Geothermal Energy Market size for 2016 was valued over USD 34 billion and is set to exceed 23 GW by 2024
Increasing electricity demand from off grid remote location coupled with rapid industrialization across developing countries will drive the global geothermal energy market
(EMAILWIRE.COM, August 21, 2018 ) 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.
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.
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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.
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.
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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Report Content
Chapter 1. Methodology and Scope
1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Market definitions and forecast parameters
1.2. Data sources
1.2.1. Primary
1.2.2. Secondary
Chapter 2. Executive Summary
2.1. Geothermal Energy industry 3600 synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Technology trends
2.1.3. Regional trends
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.
Request for Sample Copy of this research report @ https://www.gminsights.com/request-sample/detail/1244
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.
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.
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.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/1244
Report Content
Chapter 1. Methodology and Scope
1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Market definitions and forecast parameters
1.2. Data sources
1.2.1. Primary
1.2.2. Secondary
Chapter 2. Executive Summary
2.1. Geothermal Energy industry 3600 synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Technology trends
2.1.3. Regional trends
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Arun Hegde
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Email us
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Global Market Insights, Inc.
Arun Hegde
Tel: 1-888-689-0688
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results