Press release
2017 Outlook: Geothermal Energy Market Is Trending Upwards
Increasing exploration in the industry will further complement the industry growth. In May 2014, International Development Association (IDA) invested $200 million for the development of alternate energy resources in Ethiopia.
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Favorable government measures to promote renewable energy utilization will positively influence the geothermal energy market size. Low import duty, feed in tariff, tax benefits, net metering, financial assistance are some of the schemes introduced by government to encourage the renewable energy adoption. In 2015, China spent USD 315 billion towards implementation of energy efficient policies, electricity networks and low-carbon generation.
Growing concern to reduce greenhouse gas emission is expected to drive the geothermal energy market. In November 2016, Brazil set target to reduce greenhouse gas emissions by 37% below 2005 levels by 2025 by reducing deforestation and enhancing renewable energy share.
High initial cost, location dependency and technological constrains may hinder the industry growth. Based on technology, geothermal energy market can be segmented into flash steam, binary cycle and dry steam technology. Flash steam technology is predicted to witness substantial growth owing to its high efficiency features.
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Based on application, geothermal energy market can be segmented into direct use, including heat pumps and electricity generation. Electricity generation application is anticipated to witness growth on account of growing electricity demand along with increasing infrastructure demand. Heat pump find wide application in central heating and cooling system, which may propel industry outlook.
U.S. geothermal energy market share is expected to witness significant growth owing to introduction of various government incentives to encourage electricity production by utilizing geothermal energy. The U.S. government introduced production tax credit (PTC) to promote such electricity production.
For Europe, geothermal energy market size will experience considerable growth due to abundant availability of required resources coupled with growing exploration. In Europe, Italy, France, Germany and Netherlands have huge unexplored potential.
Asia pacific geothermal energy market share is expected to witness significant growth owing to increasing government spending towards technological development. In February 2017, the World Bank approved USD 55.25 million for energy development in Indonesia, India, China. Abundant availability of resources will further complement the industry growth. Currently Philippines, Indonesia and Japan have highest operating capacity in this region.
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