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Geothermal Energy Market : Global Trends, Analysis and Forecast 2024

Author : Rahul Sankrityayan | Published Date : 2019-09-05 

Geothermal Energy Market is set to surpass USD 57 billion by 2024. Growing energy demand from heating & cooling systems including district heating and ground source heat pump will drive the geothermal energy market share during the forecast timeframe.

Favorable regulations to reduce greenhouse gas emissions will further propel industry outlook. The EU has introduced action plans and framework including 2030 climate & energy framework and Paris Climate agreement with an objective to cut the emissions to 47% from 1990 level. The directive also focusses towards increasing sustainable energy share to minimum 27% of total consumption by 2030.

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Ability to offer stable, reliable, environment friendly and baseload power will positively impact the industry penetration. Rising demand for electricity among developing economies on account of increased infrastructure investment will further complement the geothermal energy market share by 2024. In 2015, Latin America exceeded its electricity consumption to 1279 TWh from 1268 TWh in 2013.

Stringent regulation to minimize environmental impact along with easy availability of low temperature resources will stimulate the U.S. geothermal energy market share. The Environmental Protection Agency has introduced National Ambient Air Quality Standards to reduce six principal pollutants including lead, carbon-monoxide, nitrogen-dioxide, particle pollution, ozone, and sulfur-dioxide. Increasing demand for energy efficient system for cooling and heating applications from residential and commercial sector will further influence the industry landscape.

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Japan geothermal energy Market is predicted to grow over 8% by 2024 owing to several incentives to encourage renewable energy adoption including feed in tariff. In 2016, Ministry of Economic Trade and Industry (METI), a ministry of the Government of Japan introduced USD 0.36 FIT for greater than 150 MW and USD 0.26 FIT for less than 150 MW geothermal power plants.

Growing demand to recover heat from low to medium temperature reservoirs coupled with its cost-effective conversion features will embellish the binary geothermal energy market . Strong environmental benefits and improved thermal efficiency makes its adoption preferable over other counterparts. In March 2017, Idemitsu Kosan announced the beginning of commercial operation of the 5 MW Takigami binary-cycle geothermal plant in Japan.

Growing investment towards sustainable energy along with increasing demand of electricity will stimulate the Ethiopia geothermal energy market share. In September 2013, the Government of Ethiopia and an Iceland based Reykjavik Geothermal company announced an agreement to construct and operate up to 1,000 MW of geothermal power plant in two 500 MW phases with an investment of USD 4 billion over 8-10 years. In Ethiopia, around 73 million people were having lack of electricity access in 2014.

Key industry players in geothermal energy market includes Ansaldo Energia, Mitsubishi heavy industry, TAS Energy, Enel Green Power, Chevron, Ormat, Terra Gen, Calpin, Fuji Electric, Exergy, Reykjavik, General Electric, Terra Gen, Toshiba, Turboden, and U.S. Geothermal.

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Related Report

https://www.globalbankingandfinance.com/category/news/european-industrial-gensets-market-is-set-to-expand-over-5-by-2025/

 

 

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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