NEW YORK, Aug. 04, 2017 (GLOBE NEWSWIRE) -- As per the market research report “Global Geothermal Power Market Size, Share, Development, Growth and Demand Forecast to 2022 – Industry Insights by Technology Type (Dry Steam, Flash, Binary and Others)” published by P&S Market Research, the global geothermal power market is expected to grow significantly from 2016 to 2022. The market is likely to witness a CAGR of 11.6% during this period.
The global geothermal power market was valued at $3,233.5 million in 2015. However, this number is expected to elevate notably during 2016 – 2022. The market is majorly being driven by factors such as strict environment regulations, increasing government support for geothermal power projects and increase in the need for energy independence.
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Geothermal energy remains available 24 hours a day, 365 days a year. It is more constantly available as compared to several other forms of electricity, including wind and solar energy. The wind and solar energy sources depend on numerous factors, like daily and seasonal fluctuations and weather variations. Very low outage rates characterize geothermal power plants, and enable them with high capacity factor. These plants often help in electricity generation for any given time period. The geothermal power plants hold the potential to offer more reliable electricity sources over fossil fuel and nuclear power sources.
In 2015, Asia-Pacific was the largest market for geothermal power, and it is likely to remain the same during the forecast period. The market in this region is expected to witness huge growth, owing to factors such as high energy demands and high geothermal power industry growth in the region. Depletion of fossil fuel along with the massive unexplored geothermal power industry in Asia-Pacific is also creating immense opportunities for the regional market growth. Moreover, the development of geothermal power plant, which is multiplying the job opportunities in the region, is emerging as a major trend in the Asia-Pacific market for geothermal power.
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The major factor driving the growth of the global geothermal power market includes stringent environmental regulations. Other factors contributing to the global market growth are increased support from governments for geothermal power projects and growing need for energy independence as well as geopolitical energy security. High capacity factor of geothermal power plants is another factor adding to the growth of the market. This factor attracts huge investment from government and key manufacturers, and is also likely to boost the market growth.
On the other hand, stringent regulations related to the environment are propagating the demand for profitable renewable energy sources. Strict guidelines are being introduced by various international organizations with an aim to cut greenhouse gas emissions. This forces governments to use clean and safe energy, for instance, geothermal energy. Various schemes, financial support and tax benefits have been brought in by different governments around the globe for geothermal energy. This is compelling investors to make investments in the global geothermal power market.
Key market players
Some of the major players operating in the global geothermal power market comprise Calpine Corporation, Cyrq Energy, Mitsubishi Heavy Industries Ltd., Alterra Power Corp., Mannvit Engineering and Contact Energy, U.S. Geothermal Inc., Energy Development Corporation, Ormat Technologies Inc., Raya Group and NV Energy.
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