to 1,000 MW of geothermal power plant in two 500 MW phases with an investment of USD 4 billion over 8-10 years. In Ethiopia, around 73 million people were having lack of electricity access in 2014.
Key industry players in geothermal energy market includes Ansaldo Energia, Mitsubishi heavy industry, TAS Energy, Enel Green Power, Chevron, Ormat, Terra Gen, Calpin, Fuji Electric, Exergy, Reykjavik, General Electric, Terra Gen, Toshiba, Turboden, and U.S. Geothermal.
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The major players operating in the construction equipment market include Volvo Construction Equipment - Volvo CE, CNH Industrial N.V., Caterpillar, Inc., Komatsu Ltd., Hitachi Construction Machinery Co., Ltd., Zoomlion Heavy Industry Science & Technology Co., Ltd., Kobelco Construction Machinery Co., Ltd., Terex Corporation, Liebherr, and Sany Group. The industry is characterized by new product launches and expansion of product portfolio to enhance its market presence. Competitive pressure in the industry is compelling the industry participants to invest in new technologies, which will favor the construction equipment market growth.
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