02 August 2018
Visiongain’ has launched a new energy report Geothermal Power Market Forecast 2018-2028: CAPEX (US$mn) & Capacity (MW), Forecasts By Technology (Binary Cycle, Flash-Binary, Flash Steam, Dry Steam & Others including EGS, Co-Production and Hybrid Generation), By Leading Nations Plus Profiles of Leading Companies Geothermal Power Market
Geothermal energy is a clean and renewable energy derived from the heat produced by the slow decay of radioactive particles in the core of the earth. Geothermal reservoirs are located deep underground and can be detected through volcanoes and fumaroles, hot springs and geysers. The most active geothermal resources exist along major tectonic plate boundaries that incorporate maximum volcanic areas. The geothermal energy is mainly used in three main applications including direct use and district heating systems, electricity generation power plants and geothermal heat pumps.
The introduction of favourable government regulations and policies are expected to recover the otherwise untapped huge geothermal potential for low-carbon electricity generation and direct use in cooling and heating. Despite these advantages, the geothermal energy has experienced a low adoption owing to the high initial cost associated with the technology. The increasing demand for reliable and sustainable electricity supply is further expected to boost the demand for geothermal power.
The visiongain report analyst commented “Geothermal Power market is expected to witness strong growth on account of strong project pipeline across the different region. Huge underline potential along with government measures toward energy security will drive the business growth. Increasing measures by the government to facilitate efficient and reliable electricity supply will boost the demand for Geothermal globally. Measures toward renewable and low emission electricity generation will further escalate the product demand..”
Leading companies featured in the report who are involved in Geothermal Power include Ormat Technologies Inc., Ansaldo Energia, General Electric Company, Mitsubishi Heavy Industries Limited, Toshiba Corporation, Fuji Electric Co. Ltd., Calpine Corporation, US Geothermal Inc., Enel Green Power and Halliburton.
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Low operating costs associated with geothermal electricity generation drove the market during the historic period. Low operating costs associated with geothermal power encouraged many companies to invest in this market, contributing to the market growth.
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