A report published by Transparency Market Research (TMR), a leading market intelligence firm, pegs the value of the global geothermal power generation market at US$2.5 bn in 2013. The report has made impressive growth forecasts for the market during the period between 2013 and 2019. Based on an in-depth survey, the report anticipates the market to rise at a CAGR of 23.58% during the forecast period, to reach US$8.9 bn by the end of 2019.The report, titled “Geothermal Power Generation Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019” is available on TMR’s official website for sale. Apart from providing a comprehensive overview of the prevailing market dynamics, the report has been compiled with the intent of updating stakeholders about the market’s growth trajectory over the forecast period.
Over the past few years, several factors have encouraged the growth and development of geothermal power generation around the world. The most prominent of these factors being, favorable prices, tariff benefits, soft loans for development, and renewable energy, the impact of which is analyzed by the report in detail. While stringent government regulations pertaining to the globally-accepted environment protection laws may pose challenges in front of the stakeholders, the market as a unit is likely to benefit from the proliferation of the latest technologies. However, regulations imposed to curb groundwater pollution and land ownership laws are other bottlenecks, which the market will have to address to achieve a hindrance-free growth.
To present a holistic overview, the report segments the global geothermal power generation market on the basis of power type and the technology utilized by plants for harnessing geothermal power. The technologies that are most prevalent in the market include binary cycle, dry steam, and flash steam. The increasing uptake of these technologies across the energy sector is significantly fuelling demand from the global geothermal power generation market. Of these, flash plants held a major share of the market, according to the report. However, the technology is likely to lose its market share in response to the rising demand for binary cycle power plants in the industry.
The TMR report segments the global geothermal power generation market into Europe, Asia Pacific, North America, and Rest of the World (RoW). It states that the segment of binary cycle power plants fetches maximum demand from North America. Incessant exploitation of geothermal energy over a long period of time has led the U.S. market into maturity. This has impelled the growing implementation of the binary cycle technology in the country, thereby giving a boost to the market for the technology in North America.
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Furthermore, the European market has also reached saturation considering countries such as Italy, and Iceland are obtaining significant portions of electricity consumed from geothermal sources. Hence, Asia Pacific at present dominates the global market for geothermal power generation. The region is also anticipated to exhibit a positive growth in terms of geothermal power generation, due to the presence of a substantial amount of unexplored and underdeveloped geothermal resources. A similar pattern of growth is also observed in countries encompassed within Rest of the World, states the report.