The globalgeothermal power generation market was valued at US$2.5 bn in 2013.
In many regions of the world, geothermal energy is being tapped into
as an affordable and sustainable solution to reduce the dependency on
fossil fuels, which is in line with the green energy mantra of the
present times. Using geothermal heat pumps, this energy can be
trapped either to use directly or for power generation. By the end of
2013, geothermal energy capacity was more than 11,700 megawatts (MW)
globally, with another 11,700 MW planned capacity addition underway.
Due to such
initiatives for the utilization of geothermal energy, the market will
expand at a phenomenal 23.58% CAGR from 2013 to 2019 to be valued at
US$8.9 bn by the end of 2019.
What is Driving
Geothermal Power Generation?
Geothermal energy is
the heat obtained from hot water, shallow ground, and hot rock
present a few miles beneath ground level, as well as from molten rock
called magma that is deep in the Earth’s crust.
Ask of Brief Illustration of this Report : http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1200
Apart from its
renewable energy characteristic, geothermal power is the only source
of renewable electricity that can attain baseload supply and high
capacity utilization. This has been the reason for geothermal power
to be recognized at par with conventional sources for power
production.
Some of the factors
driving the global geothermal power generation market are favorable
policies such as tariff feeds, easy obligatory certification, and
soft loans for the development of geothermal resources. However,
stringent environment protection mandates, land ownership laws, and
regulations to keep a check on groundwater pollution are some of the
factors hampering the market’s progression.
Evolving
Technology Trends in Geothermal Power Generation to Supersede Older
Counterparts
The global market
for geothermal power generation is divided on the basis of technology
and geography. Steam, flash steam, and binary cycle are the
technology segments that geothermal power generation plants have been
using traditionally. Nevertheless, adoption of novel technologies is
an emerging trend and is likely to continue in the coming years.
Currently, flash
steam power plants account for the largest share in terms of
installed capacity figures. Nonetheless, flash steam power plants
will lose their market share to binary cycle power plants due to the
higher economic value of energy generated from the latter. In a
binary cycle power plant, a heat exchanger is utilized with a lower
boiling point secondary fluid. This facilitates these units to
generate power from low-temperature resources maintaining process
efficiency as well.
The North America
market has been registering an increased share in binary cycle
technology over the past few years; since 2007, most geothermal power
units have been utilizing this technology. The U.S. is a matured
market for geothermal power generation. Depleting resources and the
use of geothermal energy over a long period of time are the reasons
for this.
Europe is also a
mature market for geothermal power generation in comparison to other
regional segments in this market. Countries such as Iceland and Italy
depend on geothermal resources for a substantial part of their energy
needs.
However, in Asia
Pacific, geothermal power generation is nascent. In spite of leading
in installed capacity, the geothermal resources in the region are yet
to be explored and developed for their value. The Rest of the World
has a similar position in geothermal power generation.
About
Us
Transparency
Market Research (TMR) is a market intelligence company, providing
global business information reports and services. Our exclusive blend
of quantitative forecasting and trends analysis provides
forward-looking insight for thousands of decision makers. TMR's
experienced team of Analysts, Researchers, and Consultants, use
proprietary data sources and various tools and techniques to gather
and analyze information.
Our
data repository is continuously updated and revised by a team of
research experts, so that it always reflects the latest trends and
information. With a broad research and analysis capability,
Transparency Market Research employs rigorous primary and secondary
research techniques in developing distinctive data sets and research
material for business reports.
Contact
Mr.Sudip.S
90
State Street, Suite 700
Albany,
NY 12207
Tel:
+1-518-618-1030
USA
- Canada Toll Free: 866-552-3453
No comments:
Post a Comment