Geothermal Energy Market
Geothermal Energy Market Global Analysis on Advanced Technologies Demand Driver, Key Opportunity, Outlook 2024
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.
Geothermal Energy Market size is estimated to exceed USD 57 billion by Market Size Forecasters Add New Global Geothermal Energy Market by Manufacturers, Countries, Type and Application, Forecast to 2024 to its research database. The report presents a deep study of the market growth factors and drivers.
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Future Scope:
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.
Market Segment by Manufacturers, this report covers
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.
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Global Geothermal Energy Market, By Technology
Binary, Single Flash, Double Flash, Triple Flash, Dry, Back pressure
Market Segment by Regions, regional analysis covers
North America (USA, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Columbia etc.), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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.
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