Geothermal Energy Market Trend, Industry Analysis Report, Competitive Industry Share & Forecast, 2017 – 2024

Global geothermal energy market size is predicted to witness growth owing to increasing electricity demand coupled with growing population. In Europe, total electricity production was reached 3,791 TWh in 2015 from 3719 TWh in 2014. 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.

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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.

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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.

Latin America geothermal energy market size is expected witness moderate growth over forecast timeframe. Stringent government regulation to encourage electricity production through renewable resource will propel industry growth. Nicaragua has set target to meet its 90% of national electricity demand through renewable energy sources by 2019. Countries including Mexico, Costa Rica and El Salvador has considerable operating capacity. Costa Rica has also set target to achieve 100% renewable energy matrix by 2030.

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Key players in geothermal energy market are Ormat, Mitsubishi, Fuji Electric, Toshiba, Ansaldo Energia, General Electric, Berkshire Hathaway Energy, Calpine, Enel, CYRQ Energy Alstom and TAS. Other equipment providers include Turboden, Siemens SA, Exergy, Pratt and Whitney. Industry is characterized by small number of players and prominence of flash and dry steam technology.

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